Ixigo restarts IPO process, to raise Rs 120 Cr via fresh issue

Le Travenues Technology Limited, the parent company of online travel aggregator ixigo, has submitted a draft red herring prospectus (DRHP) to the Securities Exchange Board of India (SEBI) for an initial public offering (IPO). The company intends to raise Rs 120 crore through a combination of fresh issue and an offer for sale (OFS) of up to 66,677,674 equity shares. In its filing, ixigo outlined plans to allocate Rs 45 crore from the IPO proceeds towards working capital needs, with an additional Rs 25.8 crore earmarked for investments in technology, data science, artificial intelligence, and customer engagement. The remaining funds will be allocated for acquisitions, strategic initiatives, and general corporate purposes. This IPO move by ixigo follows a period of enhanced operational revenue and profitability, with revenue from operations totaling Rs 491 crore and a profit of Rs 65.7 crore for the nine months ending December 2023. For the nine months ending December 2023 (Apr-Dec 2023), Ixigo posted Rs 491 crore in revenue from operations with a profit of Rs 65.7 crore.