Le Travenues Technology, the parent company of ixigo, is preparing for its initial public offering (IPO) with a price range of Rs 88-93 per peice. The IPO will open for bids next Monday. If the shares are sold at the upper price band, the startup based in Delhi NCR is expected to raise Rs 740 crore. The IPO consists of a fresh issue of shares worth Rs 120 crore and a sale of 6.67 crore shares.
As part of the share sale, the co-founders, Rajnish Kumar and Aloke Bajpai, are selling 1.19 crore shares each. Other investors such as SAIF Partners India, Peak XV Partners, Micromax Informatics, Placid Holdings and Madison India are also selling portions of their stakes as part of the IPO.
Founded in 2007, ixigo initially started as a travel search website and later expanded to offer various travel services such as flights, trains, bus tickets, hotel bookings and holiday packages. The company is set to become the fourth new-age tech startup to go for a mainboard IPO in 2024.
The company's focus on railway ticketing and targeting smaller markets seems to be its major strengths.
Despite the current market conditions, ixigo remains confident in going public. In the first nine months of FY24, the company's consolidated net profit was Rs 65.7 crore, marking a significant increase from the previous fiscal year. Similarly, its operating revenue saw a notable increase in the same period.
