Travel app ixigo files for Rs 1,600-crore IPO | Economic Times

AI-based travel app ixigo is looking to raise Rs 750 crore in primary fundraise and Rs 850 crore via an offer for sale from existing investors as part of its initial public offering, according to the company’s draft red herring prospectus filed with the markets regulator.The DRHP for the Rs 1,600 crore raise was filed late Thursday evening. ET has reviewed a copy of it.While Le Travenues Technology Ltd, the company that operates the online ticketing platform, will see existing investors Micromax and Elevation Capital (formerly Saif Partners) exit partially through the offer for sale, its other older investor MakeMyTrip has already exited the firm through a secondary sale clocking 8x returns on its $4.8 million investment, as reported by ET earlier this week.The promoters, Aloke Bajpai and Rajnish Kumar, are also looking to pare stakes through the IPO, the draft prospectus showed.Last month, as part of its pre-IPO round, the company raised $53 million (Rs 395 crore) from investors led by Singapore's sovereign wealth fund GIC with participation from investors such as InfoEdge Venture Funds, White Oak, Bay Capital, Orios Venture Partners, Trifecta Capital and Malabar Investments.According to sources, the company is currently being valued at around $850 million and is likely to launch its IPO later this year.Launched in 2007, ixigo has a user base of more than 250 million. Earlier this year, the company acquired Bengaluru-based online train discovery and booking platform Confirmtkt for an undisclosed amount. Last week, the company said it has acquired AbhiBus, a Hyderabad-based bus ticketing and aggregation platform on a slump sale basis for a consideration of mix of cash and ixigo equity.Also Read: Ixigo adds six new independent board members ahead of IPOInvestment banks ICICI Securities, Axis Capital, Kotak Mahindra Capital and Nomura are the book managers of the issue while law firms such as Shardul Amarchand Mangaldas and Khaitan & Co are advising the company on legal matters.