Le Travenues Public Limited is preparing to file an Initial Public Offering to the tune of Rs 1500-1800 crore by end-August to boost travel aggregator ixigo’s long-term growth prospects.
Le Travenues Technology, Gurugram-based online travel aggregator, which owns the ixigo platform has transformed itself into a Public Limited Company to fulfil statutory requirements prior to making an Initial Public Offering (IPO). Just preceding the announcement of becoming a public company, Le Travenues announced the appointment of new independent board members – Frederic Lalonde, founder of Hopper Inc; Rajesh Sawhney, founder of Indiamart; Rahul Pandit, a hospitality sector veteran; Arun Seth, ex-chairman, and trustee of NASSCOM Foundation; Shubha Rao Mayya, former VP of ICICI Limited, ICICI Prudential Life; and MP Mall, former chairman and MD of IRCTC.
ixigo, which was launched in 2007 by Aloke Bajpai and Rajnish Kumar, offers air, flight, train, and bus tickets, apart from facilitating cab and accommodation services.
According to media reports, ixigo is expected to file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by end-August. The IPO is projected to be in the order of Rs 1500-1800 crore, thereby valuing the company around USD 750-800 million. Apart from fuelling future growth prospects, proceeds from the IPO will be used to provide a profitable partial exit to current investors at ixigo. A clutch of financial institutions including ICICI Securities, Nomura, Kotak Mahindra Capital, and Axis Capital are involved in facilitating the IPO.
Prior to becoming a public company, ixigo raised USD 53 million through Singapore-based sovereign fund GIC and other investors like Malabar Investments, WhiteOak, Bay Capital, InfoEdge, Trifecta Capital and Orios Venture Partners. Once the public issue goes through, ixigo will join the ranks of travel start-ups MakeMyTrip, Yatra and EaseMyTrip. Other startups like Nykaa, MobiKwik, PayTm and CarTrade plan to go public this year as well.