Le Travenues Technology, which operates online travel portal Ixigo, has obtained clearance from the Securities and Exchange Board of India to boost funds by way of an initial public offering, in response to a notification by the market regulator on Wednesday.
The Gurugram-based firm had filed its preliminary IPO papers in February, with a proposal comprising a problem of contemporary shares value INR 120 crore and a suggestion on the market (OFS) of 66.67 million shares by its present shareholders. The promoting shareholders included Elevation Capital (earlier Saif Companions), Peak XV Partners, and founders Aloke Bajpai and Rajnish Kumar, as per the draft pink herring prospectus (DRHP).
Web proceeds from the sale of contemporary shares are deliberate for use for funding working capital necessities and acquisitions, funding in know-how, different strategic initiatives and basic company functions.
Ixigo, launched in 2007 by Bajpai and Kumar, focuses on enabling Indian travellers to plan, e book and handle their journeys throughout rail, air, buses, and inns.
It competes with listed on-line journey brokers corresponding to MakeMyTrip, IRCTC, Yatra Online and EaseMyTrip.
For the 9 months by way of December 2023, the corporate reported a web revenue of INR 65.7 crore and an working income of INR 491 crore.
OYO withdraws DRHP, to refile IPO post refinancing
Oravel Stays Ltd, OYO’s father or mother firm, had in November pay as you go a major chunk of its debt amounting to INR 1,620 crore by way of a buyback course of. The buyback concerned repurchasing 30 per cent of its excellent Time period Mortgage B of USD 660 million. The transfer introduced down its excellent mortgage quantity to round USD 450 million.
Axis Capital, DAM Capital Advisors, and JM Monetary are the book-running lead managers for the problem.
Remark Now
COMMENTS
Remark Now
Learn Remark (1)
All Feedback
By commenting, you conform to the Prohibited Content Policy
Publish
By commenting, you conform to the Prohibited Content Policy
Publish
Discover this Remark Offensive?
Select your cause beneath and click on on the submit button. It will alert our moderators to take actions