Le Travenues Technology Limited with It’s flagship platform IXIGO Launches IPO
Le Travenues Technology Limited IPO to open on Monday, June 10, 2024 and close on Wednesday, June 12, 2024. Price Band set at Rs. 88 to Rs.93 per Equity Share
MUMBAI, 5th JUNE, 2024 (TGN): Le Travenues Technology Limited, known for its travel and ticketing platform IXIGO, has announced its plans to launch an initial public offering (IPO).
The bid/offer period for the IPO is scheduled to open on June 10, 2024 (Monday), and will close on June 12, 2024 (Wednesday), with anchor investor bidding set for June 7, 2024 (Friday).
The IPO consists of a fresh issue of shares worth INR 120 crore and an offer for sale (OFS) component of 6.67 crore shares, precisely 6,66,77,674 shares.
In the OFS, co-founders Rajnish Kumar and Aloke Bajpai will each sell 1.19 crore shares. Major investors SAIF Partners India and Peak XV Partners will offload 1.94 crore and 1.3 crore shares, respectively.
Additional stakeholders such as Micromax Informatics, Placid Holdings, and Madison India will also sell portions of their stakes.
The company has not yet disclosed the price band for the public offering. As outlined in the RHP, 75% of the IPO is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and the remaining 10% for retail investors.
The proceeds from the IPO will be used to support inorganic growth through acquisitions and other strategic initiatives, as well as for general corporate purposes.
Specifically, INR 45 crore will fund working capital requirements and INR 25.8 crore will be allocated for investments in technology, artificial intelligence (AI), and customer engagement.
Le Travenues Technology Limited, which received the Securities and Exchange Board of India’s (SEBI) approval for the IPO last month, has also secured ‘in-principle’ approvals from the BSE and NSE for the listing of its equity shares.
ABOUT LE TRAVENUES TECHNOLOGY LIMITED
Le Travenues Technology Limited is a technology company dedicated to empowering Indian travelers to plan, book, and manage their trips across rail, air, buses, and hotels.
By leveraging artificial intelligence, machine learning, and data science innovations on its online travel aggregator (OTA) platforms, comprising websites and mobile applications, the company assists travelers in making smarter travel decisions.
Users can book train, flight, and bus tickets and hotels, while accessing utility tools and services such as train PNR status and confirmation predictions, train seat availability alerts, train running status updates and delay predictions, bus running status, personalized recommendations, instant fare alerts, and automated customer support services.
Financially, the company has shown robust growth, reporting a consolidated net profit of INR 65.7 crore in the first nine months of FY24, a significant increase from INR 23.3 crore in the entire 12M FY23.
Operating revenue reached INR 491 crore in the same period, compared to INR 501.2 crore in 12M FY23.
With its upcoming listing, ixigo will join the expanding roster of Indian startups going public in 2024, including Go Digit Insurance.ENDS/ TGN