Le Travenues Technology Limited, parent Company of Ixigo, has filed its DRHP to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

The submission, filed on February 14, outlines Ixigo's ambition to raise ₹120 Crore through a combination of fresh share issuance and an offer for sale (OFS) of upto 66,677,674 equity shares. Axis Capital, DAM Capital Advisors, and JM Financial have been entrusted as the lead merchant bankers for the offering, accentuating the significance and potential of the endeavor.

Ixigo's decision to revisit its IPO plans follows a prior attempt in August 2021, which was deferred due to adverse macroeconomic conditions. The resurgence of these plans underscores the company's confidence in its growth trajectory and the enduring potential of India's travel market.

 Business Model 

Established in 2007 by Aloke Bajpai and Rajnish Kumar, Ixigo has cemented its position as a frontrunner in AI-driven travel aggregation. Through innovative technology solutions, the platform streamlines the travel booking process for Indian consumers, facilitating seamless planning, booking, and management across diverse transportation and accommodation options.

 Objective of IPO 

The primary objective behind the IPO is to secure funds vital for Ixigo's growth agenda. The earmarked allocation includes ₹45 Crore for bolstering working capital, ₹25.8 Crore for fortifying cloud infrastructure and technology, and the remainder for strategic acquisitions, initiatives, and general corporate endeavors. This allocation underscores Ixigo's strategic focus on enhancing its technological prowess and expanding its market footprint.

 Shareholding Pattern 

Ixigo's shareholding structure reflects a diverse consortium of stakeholders, with prominent entities like SAIF Partners India IV, Peak XV, and Micromax Informatics holding substantial interests. SAIF Partners leads the pack with a commanding 23.40% stake, followed closely by Peak XV with 15.68%. Co-founders Aloke Bajpai and Rajnish Kumar collectively retain a 16.67% ownership stake, reaffirming their steadfast commitment to Ixigo's prosperity.

 Financials 

Le Travenues Technology's financial performance serves as a testament to the company's robust growth trajectory and potential. In FY23, the firm reported a consolidated net profit of ₹23.4 Crore, marking a notable turnaround from previous losses. Revenue surged to ₹501.25 Crore, underscoring the resilience and profitability of Ixigo's business model. Moreover, the company recorded a net profit of ₹65.7 Crore for the nine-month period ending December FY24, further underscoring its momentum and resilience in a dynamic market landscape.