Le Travenues Technology, the parent company behind the well-known travel platform ixigo, has received the green light from the Securities and Exchange Board of India (SEBI) to move forward with its initial public offering (IPO). This approval was disclosed by SEBI on Wednesday.

Based in Gurugram, Le Travenues Technology first filed its IPO prospectus in February. The filing detailed plans to issue new shares valued at ₹120 crore and included an offer for sale (OFS) of 66.67 million shares by current investors. Among those selling shares are Elevation Capital (formerly Saif Partners), Peak XV Partners, and company founders Aloke Bajpai and Rajnish Kumar, as indicated in the draft red herring prospectus (DRHP).

In February, ixigo resubmitted its DRHP to SEBI, reiterating its goal of raising ₹120 crore through new share issues and selling up to 66,677,674 equity shares.

The funds generated from this IPO will be invested in technological enhancements, such as data science, cloud infrastructure, server hosting, artificial intelligence, and customer engagement improvements.

Additionally, the proceeds from the issuance of new shares will be used to bolster working capital, finance potential acquisitions, advance technological projects, support strategic initiatives, and cover general corporate expenses.