Ixigo's parent firm, Bansal Wire Industries get Sebi's nod to float IPO

Le Travenues Technology Ltd, which operates the travel booking platform ixigo, and steel wire manufacturer Bansal Wire Industries have received Sebi's go-ahead to raise funds through Initial Public Offering (IPOs), an update with the markets regulator showed on Wednesday.

The two companies, which filed their preliminary IPO papers with Sebi in February and March, obtained their observations during May 14-17.

In Sebi's parlance, obtaining observations means the regulator's go-ahead to float public issue.

The Gurugram-based Le Travenues Technology's proposed IPO will be a combination of a fresh issue of equity shares worth Rs 120 crore and an Offer For Sale (OFS) of 6.66 crore equity shares by existing shareholders, according to the Draft Red Herring Prospectus (DRHP).

SAIF Partners India IV Ltd, Peak XV Partners Investments V (formerly known as SCI Investments V), Micromax Informatics Ltd, Placid Holdings, Catalyst Trusteeship Ltd, Madison India Capital HC, Aloke Bajpai and Rajnish Kumar will be selling shares through the OFS (Offer for Sale).

Proceeds worth Rs 45 crore from the fresh issue will be used to fund the company's working capital requirements and Rs 26 crore will be utilised for investments in technology as well as data science, including cloud and server hosting, technology on artificial intelligence and customer engagement.

Additionally, funds will be used to support inorganic growth through acquisitions, and for general corporate purposes.

Also, the company plans to raise up to Rs 24 crore in a pre-IPO round. If such placement is undertaken, the fresh issue size will be reduced.

Le Travenues Technology was launched in 2007 by Aloke Bajpai and Rajnish Kumar. The company helps travellers plan, book and manage their trips across rail, air, buses and hotels.

The company's total income rose to Rs 517 crore in the financial year ended March 2023 from Rs 385 crore in the preceding fiscal. The firm logged a profit of Rs 23.4 crore for the year ended March 2023 whereas it had a loss of Rs 21 crore in the previous financial year.

As per the draft papers, Bansal Wire Industries is an entirely fresh issue of equity shares worth Rs 745 crore with no OFS component.

Funds will be used for the payment of debt, to support the working capital requirements of the company, and for general corporate purposes.

Bansal Wire Industries is engaged in the business of manufacturing and exporting steel wires. It operates in three broad segments '?high carbon steel wire, mild steel wire (low carbon steel wire) and stainless steel wire.

Also, the company plans to add a new segment of speciality wires through its upcoming plant in Dadri, which will help it grow and expand its market presence in the upcoming fiscals.

Additionally, Sebi has returned the draft IPO document of Vasuki Global Industries on May 16 without specifying any reason. The draft papers were filed last month.

Besides, Raghuvir Exim Ltd has withdrawn its draft IPO papers on May 13. The draft document was filed in April.