Ixigo IPO: Le Travenues Technology files Rs 1,600-cr IPO papers with Sebi

Le Travenues Technology, which operates travel platform Ixigo, has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,600 crore through an initial share sale. The IPO comprises fresh issuance of shares worth Rs 750 crore and an offer of sale of equity shares to the tune of Rs 850 crore by existing shareholders, according to the red herring prospectus. 

As a part of the OFS, Saif Partners India IV will offload shares worth Rs 550 crore, Micromax Informatics will sell shares for Rs 200 crore, and Aloke Bajpai and Rajnish Kumar will divest stakes worth Rs 50 crore each. Proceeds of the fresh issue will be used to fund the company's organic and inorganic growth initiatives and for general corporate purposes. 

Launched in 2007 by Aloke Bajpai, Ixigo is focused on empowering travellers to plan, book and manage their travels by leveraging AI and data science-led innovations. The Gurugram-headquartered company has a user base of over 250 million.

Even though there is no period of limitation prescribed in the Sebi Act and Regulations in the issuance of a show cause notice or for completion of the adjudication proceedings, the tribunal said the regulator was required to exercise its powers within a reasonable period.