The Rs 176 crore pre-IPO secondary auction of Ixigo is concluded.

Investors in Le Travenues Tech, the parent company of the online travel booking site Ixigo, sold shares in the firm before its pre-IPO anchor investor allocation, according to an update to its regulatory filing. The shares were valued at Rs 176 crore.

 

As per the information provided by Ixigo in the red herring prospectus, Madison India, Elevation Capital, Peak XV Partners, and Micromax Informatics sold 18.9 million shares in this secondary sale for Rs 93 apiece, which was the highest price point of the company’s IPO.

 

new financiers These shares were purchased by Steadview Capital, Tata Mutual Fund, Bay Capital, and Ashoka India Equity Investment Trust. When current investors sell their shares in a secondary sale, the proceeds do not go to the business.

 

Through the offer-for-sale (OFS) portion of the IPO, Elevation Capital also intends to sell 19.4 million Ixigo shares, while Peak XV Partners will sell 13 million shares. Micromax is selling 5.5 million shares, while Aloke Bajpai and Rajnish Kumar, the cofounders of Ixigo, will each sell 11.9 million.

 

The Gurugram-based Ixigo is also selling freshly issued company shares to raise an additional Rs 120 crore.

 

On June 10, Ixigo is scheduled to begin its initial public offering (IPO) for Rs 740 crore. It has established the price range for the offer at Rs 88-93 per share.

 

The company is in the online travel booking market alongside companies like Makemytrip, Easemytrip, Yatra, and Cleartrip, which is owned by Flipkart.

 

Against revenue from operations of Rs 491 crore, Ixigo declared a net profit of Rs 65.7 crore for the nine months ending December 2023.

 

The OFS portion of the IPO is anticipated to bring in about Rs 181 crore.

 

Elevation’s remaining ownership following the IPO will be valued at Rs 541 crore, at the upper end of the pricing band. The venture capital company made many tranches of investments totaling Rs 63.1 crore in Ixigo.

 

The profits from the OFS component will be Rs 121 crore for Peak XV Partners, who will own about 14% of the company following the secondary sale. The equity sale has already brought in Rs 65 crore for the company.

 

Prior to the secondary sale, Peak XV held 59.2 million shares, which it had purchased at a weighted average cost of Rs 11.32 each, according to Ixigo’s prospectus. This made its total investment in the company Rs 67 crore.

 

Previously the biggest mobile phone manufacturer in India, Micromax Informatics is offering a 51 crore rupee share through an initial public offering (IPO). After investing Rs 18.8 crore in Ixigo, the corporation was able to obtain Rs 10 crore through the sale of secondary stakes.