Sequoia Capital-backed ixigo has filed a draft red herring prospectus with industry regulator SEBI to launch Rs 1,600-crore IPO. The concern comprises a fresh concern of equity shares worth Rs 750 crore and an supply for sale (OFS) of up to Rs 850 crore. The OFS consist of sales of up to Rs 50 crore each and every by Aloke Bajpai and Rajnish Kumar, Rs 550 crore by Saif Partners India IV and Rs 200 crore by Micromax Informatics. Currently, Aloke Bajpai holds 9.18 per cent stake, Rajnish Kumar 8.79 per cent, SAIF Partners 23.97 per cent and Micromax has 7.61 per cent stakes in the firm.
The book operating lead managers to the concern are ICICI Securities, Axis Capital, Kotak Mahindra Capital, Nomura Financial Advisory and Securities. Link Intime India Private Ltd will be the registrar to the IPO. There are no comparable listed organizations in India that engage in a company related to that of ixigo.
The net proceeds from the concern will be made use of for organic and inorganic development initiatives worth Rs 540 crore. The enterprise will utilise the proceeds towards possible acquisitions and strategic initiatives, and for basic corporate purposes. The enterprise expects to utilise at least 40 per cent of net proceeds to be deployed for the all round object of funding organic and inorganic development initiatives, towards organic development initiatives, like charges incurred towards discounts and other promotional incentives to attract new customers to our OTA platforms, sales, promoting and distribution expenditures, and investments in the development of our technologies infrastructure. The remaining quantity of the net proceeds to be deployed for such object shall be towards funding inorganic development, by way of acquisitions and other strategic initiatives.
Launched in 2007 by Aloke Bajpai, Ixigo is focused on empowering travelers to program, book and handle their travels by leveraging artificial intelligence, machine studying and information science-led innovations. The Gurugram-headquartered enterprise has a user base of more than 25 crore.
The development estimate for FY 2021 is dynamic and variety from 7-9%, based on the severity of the second COVID-19 wave and its lasting influence on the economy, especially in rural places. This development is driven by quite a few macro-financial aspects. The travel sector is expanding its all round contribution to the Indian economy as the share of services increases and the economy matures, as organic population demand surges are getting met with revolutionary private enterprises enabled by technologies and supported by different government investments.