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Le Travenues Technology Ltd, which operates travel booking platform ixigo, is looking to raise up to ₹740 crore through its initial share-sale opening for public subscription on June 10.
The issue, with a price band of ₹88 to ₹93 per share, will conclude on June 12 and bids for anchor investors will open for a day on June 7, the company announced.
The Gurugram-based company's initial public offering (IPO) is a combination of fresh issue of equity shares worth ₹120 crore and an Offer For Sale (OFS) of 6.66 crore equity shares to the tune of ₹620 crore, at the upper end of the price band, by existing shareholders. This translates into public issue size of ₹740 crore.
Under the OFS, 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.
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Proceeds worth ₹45 crore from the fresh issue will be used to fund the company's working capital requirements and ₹26 crore will be utilised for investments in technology as well as data science, including on 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.
The company said that 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors. Investors can bid for a minimum of 161 shares and in multiples thereof.
Launched in 2007 by Aloke Bajpai and Rajnish Kumar, Le Travenues Technology is country's leading online travel aggregator. The company helps travellers to plan, book and manage their trips across rail, air, buses and hotels.
The company's total income rose to ₹517 crore in the financial year ended March 2023 from ₹385 crore in the preceding fiscal. The firm logged a profit of ₹23.4 crore for the year ended March 2023 whereas it had a loss of ₹21 crore in the preceding financial year.
Axis Capital, DAM Capital Advisors and JM Financial are the book-running lead managers to the public issue.
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