India-based travel technology company Ixigo will open its
initial public offering June 10-12.
The IPO includes an issuance of fresh shares worth about
$14.5 million and the sale of nearly 67 million shares from existing
shareholders, including founders Aloke Bajpai and Rajnish Kumar as well as SAIF
Partners India and Peak XV Partners.
In its red herring prospectus, filed Tuesday with the
Securities and Exchange Board of India, the company said it will use the
proceeds to invest in technology and data science, “including on cloud and server
hosting, technology on artificial intelligence and customer engagement,” and
also for acquisitions and “other strategic initiatives.”
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Ixigo, through its parent company Le Travenues Technology Limited,
incorporated in 2006 and began operating the following year as a travel metasearch
site. In 2020 the company transitioned to an online travel agency model,
operating as the merchant of record starting with flight bookings and adding hotel bookings last year. The company also offers rail and bus bookings.
For the first nine months of fiscal year 2024, Ixigo
reported revenue of $59 million, with more than half of that coming from train
ticket bookings, about one-fifth from flight ticketing and the remainder from
bus and hotel bookings.
Ixigo acquired train booking app Confirmtkt
and bus operator Abhibus in 2021 and also raised
$53 million. Last year the company invested approximately $3 million in a
seed round for electric bus startup FreshBus.
Ixigo
had
filed a draft prospectus for an IPO in 2021 but pulled back on those plans
a short time later.
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