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ET Interview | We pivoted multiple times, have been close to bankruptcy: Ixigo founders

Economic TimesEconomic Times · 1y ago
ET Interview | We pivoted multiple times, have been close to bankruptcy: Ixigo founders
Medial

Le Travenues Technologies, the company behind the travel platform Ixigo, saw its shares debut on the stock exchange with a 48.5% premium over its IPO price. The founders, Aloke Bajpai and Rajnish Kumar, discussed the timing of the IPO and the possibility of a larger offer size. They emphasized the importance of focusing on customer needs and expressed gratitude towards their investors. Bajpai and Kumar also shared their learnings as entrepreneurs, highlighting the significance of perseverance and adaptability. Additionally, they mentioned the growth potential in the online travel aggregator market and explained why they prefer to have multiple specialized apps rather than a single super app.

Ixigo closes Rs 176 Cr pre-IPO secondary placement

EntrackrEntrackr · 1y ago
Ixigo closes Rs 176 Cr pre-IPO secondary placement
Medial

Le Travenues Technology Limited, which operates travel booking platform Ixigo, is all set to make its debut on stock exchanges on 10th June with the price band of Rs 88-93 per share. The firm announced its pre-IPO secondary placement of Rs 176.2 crore ($21 million) at the top-end price (Rs 93) a day before Anchor Book. The early backer SAIF Partners sold its 1,07,52,689 shares worth Rs 100 crore ($12 million) to Ashoka India (White Oak), Tata Digital Fund, and Bay Capital. On the other hand, PeakXV sold its 6,989,248 shares worth Rs 65 crore ($7.8 million) to Bay Capital and Steadview Holding. Micromax and Madison India also sold their 12,05,268 shares to Steadview Capital worth Rs 11.2 crore ($1.3 million) in a pre-IPO secondary round. According to the company, SAIF partners will hold 20.52% after this secondary transaction while Peak XV and Micromax will own 13.81% and 5.52% respectively. Ixigo’s co-founders Aloke Bajpai, and Rajnish Kumar cumulatively hold 16.65% of the company. As per the analysis, SAIF Partners and Peak XV will get a hefty 13X and 8.2X returns from Ixigo respectively. Micromax Limited will also enjoy a good 10.88X return from the Gurugram-based company. Ixigo’s public offering will be open from 10th June to June 12 with a minimum lot size of 161 for the retail investor. For the small non-institutional investors, the minimum lot size is 14 lots. Ixigo demonstrated decent growth during the first nine months of the last fiscal year (FY24). Its operating revenue stood at Rs 491 crore while the firm also made a sizable profit of Rs 65.7 crore in the same period.

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