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Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans

EntrackrEntrackr · 1y ago
Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans
Medial

Le Travenues Technology Limited, which operates the travel booking platform ixigo, has received the final nod from SEBI for its initial public offering (IPO), the market watchdog notified on Wednesday. In February, Ixigo re-filed its draft red herring prospectus (DRHP) with SEBI for an IPO as the firm proposed to raise Rs 120 crore worth of fresh issue and an offer for sale (OFS) of up to 66,677,674 equity shares. As per DRHP, Elevation Capital, Peak XV Partners and the company’s co-founders Aloke Bajpai and Rajnish Kumar will participate in the offer for sale. The company will use the funds for investments in technology as well as data science, including cloud and server hosting, technology on artificial intelligence and customer engagement. For the nine months ending December 2023, Ixigo recorded Rs 491 crore in revenue from operations with a profit of Rs 65.7 crore. In FY23, its revenue from operations jumped 32% to Rs 501 crore from Rs 379.6 crore in FY22. It also turned profitable in FY23 with Rs 23.4 crore profit against Rs 21 crore loss in FY22. Meanwhile, hospitality firm Oyo has withdrawn its draft IPO papers. As per the SEBI’s website, Oyo parent Oravel Stays withdrew the document on May 17. The Ritesh Aggarwal-led company did not mention the reason behind the back out. Oyo had plans to raise up to $450 million through the sale of dollar bonds. As per a media report, Oyo is seeking funding to the tune of $80-90 million from family offices at an 80% valuation haircut. Earlier, travel tech platform TBO, co-working space provider Awfis and general insurance company Digit also received a nod from SEBI and got listed on the stock exchanges. In the past six months, a clutch of startups have filed their draft IPO papers and are waiting for the approval from SEBI. The notable names include Ola Electric, FirstCry, MobiKwik, and Unicommerce.

Meesho gets NCLT nod to relocate base to India

EntrackrEntrackr · 1m ago
Meesho gets NCLT nod to relocate base to India
Medial

Meesho gets NCLT nod to relocate base to India The National Company Law Tribunal (NCLT) has approved Meesho’s move to shift its headquarters back to India from Delaware in the US, taking it a step closer to its initial public offering (IPO). This allows Meesho to separate from its US entity and merge back with its Indian company, completing its move back to India. A Moneycontrol report also added that Meesho is likely to pay $288 million in taxes for the reverse flip. Confirming the development to Entrackr, a Meesho spokesperson said, “This filing is part of our ongoing transition to re-domicile in India. With the majority of our operations, including customers, sellers, creators and Valmo partners already based here, this step aligns our corporate structure with our day-to-day business footprint.” However, the spokesperson did not comment on the tax amount paid by the company. Media reports suggest that Meesho has also shortlisted Morgan Stanley, Kotak Mahindra Capital, JP Morgan, and Citi as its bankers and is likely to launch its IPO by the end of this year. Last week, the homegrown e-commerce platform also transitioned into a public entity from a private one ahead of its $1 billion IPO. Meesho adds to the growing number of Indian startups such as Razorpay, PhonePe, Groww, Pine Labs, and Zepto that have paid hefty taxes to relocate their base back home after originally being incorporated overseas. While Zepto and Dream11 did not disclose the amount of tax paid for the reverse flip, Razorpay paid $150 million, PhonePe and Groww paid Rs 8,000 crore ($1 billion then) and Rs 1,340 crore ($157 million) in taxes, respectively, to complete the process. Meesho’s rival Flipkart, with an estimated valuation of $36 billion, is also working on relocating its domicile from Singapore to India.

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