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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.

Urban Company DRHP: To raise Rs 1,900 Cr via primary issue and OFS

EntrackrEntrackr · 2m ago
Urban Company DRHP: To raise Rs 1,900 Cr via primary issue and OFS
Medial

Home services marketplace Urban Company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Monday. The IPO includes a fresh issue of equity shares worth Rs 429 crore (approximately $50 million) and an offer for sale (OFS) of equity shares amounting to Rs 1,471 crore, as per the DRHP. As part of the offer for sale, Accel India will offload shares worth Rs 433 crore, while Elevation Capital and Tiger Global will sell shares valued at Rs 346 crore and Rs 303 crore, respectively. VY Capital and Bessemer will divest shares worth Rs 216 crore and Rs 173 crore through the IPO. According to the DRHP, Elevation Capital is the largest external shareholder with 10.84%, followed by Accel India and VY Capital, which hold 10.5% and 9.18%, respectively. Steadview and Prosus each own 6.80%, while Bessemer and Tiger Global command 6.46% and 4.73% stakes, respectively. The firm’s co-founders — Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra — collectively own 20.01%, divided equally among the three. Urban Company plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by Kotak Mahindra, Morgan Stanley, Goldman Sachs, and JM Financial, who are acting as the book-running lead managers. Importantly, as an early-stage investor, Accel is set to secure a significantly larger exit than any other investor in Urban Company. Its exit value will be 16.6 times higher than Tiger Global’s, 5.6 times higher than VY Capital’s, and 97% higher than Bessemer India’s. Elevation Capital, which also invested in Urban Company during its early years, is expected to achieve a lucrative exit as well. According to the company, the net proceeds from the fresh issue will be utilized for the new technology, cloud infrastructure, lease payments, marketing, and other general corporate purposes. In the first nine months of FY25, the company posted revenue of Rs 846 crore and a restated profit of Rs 24.25 crore. For the full fiscal year ended March 2024, it reported revenue of Rs 828 crore and a loss of Rs 92.7 crore.

Urban Company concludes $63 Mn secondary led by Dharana Capital

EntrackrEntrackr · 11m ago
Urban Company concludes $63 Mn secondary led by Dharana Capital
Medial

Vy Capital’s offshoot Dharana Capital has bought $50 million worth of secondary shares from employees, early investors and founders. Significantly, this transaction is a part of a $63 million secondary round in which Prosus also participated. This transaction also includes $25 million ESOP buyback from employees in May this year, said a company’s top official to Entrcakr. Following the secondary transaction, Vamsi Duvvuri, founder and managing partner of Dharana Capital, will also join the board of Urban Company as a non-executive director, as per the fund’s press statement. Dharana Capital is an India-focused fund which has backed several startups including Zopper, Lentra, NoBroker and Itilite. To date, Urban Company has granted ESOPs to 1,593 employees and around 784 of them participated in five buybacks, liquidating shares worth Rs 306 crore ($37 million). Urban Company concluded its last ESOP liquidity program in December 2021 at a valuation of $2.8 billion. As per Entrackr’s sources, the new buyback happened at a valuation of around $2.2 billion to $2.5 billion. As per startup data intelligence platform TheKredible, Urban Company posted a revenue of Rs 637 crore in FY23 and managed to reduce its losses by 40.1% during the fiscal year. The company also turned profitable at profit before tax level in April. Importantly, it also claimed to have achieved profit at PBT level in June quarter of FY25. Urban Company currently operates in 62 cities across India, the UAE, Singapore, and The Kingdom of Saudi Arabia. The company has a partner network of over 55,000 hand-picked service professionals.

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