The company is expected to file its draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) by mid-August.
Gurugram-based online ticketing startup Le Travenues Technology — which operates the travel portal ixigo — has converted itself to a public limited company, before launchings its initial public offering (IPO) this year. The company is expected to file its draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) by mid-August. The online ticketing platform will be listed between $800Mn to 1Bn.
This move comes soon after the platform has appointed six independent directors. The transition to a public listed company comes soon after the platform has declared its wish to register for an IPO. Ixigo has raised $53 million in a pre-IPO round from the Government Of Singapore Investment Corporation (GIC). As per regulatory filings, other big players like White Oak, Malabar Investment, InfoEdge Ventures, among others also participated in the round, according to regulatory filings.
Ixigo is a travel-based platform that claims to have the best prices across the modes of transportation. As per its website, ‘ ixigo is an Indian online travel portal that simplifies all your trips. From flights, trains to hotels and buses, ixigo is where you can book everything! Intelligent, AI-based travel platform that helps in organizing, booking, and tracking all your trips. We aggregate information from all over the web to bring you the best offers and deals. With ixigo, you can bank upon us to plan your travel better! Our trip planner can help find the best travel itinerary for you. ixigo mobile app is excellent for all your bookings: flights, buses, cabs, trains, and hotels. ixigo trains app has answers to all your train-relating queries from train location, berth status, confirmation status, and more.’
Source: Business World