S&R Associates Represented Peak XV Partners In ₹7.4 Billion IPO Of Le Travenues Technology Ltd.
S&R Associates Represented Peak XV Partners In ₹7.4 Billion IPO Of Le Travenues Technology Ltd.
S&R Associates represented Peak XV Partners in the INR 7.4 billion initial public offering of Le Travenues Technology Limited (Ixigo), the second largest online travel agency in India, as well as a pre-IPO placement of INR 650 million.
Founded in 2006, Ixigo has cemented its status as a leading OTA, enabling travelers to book train, flight, and bus tickets, as well as hotel accommodations. The company's offerings are available under the Ixigo brand, which boasts the highest app usage among OTAs in India, with a cumulative 83 million monthly active users across its applications. Ixigo's bus-focused app, AbhiBus, ranks as the second-largest bus-ticketing OTA in the country.
The ₹ 740.10 crore IPO comprises a fresh share sale of ₹ 120 crore and an offer-for-sale (OFS) of up to 66,677,674 shares by existing shareholders, amounting to ₹ 620.10 crore.
Existing shareholders such as Peak XV Partners, Elevation Capital, Aloke Bajpai, Rajnish Kumar, Micromax Informatics, and Placid Holdings offload their stakes through the OFS.
The net proceeds from the IPO will be utilized for various strategic purposes, including funding the company’s working capital requirements, investments in cloud infrastructure and technology, inorganic growth through acquisitions, and general corporate purposes.
Axis Capital, DAM Capital Advisors (formerly IDFC Securities), and JM Financial served as the book-running lead managers for the Ixigo IPO, while Link Intime India was the registrar for the issue.
The IPO bidding started from June 10, 2024 and ended on June 12, 2024. The allotment for ixigo IPO was finalized on Thursday, June 13, 2024. The shares got listed on BSE, NSE on June 18, 2024.
The S&R Associates team that led the legal representation included Partners Sandip Bhagat and Jabarati Chandra, and Associate Ishan Seth.
