Traveltech firm ixigo’s parent Le Travenues Technology yesterday filed preliminary papers with the Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO).
As per Draft Red Herring Prospectus (DRHP), the IPO will be a combination of a fresh issue of equity shares worth Rs 120 crore and an Offer For Sale (OFS) of 6.66 crore equity shares by the existing shareholders.
Further to it, the proceeds worth Rs 45 crore from the fresh issue will be used to fund the company’s working capital requirements and Rs 26 crore will be utilised for investments in technology as well as data science, including on cloud and server hosting, technology on Artificial Intelligence (AI) and customer engagement.
Additionally, funds will be used to support inorganic growth through acquisitions, and for general corporate purposes.
Besides, the company also plans to raise up to Rs 24 crore in a pre-IPO round. If such placement is undertaken, the fresh issue size will be reduced.
Le Travenues Technology was launched in 2007 by Aloke Bajpai and Rajnish Kumar.