Ixigo closes pre-IPO secondary sale at Rs 176 crore

Investors in online travel booking platform Ixigo’s parent company, Le Travenues Tech, sold shares worth Rs 176 crore in the company ahead of its pre-IPO anchor investor allocation, according to an addendum to its regulatory filing.

In this secondary sale, Elevation Capital, Peak XV Partners, Micromax Informatics and Madison India sold 18.9 million shares at Rs 93 each, the upper end of the company’s IPO price band, Ixigo said in the addition to the red herring prospectus.

New investors Ashoka India Equity Investment Trust, Tata Mutual Fund, Bay Capital and Steadview Capital bought these shares. In a secondary sale, existing investors sell shares and the money does not go to the company.


Elevation Capital is also planning to sell 19.4 million shares in Ixigo through the offer-for-sale (OFS) component of the IPO, while Peak XV Partners plans to sell 13 million shares. Ixigo cofounders Aloke Bajpai and Rajnish Kumar will each sell 11.9 million shares, while Micromax is selling 5.5 million.

Gurugram-based Ixigo is also raising Rs 120 crore through a sale of newly issued shares in the company.

Ixigo will launch its Rs 740-crore IPO on June 10. For the offer, it has set the price band at Rs 88-93 a share.

The company competes with the likes of Makemytrip, Easemytrip, Yatra and Flipkart-owned Cleartrip in the online travel booking space.

For the nine months ended December 2023, Ixigo reported a net profit of Rs 65.7 crore on revenue from operations of Rs 491 crore.

Returns for investors

Elevation Capital, which has backed the likes of Paytm, FirstCry, Indiamart and Justdial, sold shares worth Rs 100 crore through the pre-IPO secondary sale, and is expected to get around Rs 181 crore from the OFS component of the IPO.

At the upper end of the price band, Elevation’s remaining stake after the IPO will be worth Rs 541 crore. The venture capital firm had invested Rs 63.1 crore in Ixigo through various tranches.

For Peak XV Partners, which holds around 14% of the company after the secondary sale, proceeds from the OFS component will amount to Rs 121 crore. It has already realised Rs 65 crore from the stake sale.

As per Ixigo’s prospectus, prior to the secondary sale, Peak XV held 59.2 million shares, acquired at a weighted average cost of Rs 11.32 apiece – bringing its total investment to Rs 67 crore.

Micromax Informatics – once India’s largest mobile phone maker – is selling stake worth Rs 51 crore through the IPO. The company had invested Rs 18.8 crore in Ixigo and received Rs 10 crore from the secondary stake sale.