Travel booking application ixigo has recorded its draft distraction outline (DRHP) with India’s business sectors controller SEBI to raise Rs 1,600 crore through an initial public offering, joining a large group of Indian purchaser tech new companies that are lined up to open up to the world this year.
From the complete size of the IPO, the company is looking to raise Rs 750 crore through an essential gather pledges and Rs 850 crore by means of an offer available to be purchased or OFS from existing investors.
To the extent the auxiliary deals of offers are concerned, fellow benefactors of the company Aloke Bajpai and Rajnish Kumar are both selling Rs 50 crore every value of their offers in the company as a component of the IPO. Height Capital (earlier SAIF Partners) is looking for a fractional exit from the company and will sell shares worth Rs 550 crore while Micromax Informatics would offload offers to the tune of Rs 200 crore.
Height Capital claims a stake of around 24% in ixigo making it the greatest investor in the travel booking company, trailed by SCI Investments which possesses a 16.02% stake in ixigo and Gamnat which has a 9.89% stake. Fellow benefactors Bajpai and Kumar own 9.18% and 8.79% of the company individually.
The company has given extra offers in the proportion of 399 value shares for every value share held to existing investors of the company.
A critical feature of ixigo’s IPO was the exit of its old investor MakeMyTrip which made an attractive 8X profit from its investment of $4.8 million in the company through an optional deal.
In its DRHP, the company said that returns from the IPO will be utilized essentially in natural and inorganic development initiatives alongside certain parts distributed to general corporate purposes.
According to related party exchanges announced in the DRHP, both Bajpai and Kumar took out Rs 72.6 lakh as pay each for FY 21 as compared to Rs 63.5 lakh in FY20.
ixigo said it was the second-biggest online travel aggregator in India after MakeMyTrip as far as gross bookings in 2021. According to the company, EaseMyTrip and Yatra were third and fourth separately in that measurement in 2021.
In the online flight booking market, ixigo commanded a 12% piece of the pie as far as volume in FY21. In the online trains market, the company alongside Confirmtkt—which it obtained in February 2021—had a 42% portion of the overall industry in FY21. In the online transport booking section, Abhibus—which ixigo gained in August 2021—had a 10% portion of the overall industry in FY21, according to the DRHP.
The travel booking firm which was established in 2007 detailed a 21% increase in income from 112 crore in FY20 to 135 crore in FY21. Its repeated misfortune transformed into a profit in FY21 of Rs 2.7 crore, from a deficiency of Rs 26.6 crore in FY20. The company detailed earnings per share at Rs 98.14 per share on a completely weakened premise.
Investment banks ICICI Securities, Axis Capital, Kotak Investment Banking, Nomura Financial Advisory are the book managers of the IPO.
ixigo likewise had a money consume of Rs 15 crore for functional exercises in FY21 as compared to a positive money age of Rs 34 crore in FY20. It detailed outstanding criminal, charge and common case of a sum involving Rs 2.23 crore made by the company and Rs 5 crore against the company.
Recently, ixigo had gained Hyderabad-based transport ticketing and conglomeration stage AbhiBus for an undisclosed sum. It was the second procurement for the Gurugram-based company in 2021. In February, it obtained 100% stake in the train booking application Confirmtkt.
According to DRHP, AbhiBus has 2.31% stake in ixigo.
ixigo additionally brought $53 million up in a round drove by Singapore-based GIC. The company additionally appointed six new independent individuals to its board which includes Pratap Mall, Arun Seth, Rajesh Sawhney, Shubha Rao Mayya, Frederic Lalonde, and Rahul Pandit in front of the IPO.
ixigo will be the third tech startup from India to open up to the world about profits to show in its P&L for FY21. Omnichannel magnificence and way of life retailer Nykaa had posted a profit of Rs 62 crore though vehicle classifieds entry CarTrade recorded Rs 101 crore profit during the last financial year.
