Ixigo Secures SEBI Approval for IPO
Le Travenues Technology Limited’s popular travel booking website, Ixigo, has reached a noteworthy milestone with the Securities and Exchange Board of India’s (SEBI) final clearance of its initial public offering (IPO). This approval, which was given on Wednesday, is crucial to Ixigo’s next financial market initiatives.
Strategic Utilization of IPO Funds
Ixigo re-filed its draft red herring prospectus (DRHP) with SEBI in February in preparation for the initial public offering (IPO), with the goal of raising up to Rs 66,677,674 through an offer for sale (OFS) and a new share offering. Prominent parties are expected to take part in the offer for sale, including Elevation Capital, Peak XV Partners, and Aloke Bajpai and Rajnish Kumar, who co-founded the business. Ixigo will strategically use the cash from the IPO, concentrating on investments in cutting-edge technology and data science projects.
Financial Performance Highlights
Ixigo’s profitability and strong growth trajectory are demonstrated by its financial performance. The company achieved a respectable profit of Rs 65.7 crore along with a significant revenue of Rs 491 crore from its activities for the nine months that ended in December 2023. In addition, Ixigo’s operating revenue increased significantly in the fiscal year 2023, rising 32% to Rs 501 crore from Rs 379.6 crore in the previous year. The company made a substantial turnaround in FY23, turning a profit of Rs 23.4 crore from a loss of Rs 21 crore in FY22. This was an important accomplishment for the company.
The dynamics of India’s startup ecosystem continue to evolve, with several key players making significant strides towards achieving public listings. In the wake of recent developments, other notable startups such as Ola Electric, FirstCry, MobiKwik, and Unicommerce are actively pursuing their IPO aspirations, awaiting the requisite approvals from SEBI. Against the backdrop of regulatory approvals and market sentiments, the impending IPOs are poised to reshape the landscape of India’s capital markets, offering investors unique opportunities to participate in the growth stories of these dynamic enterprises.
The approval of Ixigo’s IPO by SEBI underscores the company’s strong market position and growth prospects. As India’s startup ecosystem continues to mature, Ixigo’s forthcoming IPO is poised to unlock new avenues of growth and investment opportunities, shaping the future trajectory of the country’s entrepreneurial landscape.
Read more: Marketing News, Advertising News, PR and Finance News, Digital News
