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Le Travenues Technology Limited (“The Company”) has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).
The company plans to raise funds through initial public offerings of Equity Shares (face value ₹ 1 each). The Issue Offer comprises of fresh issue of Equity Shares aggregating up to ₹ 120 crore (The “Fresh Issue”) and offer for sale up to 66,677,674 Equity Share by Selling Shareholders (The “Offer for Sale”).
Le Travenues Technology Limited operates through brand ixigo which has a multi-app strategy. ixigo owns and operates multiple brands - ixigo flights, ixigo trains, ConfirmTkt and Abhibus each of which have their own apps, and each of which have all the use cases of flight, train, buses and hotels served for their respective target customer groups.
The company is a technology company focused on empowering Indian travellers to plan, book and manage their trips across rail, air, buses and hotels. According to the F&S Report, company is the leading ‘Online Travel Aggregator’ (OTA) for the ‘next billion users’, with its focus on localized content and app features that aim at solving problems of Tier II/ Tier III travellers. (Source: F&S Report). It is the second largest OTA in India in terms of consolidated revenue from operations in Fiscal 2023. (Source: F&S Report). The company is the largest Indian train ticket distributor in the OTA rail market and it had the largest market share of around 51%, in terms of rail bookings, among OTAs, as of March 31, 2023.
The company proposes to utilize net proceeds from fresh issue towards – 1. Part-funding working capital requirements of our Company; 2. Investments in cloud infrastructure and technology; and 3. Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.
The Offer for Sale comprises of - up 19,437,465 Equity Shares by SAIF Partners India IV Limited, up to 13,024,000 Equity Shares by Peak XV Partners Investments V (formerly known as SCI Investments V) (collectively, the “Promoter Selling Shareholders”), up to 11,950,000 Equity Shares by Aloke Bajpai, up to 11,950,000 Equity Shares by Rajnish Kumar, up to 5,486,893 Equity Shares by Micromax Informatics Limited, up to 3,048,375 Equity Shares by Placid Holdings , Up to 1,333,513 Equity Shares by Catalyst Trusteeship Limited (erstwhile Milestone Trusteeship Services Private Limited) as the trustee of Madison India Opportunities Trust Fund and Up to 447,428 Equity Shares by Madison India Capital HC. (Collectively, the Selling Shareholders)
The Equity Shares that will be offered through the Red Herring Prospectus are proposed to be listed on the BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”)
Axis Capital Limited, DAM Capital Advisors Limited and JM Financial Limited are the Book Running Lead Managers to the issue.
