Ixigo Gears Up for IPO Launch as Oyo Backs Out of Listing Plans

Ixigo receives SEBI approval for its IPO, planning a significant capital raise. Meanwhile, Oyo retracts its IPO plans, withdrawing its documents without disclosing reasons.
Ixigo Gears Up for IPO Launch as Oyo Backs Out of Listing Plans

Le Travenues Technology Limited, known for its travel booking platform ixigo, has secured approval from SEBI for its IPO. This follows the company’s updated submission of its draft red herring prospectus in February, aiming to raise significant capital through fresh issues and an offer for sale.

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Ixigo plans to issue fresh shares worth Rs 120 crore alongside offering up to 66,677,674 equity shares for sale. The funds raised will be directed towards technological advancements and data science, enhancing capabilities in AI, cloud services, and customer engagement.

For the nine months ending December 2023, Ixigo reported a revenue of Rs 491 crore, earning a profit of Rs 65.7 crore. The company has shown substantial growth, with a 32% increase in revenue in FY23, reaching Rs 501 crore up from Rs 379.6 crore the previous year.

Notably, Ixigo turned a profit of Rs 23.4 crore in FY23, a significant turnaround from a Rs 21 crore loss in FY22. This profitability marks a key milestone ahead of its public offering.

In contrast, hospitality company Oyo has retracted its plans to go public, withdrawing its draft IPO documents on May 17, as noted on SEBI’s website. The company, led by Ritesh Aggarwal, did not disclose any reasons for the withdrawal, amidst its plans to raise funds through dollar bonds.

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