AI-driven travel company LE Travenues Technology, supported by investors such as SAIF Partners India IV, Peak XV, and Micromax, has refiled its draft documents with SEBI for an initial public offering (IPO).
The IPO comprises a combination of fresh shares worth Rs 120 crore and an offer-for-sale (OFS) of 6,66,77,674 equity shares by existing shareholders, according to preliminary papers filed on February 14.
In the OFS, SAIF Partners India IV and Peak XV Partners Investments V (formerly known as SCI Investments V) are the primary selling shareholders, offering 1.94 crore and 1.3 crore equity shares, respectively. Aloke Bajpai and Rajnish Kumar will each sell 1.19 crore equity shares through the OFS, while the remaining 1.03 crore shares will be divested by Micromax Informatics, Placid Holdings, Catalyst Trusteeship (formerly Milestone Trusteeship Services) as trustee of Madison India Opportunities Trust Fund, and Madison India Capital HC.
Previously, the Gurugram-based travel aggregator had filed a draft red herring prospectus in August 2021 to raise Rs 1,600 crore through an IPO. The offering consisted of a fresh issue of shares worth Rs 750 crore and an OFS of Rs 850 crore by existing shareholders. Although SEBI had approved the IPO launch in June 2023, it was not launched.
Founded in 2007 by Aloke Bajpai and Rajnish Kumar, the AI-based travel app Ixigo competes with listed peers such as EaseMyTrip and Yatra Online. The online travel agency (OTA) assists Indian travelers in planning, booking, and managing trips across rail, air, buses, and hotels.
Aloke Bajpai, holding a bachelor’s degree in technology from the Indian Institute of Technology, Kanpur, and a master’s degree in business administration from INSEAD, serves as the Chairman, Managing Director, and Group Chief Executive Officer of the company, having been on the board since June 3, 2006.
