Ixigo, the India-based online travel platform developer backed by electronics producer Micromax Informatics and classified listing operator Info Edge, has filed for a Rs 16bn ($216m) initial public offering, Moneycontrol reported today.
The company plans to issue Rs 7.5bn of shares on the Securities and Exchange Board of India while selling shareholders including Micromax will divest a further Rs 8.5bn, according to the IPO filing.
Founded in 2007, Ixigo operates an online platform that enables users to book air, train and bus tickets in addition to hotel accommodation, utilising artificial intelligence to help users find the best deals.
The company had secured undisclosed amounts of funding from angel investment fund BAF Spectrum in 2008 and Micromax in 2015 before venture capital firm Sequoia Capital India provided $10m the following year.
Fosun Kinzon Capital, a joint venture between diversified conglomerate Fosun and VC firm Kinzon Capital, joined Sequoia India to supply $15m in series B funding in 2017, and Micromax invested an undisclosed sum in 2018.
Ixigo’s most recent funding came last month and consisted of $36m in primary funding from Info Edge subsidiary Info Edge Ventures, GIC, White Oak, Bay Capital, Orios VenturePartners, Trifecta Capital and Malabar Investments alongside a $17m secondary portion.
Micromax has a 7.6% stake in the company and plans to sell Rs 2bn of shares, according to the filing. Private equity firm SAIF Partners India intends to divest Rs 5bn of a 24% stake while co-founders Aloke Bajpai and Rajnish Kumar are set to sell Rs 1bn of a combined 18% stake.
Icici Securities, Axis Capital, Kotak Mahindra Capital, Nomura Financial Advisory and Securities are lead managers for the offering.
