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Le Travenues Technology Limited Initial Public Offer to open on June 10, 2024

L-R Mr. Saurabh Devendra Singh (Group Chief Financial Officer, ixigo), Mr. Aloke Bajpai (Chairman, Managing Director, and Group CEO, ixigo) and Mr. Rajnish Kumar (Director and Group Co-CEO, ixigo) at the press conference in connection to Le Travenues Technology Limited’s (ixigo) Initial Public Offering (IPO).

 

L-R Mr. Parin Savla (Vice President – Investment Banking, Axis Capital Limited), Mr. Saurabh Devendra Singh (Group Chief Financial Officer, ixigo), Mr. Aloke Bajpai (Chairman, Managing Director, and Group CEO, ixigo), Mr. Rajnish Kumar (Director and Group Co-CEO, ixigo), Mr. Vishal Desai (Senior Vice President, ECM, DAM Capital Advisors Limited) and Mr. Vaibhav Malik (AVP, Investment Banking, JM Financial Services Limited) at the press conference in connection to Le Travenues Technology Limited’s (ixigo) Initial Public Offering (IPO).

 

June 05, 2024: Le Travenues Technology Limited(“ixigo” or the “Company”), shall open its Bid/Offer in relation to its initial public offer of Equity Shares on Monday, June 10, 2024.

 

The total offer size comprises of fresh issue of Equity Shares of value of ₹ 1 each aggregating up to ₹ 1,200.00 million (“Fresh Issue”) and an offer for sale aggregating up to 66,677,674 Equity Shares of face value of ₹ 1 each by the Selling Shareholders (defined below) (“Offer for Sale”).

 

The Anchor Investor Bidding Date shall be Friday, June 07, 2024. The Bid/Offer will open on Monday, June 10th, 2024 for subscription and will close on Wednesday, June 12th.

 

The Price Band of the Offer is ₹ 88 to ₹ 93 Per Equity Share. Bids can be made for a minimum of 161 Equity Shares and in multiples of 161 Equity Shares thereafter.

 

The Offer for Sale comprises an offer for sale of up to 19,437,465 Equity Shares by Saif Partners India Limited, up to 13,024,000 Equity Shares by Peak XV Partners Investments V (formerly known as SCI Investments V), 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”).

 

This Equity Shares are being offered through the red herring prospectus of the Company dated June 4, 2024filed with Registrar of Companies, Delhi and Haryana at New Delhi (the “RHP”) and are proposed to be listed on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”).

 

The Offer is being made in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process, in compliance with Regulation 6(2) of the SEBI ICDR Regulations, wherein not less than 75% of the Offer shall be available for allocation on a proportionate basis to QIBs (the “QIB Category”), provided that the Company in consultation with the BRLMs (defined below), may allocate up to 60% of the QIB Category to Anchor Investors, and the basis of such allocation will be on a discretionary basis, in consultation with the BRLMs, in accordance with SEBI ICDR Regulations (the “Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the price at which Equity Shares are allocated to Anchor Investors. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Category (excluding the Anchor Investor Portion).

 

Further, 5% of the QIB Category (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder of the QIB Category shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. If at least 75% of the Offer cannot be allotted to QIBs, then the entire application money will be refunded forthwith.

 

Further, not more than 15% of the Offer shall be available for allocation to NIIs (“Non-Institutional Category”) of which one-third of the Non-Institutional Category shall be available for allocation to Bidders with a Bid size of more than ₹200,000 and up to ₹1,000,000 and two-thirds shall be available for allocation to Bidders with a Bid size of more than ₹1,000,000 provided that under-subscription in either of these two sub-categories of Non-Institutional Category may be allocated to Bidders in the other sub-category of Non-Institutional Category in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the QIB Category (excluding the Anchor Investor Portion), the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Category (excluding the Anchor Investor Portion) for proportionate allocation to QIBs.

 

Further, not more than 10% of the Offer shall be available for allocation to RIIs in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. All Bidders (other than Anchor Investors) shall mandatorily participate in this Offer through the Application Supported by Block Amount (“ASBA”) process and shall provide details of their respective bank account (including UPI ID for UPI Bidders (defined hereinafter)) in which the Bid Amount will be blocked by the SCSBs or the Sponsor Banks, as the case may be. Anchor Investors are not permitted to participate in the Offer through the ASBA process. For further details please see “Offer Procedure” on page 487 of the RHP.

 

Axis Capital Limited, DAM Capital Advisors Limited and JM Financial Limited are the Book Running Lead Managers to the offer (collectively, the “BRLMs”).

 

All capitalised terms used herein but not defined shall have the same meaning as ascribed to them in the RHP.

 

Disclaimer:

 

Le Travenues Technology Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offer of its Equity Shares and has filed the the Red Herring Prospectus dated June 4, 2024 with the Registrar of Companies. The Red Herring Prospectus is available on the website of the Company, the SEBI, the BRLMs i.e. Axis Capital Limited, DAM Capital Advisors Limited and JM Financial Limited at www.ixigo.com, www.sebi.gov.in, www.axiscapital.co.in,www.damcapital.in and www.jmfl.com, respectively, as well as on the websites of the stock exchanges atwww.nseindia.com and www.bseindia.com. Any potential investors should note that investment in equity shares involves a high degree of risk and for details refer to the Red Herring Prospectus, including the section titled “Risk Factors” on page 33 of the RHP.

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”) or any state securities laws in the United States, and unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in ‘offshore transactions’ in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdictions where such offers and sales are made. There will be no public offering of the Equity Shares in the United States.

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