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    Ixigo files DRHP for Rs 1,600-crore IPO; turns profitable in FY21

    market | IST

    Ixigo files DRHP for Rs 1,600-crore IPO; turns profitable in FY21

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    Ixigo IPO comprises a fresh issue of shares worth Rs 750 crore and an offer for sale (OFS) of shares worth Rs 850 crore, as per the draft red herring prospectus (DRHP).

    Travel booking platform Ixigo has filed its draft red herring prospectus (DRHP) for a Rs 1,600 crore IPO, which will include Rs 750 crore worth fresh issue of shares while the rest will be through Offer for Sale (OFS).
    Founders Aloke Bajpai, Chairman, Managing Director and Group CEO and Rajnish Kumar, Non-Executive Director and Group CPTO will also participate in the OFS, selling shares worth Rs 50 crore each. SAIF Partners (now Elevation Capital) will sell Rs 550 crore of shares while Micromax will sell Rs 200 crore worth of shares through the OFS.
    The company said it will use Rs 540 crore from the proceeds towards organic and inorganic growth.
    Ixigo will list as a professionally managed company and among the few internet companies that will go public as a profitable company.
    Ixigo posted a profit of Rs 7.5 crore in FY21, compared to a loss of Rs 26 crore in FY20, while it reported total income of Rs 138 crore, up from Rs 112 crore in FY20.
    Business Recovery
    Earlier this week, founders Aloke and Rajnish had told CNBC-TV18 that they were seeing a strong recovery in travel, especially in the train and bus segments. The company had recently acquired bus ticketing platform AbhiBus and had acquired train ticketing platform Confirmtkt in February.
    "All OTA players witnessed a significant decline in gross booking volumes and gross booking values during Fiscal 2021 across all segments, notably air and hospitality. Only, ixigo appears to have shown a negligible decline in the GTV compared to the steep decline in the GTVs of its peers. ixigo’s gross booking value was impacted marginally by the pandemic showing a decrease of merely 6.1% in Fiscal 21, and it seems to be the OTA that weathered the COVID storm well," Ixigo said in its DRHP.
    "In 2021, ixigo trains, ConfirmTkt and ixigo flights have collectively seen the highest usage and engagement among all key OTA players and standalone transactional train mobile apps in India in terms of Monthly Active Users and sessions," it added.
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