Aditya Hadi Pratama · · 1 min readIPO-bound online travel platform Ixigo converts to public limited company
Le Travenues Technology, parent company of Indian online travel app Ixigo, has made a shift from being a private limited to a public limited company.
This marks the first step of the company’s journey toward an IPO – Indian laws do not allow a private company to invite the public to subscribe to its shares.
Ixigo’s co-founders Rajnish Kumar (left) and Aloke Bajpai / Photo credit: Ixigo
Founded in 2007, Ixigo is a platform that offers bookings for flights, trains, buses, and hotels. It is backed by Sequoia Capital and just recently raised US$53 million led by Singapore sovereign wealth fund GIC.
Le Travenues Technology is reportedly looking to list its share in the fourth quarter of this year at a valuation of US$800 million. The company, which is expected to file its draft red herring prospectus (DRHP) with the regulators by mid-August, has also appointed six new independent board members.
Ixigo will join a list of Indian startups that are looking to go public this year, such as PolicyBazaar, PayTm, Nykaa, and Mobikwik. Food delivery firm Zomato also recently made its debut on the Indian stock exchange.
See also: The leading Asian tech players eyeing an IPO in 2021
Editing by Miguel Cordon and Jaclyn Tiu
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