ixigo, an online travel aggregator, and its operator company, Le Travenues Technology Ltd, received SEBI approval for an IPO worth over INR 120 Crore. This means they can now raise funds from the public. SEBI issued a notification on May 14 confirming this.
Similarly, Bansal Wire Industries, a steel wire manufacturer, also got the green light for its IPO.
Both companies filed their initial IPO papers earlier this year and received approval between May 14-17. For Le Travenues Technology Ltd, the IPO will involve issuing fresh equity shares worth Rs 120 crore and selling existing shares through an Offer For Sale (OFS).
ixigo Set for IPO
ixigo is all set to debut with its Initial Public Offering (IPO), marking a significant milestone for the online travel aggregator. The IPO will see various stakeholders, including SAIF Partners India IV Ltd, Peak XV Partners Investments V (formerly known as SCI Investments V), Micromax Informatics Ltd, Placid Holdings, Catalyst Trusteeship Ltd, Madison India Capital HC, Aloke Bajpai, and Rajnish Kumar, selling shares through an Offer for Sale (OFS).
How the Funds Will Be Used?
- Rs 45 crore for working capital
- Rs 26 crore for technology investments, including AI and customer engagement
- Support for acquisitions and general corporate needs
Pre-IPO Round
- Plans to raise up to Rs 24 crore
Financial Snapshot
- Total income rose to Rs 517 crore in FY 2023 from Rs 385 crore in FY 2022
- Recorded a profit of Rs 23.4 crore in FY 2023 compared to a loss of Rs 21 crore in FY 2022
Bansal Wire Industries IPO
Bansal Wire Industries is gearing up for its IPO, which consists entirely of fresh equity shares worth Rs 745 crore, with no Offer for Sale (OFS) component. Here’s a breakdown of the key details:
Utilization of Funds:
The funds raised from the IPO will primarily be used for:
- Paying off debt
- Supporting working capital requirements
- General corporate purposes
Bansal Wire Industries Expansion
Bansal Wire Industries specializes in manufacturing and exporting steel wires, operating across three primary segments: high-carbon steel wire, mild steel wire (low-carbon steel wire), and stainless steel wire. The company is set to expand its offerings by introducing a new segment of specialty wires through an upcoming plant in Dadri, aiming to boost growth and strengthen its market presence in the forthcoming fiscal years.
In other IPO news, Sebi returned Vasuki Global Industries’ draft IPO document on May 16 without specifying any reason, despite the papers being filed the previous month. Additionally, Raghuvir Exim Ltd withdrew its draft IPO papers on May 13, which had been filed in April.
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