IPO WATCH – Ixigo, VLCC Health Care file draft papers with SEBI – fund raising, objectives, promoter – Some Key Details Here

The appetite for raising money from the primary markets is only growing as two more companies filed preliminary papers with the Securities and Exchange Board of India (SEBI).  Le Travenues Technology Ltd, which operates travel platform Ixigo and VLCC Health Care Ltd have recently filed their Draft Red Herring Prospectus (DRHP) for the Initial Public Offering (IPO) the market regulator, a PTI report said. 

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Ixigo IPO – Key Details 

• Ixigo will be raising Rs 1,600 cr through an initial share sale, a PTI report said. 
• The IPO comprises fresh issuance of shares worth Rs 750 cr and an offer of sale (OFS) of equity shares to the tune of Rs 850 crore by existing shareholders, according to red herring prospectus (DRHP). 
• Saif Partners India IV to offload shares worth Rs 550 cr as part of OFS; Micromax Informatics to sell shares worth Rs 200 cr and Aloke Bajpai and Rajnish Kumar will divest stakes worth Rs 50 cr each. 
• SAIF Partners holds 23.97 per cent in the company, Micromax 7.61 per cent, Aloke Bajpai 9.18 per cent and Rajnish Kumar 8.79 per cent stake in the firm. 
• Proceeds of the fresh issue will be used to fund the company's organic and inorganic growth initiatives and for general corporate purposes. 
• ICICI Securities, Axis Capital, Kotak Mahindra Capital, Nomura Financial Advisory and Securities are the lead managers to the issue.  

Launched in 2007 by Aloke Bajpai, Ixigo is headquartered in Gurugram and has a user base of over 250 million, this report said.

In July, Ixigo has raised USD 53 million, through a combination of primary and secondary issuance of shares, from investors, led by Singapore sovereign wealth fund GIC.

It has weathered the coronavirus pandemic well and managed to grow despite most travel companies being at under half of FY20 revenues in FY21.

VLCC Health Care Ltd IPO – Key Details 

VLCC is homegrown beauty and wellness companies in India 

1. The IPO comprises fresh issuance of equity shares worth Rs 300 cr and an OFS of 89.22 lakh equity shares by promoter and existing shareholders. 
2. The OFS comprises sale of up to 18.83 lakh equity shares by promoter Mukesh Luthra, up to 18.97 lakh equity shares by OIH Mauritius Ltd and 52.42 lakh equity shares by Leon International. 
3. The company may consider a pre-IPO placement aggregating up to Rs 100 crore. If such placement is completed, the fresh issue size will be reduced. 
4. Funds raised through the fresh issuance of shares will be used for setting up VLCC Wellness Clinics in India as well as Gulf Cooperation Council (GCC) region, and VLCC Institutes in India. 
5. In addition, proceeds would be utilised for refurbishment of certain existing VLCC Wellness Clinics in India and GCC region, brand development, investment in digital and information technology infrastructure and payment of debt. 

ICICI Securities, DAM Capital Advisors, IIFL Securities have been appointed as merchant bankers to advise the company on the public issue. The equity shares of the company will be listed on BSE and NSE.

At present, Vandana Luthra and Mukesh Luthra hold 44.35 per cent and 24.37 per cent stake, respectively in the company , Leon International owns 13.65 per cent stake and OIH Mauritius has 5.04 per cent holding in the firm another PTI report said. 

As of March 2021, the company served customers across 310 locations in 143 cities and across 12 countries in South Asia, Southeast Asia, GCC region and East Africa.