Le Travenues Technology Ltd, Which Owns travel booking platform ixigo, and steel wire manufacturer Bansal Wire Industries have received approval from the Securities and Exchange Board of India (SEBI) to proceed with their Initial Public Offerings (IPOs).
This update was revealed in SEBI’s observations dated May 14-17, following the companies’ preliminary IPO filings in February and March.
Gurugram-based Le Travenues Technology’s IPO will feature a combination of a fresh issue of equity shares worth Rs 120 crore and an Offer for Sale (OFS) of 6.66 crore equity shares by existing shareholders, as per the Draft Red Herring Prospectus (DRHP).
The shareholders participating in the OFS include SAIF Partners India IV Ltd, Peak XV Partners Investments V (formerly SCI Investments V), Micromax Informatics Ltd, Placid Holdings, Catalyst Trusteeship Ltd, Madison India Capital HC, Aloke Bajpai, and Rajnish Kumar.
The proceeds from the fresh issue will be allocated as follows: Rs 45 crore for working capital requirements, Rs 26 crore for technology and data science investments (including cloud and server hosting, AI technology, and customer engagement), and additional funds to support inorganic growth through acquisitions and general corporate purposes. Additionally, the company may raise up to Rs 24 crore in a pre-IPO round, which would reduce the fresh issue size accordingly.
Founded in 2007 by Aloke Bajpai and Rajnish Kumar, Le Travenues Technology helps travelers plan, book, and manage trips across rail, air, buses, and hotels.
The company reported a total income of Rs 517 crore for the financial year ending March 2023, up from Rs 385 crore in the previous fiscal year. The firm recorded a profit of Rs 23.4 crore for FY23, compared to a loss of Rs 21 crore in FY22.
Conversely, Bansal Wire Industries’ IPO will consist entirely of a fresh issue of equity shares worth Rs 745 crore, with no OFS component. The funds raised will be utilized for debt repayment, working capital requirements, and general corporate purposes.
Bansal Wire Industries specializes in manufacturing and exporting steel wires, operating in three broad segments: high carbon steel wire, mild steel wire (low carbon steel wire), and stainless steel wire.
The company plans to introduce a new segment of specialty wires through an upcoming plant in Dadri, aiming to expand its market presence in future fiscal years.
Additionally, SEBI returned the draft IPO document of Vasuki Global Industries on May 16 without providing a reason. Vasuki Global Industries had filed the draft papers last month. Raghuvir Exim Ltd also withdrew its draft IPO papers on May 13, which had been filed in April.
The approval for these IPOs marks a significant step for Le Travenues Technology and Bansal Wire Industries as they prepare to raise funds to fuel their respective growth and expansion strategies.
