Can you tell me about the Ixigo proposed IPO?

Travel app Ixigo has filed the draft red herring prospectus or DRHP with SEBI for the Rs.1,600 crore IPO that it proposes. Ixigo is a travel app based on artificial intelligence. It is currently backed by big PE names like Sequoia Capital, Elevation Capital and Micromax. Incidentally, Elevation Capital is the new name for SAIF Partners. The Rs.1,600 crore IPO will be split into a fresh issue component of Rs.750 crore and an OFS of Rs.850 crore.

Elevation Capital and Micromax will get a partial exit through the OFS. Meanwhile, Ixigo plans to use the fresh issue proceeds for bankrolling the organic and inorganic growth of the company. The positive tiding for Ixigo is that other listed peers like Easemytrip and IRCTC have done extremely well on the bourses.