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Ixigo Turns Into A Public Limited Company, Gears For IPO

The development comes a day after the company appointed six new independent members to its board of directors ahead of their IPO.

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Incorporated in 2007 in Gurugram, Ixigo has converted itself into a public limited company ahead of their plan to hit the indian bourses. The company is an internet company engaged in travel, flight booking, etc. 


The move is said to be their shift in gear for the race to the capital markets as it is the first step for a company to list on the exchanges. The company plans to go public by end of the year in the already boomed primary markets with a slew of internet companies rushing to the Dalal-Street. 


The development comes a day after the company appointed six new independent members to its board of directors ahead of their IPO. 


"We are thrilled to welcome 6 new independent board members bringing rich, diverse and relevant experience to our Board. Together, we will take our iconic travel-tech offerings to the next level !," said Aloke Bajpai, CEO of the company in a tweet.


The company has also completed a pre-IPO funding led by Singapore's sovereign wealth fund of $53 million, including investors like WhiteOak, Bay Capital, Orios Venture partners and others. 


With its plan of going public by the end of the year, the company is likely to file its DRHP in the coming month, as per media reports. The travel giant is eyeing a valuation of nearly $750 million to $800 million. 


The company has appointed Kotak Mahindra Bank, ICICI Securities, Axis Capital Ltd and Nomura as its investment bankers for its IPO. However, there is no clarity on the size of the offer, but the company is likely to raise Rs 1,500 crore, which consists of a fresh issue of Rs 750 crore.


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