Ixigo, Bansal Wire get SEBI nod to launch IPO; Oyo withdraws draft papers: Check latest primary market action

Capital market regulator SEBI has given a go ahead to LE Travenues Technology, the parent company of travel aggregator Ixigo, and stainless steel wire manufacturer Bansal Wire Industries to launch their initial public offerings (IPOs).

The two companies had submitted their preliminary IPO papers with the Securities and Exchange Board of India (SEBI) in January and February.

The market regulator issued observations on the draft proposals for the public offers to LE Travenues Technology on May 14 and to Bansal Wire Industries on May 17, according to reports. With this, both LE Travenues Technology and Bansal Wire Industries can proceed with the launch of their public offerings.

As per SEBI norms, the companies can float their IPOs within one year after receiving the observations on the draft papers.

On the other hand, Oravel Stays, which operates Oyo hotels, and textile company Raghuvir Exim withdrew their draft red herring prospectus (DRHP).

Ixigo IPO

According to Le Travenues Technology’s DRHP, the Gurugram-based company’s proposed issue will include a combination of a fresh issue of equity shares with a face value of ₹1 each, amounting to ₹120 crore, and an offer for sale (OFS) component of 6.66 crore equity shares.

Axis Capital, DAM Capital Advisors and JM Financial will be serving as the book-running lead managers for the issue. The existing shareholders like SAIF Partners India IV, Peak XV Partners Investments V (formerly SCI Investments V), Aloke Bajpai, Rajnish Kumar, Micromax Informatics, Placid Holdings, Catalyst Trusteeship and Madison India Capital HC will offload their stakes in the company through the OFS.

The owner of the travel portal, Ixigo, plans to use the net proceeds for working capital requirements. A portion of the fund will be used to augment the cloud infrastructure and technology. Additionally, funds will be earmarked for supporting inorganic growth through potential acquisitions and other strategic initiatives.

Bansal Wire Industries IPO

Bansal Wire Industries submitted its DRHP in January this year and aims to raise ₹745 crore from its debut offering. The IPO will solely comprise a fresh issue and will not include any OFS component.

The book-running lead managers for the issue are SBI Capital Markets and DAM Capital Advisors, while KFin Technologies will serve as the registrar.

Oyo shelves IPO plans for second time

Meanwhile, Softbank-backed budget hospitality chain Oyo operator Oravel Stays Ltd withdrew its IPO papers, according to reports. The company had filed its draft papers with SEBI on September 30, 2021, for the first time.

Oravel Stays had initially planned to raise ₹8,430 crore through the IPO. This consisted of a fresh issue of shares worth ₹7,000 crore and an OFS component worth ₹1,430 crore by existing shareholders.

As per latest reports, the company withdrew its draft papers for the public issue on May 17. The hotel aggregator is in talks to finalise a refinancing plan and likely to raise its next round of funding soon, reports suggested.

Raghuvir Exim withdraws draft papers for IPO

Textiles products company Raghuvir Exim, which had submitted draft papers on March 31, 2024, withdrew its IPO papers. The proposed public offer included a combination of a fresh issue of 1.4 crore equity shares and an OFS of 45 lakh equity shares with a face value of ₹10 each.

According to reports, the home textiles firm withdrew its draft papers for the public issue on May 13. The company aimed to invest the proceeds of the IPO to set up stitching units in Ahmedabad, Gujarat.

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