Travel booking platform ixigo has decided to postpone its INR 1,600 crore initial public offering (IPO) amid negative market sentiment. The IPO was scheduled to launch on March 28, 2023, but has now been postponed indefinitely.
The decision to postpone the IPO was made after careful consideration of the current market conditions and feedback from investors. The company stated that the decision was taken to ensure the best possible outcome for all stakeholders.
“Given the market sentiment, it doesn’t make sense to go for IPO right now”, said ixigo cofounder and group CEO Aloke Bajpai
“Given the state of the markets which haven’t eased out over the past six months, and neither are they stable at the moment with the SVB and other financial crises”, he added.
The company had planned to use the funds raised through the IPO for expansion and growth initiatives, as well as to meet general corporate purposes. ixigo’s decision to postpone the IPO comes at a time when several other companies in India have also delayed or cancelled their IPO plans due to negative market sentiments.
