Billionaire Bhatia’s Travel Technology Firm Said to Mull IPO

Updated on
  • InterGlobe Technology Quotient valuation may top $600 million
  • Company also mulling private equity round as IPO alternative

Rahul Bhatia.

Photographer: Pradeep Gaur/Mint via Getty Images

Indian billionaire Rahul Bhatia’s InterGlobe Technology Quotient, which helps travel agents book airline tickets and hotel rooms, is considering an initial public offering or private equity round to give existing investors an exit, people familiar with the deliberations said.

The existing investors are the private equity arms of Standard Chartered Plc, DBS Group Holdings Ltd. and Credit Suisse Group AG, the people said, asking not to be identified because the matter is private. InterGlobe Technology Quotient has already hired bankers to explore options, and a decision is expected in about two weeks, the people said.

Investor appetite for IPOs is surging in India, the world’s fastest-growing major economy. Listings this year returned an average of 41 percent, more than four times the climb in the benchmark S&P BSE Sensex, according to data compiled by Bloomberg.

A valuation exceeding $600 million is expected for InterGlobe Technology Quotient, and a final decision hasn’t been taken yet on whether to go for a private equity funding round or a listing, the people said. The three current private equity investors own a combined 36.25 percent of the company, and the business was valued at $400 million in 2007, the people said.

InterGlobe Technology Quotient, based near New Delhi, is a part of InterGlobe Enterprises Ltd., the owner of the company that operates India’s biggest airline, IndiGo. InterGlobe Technology Quotient declined to comment on fund raising plans.