of china Fosun International sold a large part of To bet online travel company ixigo To invesco‘s Emerging Market Innovators Fund for $15 million, said three sources with knowledge of the development.

came after the stake sale
Online travel company files its draft prospectus With the Securities and Exchange Board of India (SEBI) in August.

As per the draft prospectus filed with the capital markets regulator, fosun Kinzone Capital Private Limited holds 3.69% stake in Xigo. “The fund has sold most of its stake in the company and now holds 0.5% stake,” said a person.

Another person said the value of the secondary sale is $470 million from ixigo.

In August, Elevation Capital and Micromax backed company
Said in its draft filing that it wants to raise Rs 750 crore Through primary issue of shares and another Rs 850 crore through Offer for Sale (OFS) from existing investors, as part of the initial public offering.

ET reported that the company expects the IPO to be valued at around $850 million.

“Fosun is likely Sell Its remaining stake in the company before the IPO or through OFS but is likely to exit completely.

Spokespersons for Fosun and Ixigo responded to ET’s questions.

In July, the company
Raises $53 million (Rs 395 cr) from investors led by Singapore’s sovereign wealth fund GIC, and participation from investors such as Info Edge Ventures, White Oak, Bay Capital, Oreos Venture Partners, Trifecta Capital and Malabar Investments.

Caught in the midst of a geopolitical tussle over Chinese investments in Indian companies, Fosun is looking to pull out of most of its investments in the country.

Last week, it
Sold 1.32% stake in new-age logistics services provider Delhi to Lee Fixel’s Extra and Bay Capital, ET reported.

Typically, before listing on the public market, companies rearrange their capitalization tables, where some early backers exit and long-term late-stage investors check-in.

In August, one of the early supporters of Ixigo,
Makemytrip exits completely with almost 8x returns On its investment, regulatory filings showed.

Founded in 2007 by Alok Bajpayee and Rajnish Kumar, the company has a user base of over 250 million.

Earlier this year, it
Acquired Bengaluru-based online train discovery and booking platform confirmed ticket for an undisclosed amount and then
It acquired Abhibuso in August, a Hyderabad-based bus ticketing and aggregation platform based on bearish selling in a mix of cash and equity shares.