On the NSE, ixigo shares opened at INR 138.10 per share, marking a 48.5% increase from the issue price of INR 93
Similarly on the BSE, the shares opened at INR 135 apiece, representing a 45.16% rise from the issue price
The Ixigo IPO included a fresh equity issue worth INR 120 Cr and an offer for sale (OFS) of 6.67 Cr shares
Le Travenues Technology, the parent company of online travel platform ixigo, made a strong debut on the stock exchanges today (June 18), opening significantly higher than the issue price.
On the NSE, Ixigo
shares opened at INR 138.10 per share, a 48.5% increase from the issue price of INR 93. Similarly on the BSE, the shares opened at INR 135 apiece, up 45.16% from the issue price.
The ixigo IPO, which included a fresh equity issue worth INR 120 Cr and an offer for sale (OFS) of 6.67 Cr shares, received a massive subscription of more than 98 times, driven by heavy bidding from non-institutional, institutional and retail investors.
Ahead of the IPO opening, the company raised INR 333 Cr from 23 anchor investors, including the likes of SBI Magnum Children’s Benefit Fund, the Government of Singapore, Tata Investment Corporation Limited, and Bajaj Allianz Life Insurance Company.
The IPO of Le Travenues Technology concluded last week with bids surpassing 98 times the number of shares available for purchase.
Investors bid for 4,293.6 Mn shares, which is significantly higher than the 43.7 Mn shares that were available for purchase.
Founded by Aloke Bajpai and Rajnish Kumar, ixigo started in 2007 as a travel search website to help users compare flight deals. In FY20, it became an OTA and started selling various travel services like flights, trains, bus tickets, hotel bookings and holiday packages.
After a three-year wait, ixigo’s dreams of a public listing have finally come true. The company initially filed for an IPO in 2021 with the aim of raising INR 1,600 crore. However, citing macroeconomic conditions, ixigo postponed its public offer despite receiving approval from the market regulator SEBI.
Since then, ixigo has demonstrated resilience, maintaining profitability. After experiencing a loss in FY22, the company returned to profitability in FY23, reporting a profit of INR 23.3 Cr for the fiscal year. Subsequently, ixigo has continued to strengthen its financial position, achieving a profit of INR 65.7 Cr in the first nine months of FY24.
