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Ixigo IPO ends with blockbuster subscription

Published on Jun 13, 2024 16:12

The initial public offer (IPO) of Le Travenues Technology received 4,30,40,96,559 bids for shares as against 4,37,69,494 shares on offer. The issue was subscribed 98.34 times.

The Non Institutional Investors (NIIs) category was subscribed 110.53 times. The Qualified Institutional Buyers (QIBs) category was subscribed 106.73 times. The Retail Individual Investors (RIIs) category was subscribed 54.85 times.

The issue opened for bidding on Monday (10 June 2024) and closed on Wednesday (12 June 2024). The price band of the IPO was fixed at Rs 88 to 93 per share.

The offer comprised of fresh issue of Rs 120 crore and an offer for sale of 6,66,77,674 equity shares.

Out of the proceeds from the fresh issue, Rs 45 crore will be used to fund the working capital requirements; Rs 25.8 crore towards investment in cloud infrastructure and technology, and the balance to fund inorganic growth through unidentified acquisitions and other strategic initiatives and for general corporate purpose.

Ahead of the IPO, Le Travenues Technology on Friday, 7 June 2024, raised Rs 333.04 crore from anchor investors. The board allotted 3.58 crore shares at Rs 93 each to 23 anchor investors.

Le Travenues Technology was founded in 2006 and is an online travel agency (OTA) that enables travelers to book train, flight, and bus tickets as well as hotels via its OTA platforms under the brand name �ixigo�.

The company`s list of services includes PNR status and confirmation predictions, train seat availability alerts, train running status updates and delay predictions, alternative route or transportation planning, flight status updates, automated web check-in, bus running status, price and availability alerts, deal discovery, destination content, personalized recommendations, instant fare alerts for flights, AI-based travel planning service and automated customer support.

The firm reported a net profit of Rs 66.80 crore and net sales of Rs 491.02 crore for the nine months ended on 31 December 2023.

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