Ixigo Shares End At 78% Premium Over IPO Price
The Rs 740.10-crore IPO was subscribed 98.34 times on its final day, led by non-institutional investors.
Shares of Le Travenues Technology Ltd., the parent company of online travel agency Ixigo, ended on the National Stock Exchange at Rs 165.7 per share, a premium of 78% to its IPO price of Rs 93 per share. On the BSE, the shares closed at Rs 161.9 apiece, a premium of 74%.
After debuting at 138.1 per share on the NSE and at Rs 135 apiece on the BSE, the shares were locked in a 20% upper circuit during the day.
The Rs 740.1-crore IPO was subscribed to 98.34 times on its final day, led by non-institutional investors. The public offering was a mix of a fresh issue of 1.29 crore shares worth Rs 120 crore and an offer for sale of 6.67 crore shares amounting to Rs 620.1 crore.
Proceeds worth Rs 45 crore from the fresh issue will be used to fund the company's working capital requirements and Rs 26 crore will be used for investments in technology and data science.
Axis Capital Ltd., DAM Capital Advisors Ltd., and JM Financial Ltd. were the book-running lead managers for the issue.
Business
The Gurugram-based Le Travenues Technology helps travellers plan, book and manage their trips across rail, air, buses and hotels.
Between fiscal 2021 and 2023, Ixigo's revenue from operations grew at a compound annual growth rate of 92.29%, reaching Rs 501 crore in fiscal 2023. Despite a loss of Rs 21 crore in fiscal 2022, the company made profits of Rs 66 crore for the nine months ended Dec. 31, 2023.
Ixigo has the highest app usage among online travel agencies, with 83 million monthly active users across its apps as of September 2023.
