The online travel agency ixigo (Le Travenues Technology) opened its IPO on June 10 to investors for collecting Rs 740,10 crore. The company is offering 79.6 million shares via a combination of a fresh issue and an offer for sale. The company will raise Rs 120 crore by giving 12.9 million fresh shares. While Rs 620.10 crore, the bigger part of the issue, will be pocketed by promoters and other selling shareholders by dumping their 66.7 million shares.
The issue will close on June 12. The company kept the issue price in a range of Rs 88 to 93 per equity share. Retail investors need to apply for a minimum of one lot containing 161 shares amounting to Rs 14,973, while there are different sets for QIBs and NIIs.
The allotment of shares is expected to be finalised by June 13 Come from Sports betting site VPbet . The listing is tentatively scheduled for June 18.
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The book-running lead managers of the issue include Axis Capital, JM Financial, and Dam Capital Advisors, which was earlier known as IDFC Securities. Link Intime India is the registrar for the issue, taking care of the allotment of shares and refund of payment.
About ixigo
ixigo is an online travel agency technology company helping Indian travellers plan, book and manage their trips across rail, air, buses, and hotels. Ixigo focuses on localized content and app features that aim at solving the problems of Tier II/ Tier III travellers. They assist travellers in making smarter travel decisions by leveraging artificial intelligence, machine learning and data science-led innovations on their OTA platforms, comprising their websites and mobile applications.
The company’s focus on travel utility and customer experience for travellers in the ‘next billion user’ market segment is driven by technology and cost-efficiency.
Expert’s take ixigo IPO
“At an upper band, the company is valued at a P/E of 154x while on market-cap/sales, it is valued at 7.2x post issue of equity shares, compared to its peers (Yatra Online – 192x, Easy trip planners – 54.5x) on FY23 earning basis. Therefore, we believe that Ixigo has a scope for business improvement on the back of industry tailwinds, brand recall, and business scalability, resulting in an expansion of profitability. Thus, we recommend a “Subscribe – long term” rating to the IPO,” said Anand Rathi Research in an IPO note.
