ixigo IPO: Retail portion oversubscribed within hours of launch
Retail subscribers have oversubscribed the initial public offering (IPO) of Le Travenues Technology, the parent company of online travel platform Ixigo, by 2.22 times within hours of its launch. Retail investors bid for **17.6 million shares** compared to the **7.9 million shares** available, as of 11:42 AM on Monday, BSE data showed. The non-institutional segment subscribed 0.47 times, while the qualified institutional buyers (QIB) are yet to show significant activity.
The IPO includes a fresh equity issue of **Rs 120 crore** and an offer for sale (OFS) of up to **66.6 million shares**. Existing shareholders such as Elevation Capital, Peak XV Partners, Aloke Bajpai, Rajnish Kumar, Micromax Informatics, and Placid Holdings will partially offload their stakes through the OFS. Prior to the IPO, Ixigo raised around **Rs 333 crore** from anchor investors. Marquee investors in Ixigo’s anchor book include Nomura, Morgan Stanley, 3P India Equity Fund, HDFC Mutual Fund, Motilal Oswal Mutual Fund, the Government of Singapore, and Tata Investment Corporation.
The company completed a pre-IPO secondary placement worth approximately **Rs 176.2 crore** a day before the anchor book opening. During this secondary sale, Elevation Capital, Peak XV Partners, Micromax Informatics and Madison India sold **18.9 million shares** at **Rs 93** each, which is the upper end of the company’s IPO price band. The shares were purchased by new investors including Ashoka India Equity Investment Trust, Tata Mutual Fund, Bay Capital and Steadview Capital.
Ixigo has announced a price band of **Rs 88-93** per share, with investors able to bid for **161 shares** per lot and in multiples thereafter. Of the total IPO, **75%** was reserved for qualified institutional buyers, **15%** for non-institutional investors, and **10%** for retail investors.
Founded in **2007**, Ixigo offers services for booking train, flight, and bus tickets, along with various utility tools such as train PNR status and confirmation predictions, and train seat availability updates. The platform also provides personalised recommendations and automated customer support for users. It recently forayed into the hotel segment. For the nine months ended December **2023**, Ixigo’s revenue from operations increased by **34.9%** to **Rs 491 crore** from **Rs 364.3 crore** in the same period the previous year. Net profit rose to **Rs 65.7 crore** from **Rs 18.7 crore** in the corresponding year-ago period.
