Travel Aggregator Ixigo is set to open an IPO on June 10. The company plans to raise Rs 740.10 crore from investors by offering shares at a price band of Rs 88 to 93 per equity share. They will offer 79.6 million shares in total. Out of these, 66.7 million shares will be offloaded by promoters and other selling shareholders, amounting to Rs 620.10 crore.
The initial public offering (IPO) of Le Travenues Technology, which operates the travel tech platform ixigo, will open for subscription on June 10 and close on June 12. The company expects to finalize the allotment of shares by June 13, with the listing tentatively scheduled for June 18. Retail investors must apply for at least one lot containing 161 shares, aggregating to Rs 14,973.
Ixigo IPO to Open on June 10
IPO Dates and Pricing
- Open: June 10
- Close: June 12
- Price per share: Rs 88 to 93
Funds and Shares
- Total funds to be raised: Rs 740.10 crore
- Total shares offered: 79.6 million
- Promoters and shareholders selling: 66.7 million shares (Rs 620.10 crore)
Important Dates
- Share allotment finalization: June 13
- Tentative listing date: June 18
Retail Investor Requirement
- Minimum application: 1 lot (161 shares, Rs 14,973)
Ixigo filed its draft red herring prospectus (DRHP) with the markets regulator SEBI in February and received approval in May. The IPO includes a fresh equity sale of Rs 120 crore and an offer for sale (OFS) of up to 6.66 crore shares. Under the OFS, SAIF Partners, Peak XV Partners, Aloke Bajpai, Rajnish Kumar, Micromax Informatics, and Placid Holdings will offload part of their stakes. The IPO is being conducted through the book-building process, with 75% of the shares reserved for qualified institutional buyers, 15% for non-institutional investors, and the remaining 10% for retail investors.
Utilization of IPO Funds
The proceeds from the public offer will be used for various purposes:
- Funding working capital requirements
- Investing in technology enhancements
- Financing growth through acquisitions and other strategic initiatives
- General corporate purposes
Company Performance and Market Outlook
Ancillary Attachment Rate Growth
- In fiscal 2021: 15.43%
- In fiscal 2022: 26.41%
- In fiscal 2023: 28.87%
Indian Travel Market Size
- Estimated at around Rs 3.8 lakh crore in FY23
- Expected to grow at a CAGR of around 9% to reach Rs 5.8 lakh crore by FY28
Financial Performance
- Revenue from operations increased by 31% year-on-year to Rs 497 crore for the nine months ended December 2023
- Net profit surged multifold to Rs 65.7 crore during the same period
Book Running Lead Managers and Registrar
- Axis Capital, DAM Capital, and JM Financial are the book-running lead managers
- Link Intime India is the registrar.
About ixigo
Ixigo is a technology company that helps Indian travelers plan, book, and manage their trips across different modes of transportation and accommodation, including trains, flights, buses, and hotels. The company uses artificial intelligence, machine learning, and data science to give travelers smart travel suggestions and solutions on its online travel agency platforms.
Ixigo offers various services to travelers, enabling them to conveniently book train, flight, bus tickets, and hotels. Additionally, travelers can access utility tools and services such as checking train PNR status and confirmation predictions, receiving alerts for train seat availability, staying updated on train running status and delay predictions, checking bus running status, receiving personalized recommendations, getting instant fare alerts, and utilizing automated customer support services.
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