Jobaaj Stories
The much-anticipated initial public offering (IPO) of Le Travenues Technology Ltd, known by its popular brand name ixigo, opens for subscription today, June 10. Investors and market watchers are keenly observing the proceedings, especially the Grey Market Premium (GMP) and subscription status, to gauge the potential success of this offering.
- Ixigo IPO Key Details
- IPO Price Band: ₹88 to ₹93 per share
- IPO Lot Size: 161 shares
- Minimum Investment: ₹14,973 for retail investors
- IPO Opening Date: June 10, 2024
- IPO Closing Date: June 12, 2024
- Allotment Finalization Date: June 13, 2024
- IPO Listing Date: June 18, 2024
Ixigo, a technology company that helps Indian travelers plan, book, and manage their trips across various modes of transport and accommodation, has carved a niche for itself in the online travel agency (OTA) market. As of March 31, 2023, ixigo held the largest market share of around 51% in rail bookings among OTAs, making it the largest Indian train ticket distributor in this segment.
The IPO aims to raise approximately ₹740.10 crore, with a combination of a fresh issue of 1.29 crore equity shares aggregating to ₹120 crore and an offer for sale (OFS) component of 6.67 crore shares aggregating to ₹620.10 crore. Prior to the IPO opening, ixigo raised ₹333 crore from anchor investors, highlighting the strong interest and confidence in the company's potential.
Le Travenues Technology Ltd plans to use the net proceeds from the IPO for several strategic purposes:
- Part-funding working capital requirements
- Investments in cloud infrastructure and technology
- Funding inorganic growth through potential acquisitions and other strategic initiatives
- General corporate purposes
Axis Capital, Dam Capital Advisors Ltd, and JM Financial are the book-running lead managers for the ixigo IPO, while Link Intime India Private Ltd is serving as the IPO registrar.
Investors are advised to consider several factors before subscribing to the ixigo IPO. The company's dominant position in the OTA rail market, its strategic use of IPO funds, and the backing of prominent anchor investors are positive indicators. However, potential investors should also review the IPO's GMP and subscription status closely as the bidding period progresses to make an informed decision.
As of now, the Grey Market Premium (GMP) for ixigo IPO is an important metric to watch. GMP provides an early indication of the market sentiment and the potential listing gains. It is advisable to check the latest GMP updates and subscription figures before making your investment decision.
