ixigo's IPO Sees Strong Demand, Subscribed 1.95 Times on First Day

The IPO of ixigo, operated by Le Travenues Technology, was subscribed 1.95 times on its first subscription day. The Rs 740-crore IPO received significant interest from retail investors, non-institutional investors, and qualified institutional buyers. Proceeds will enhance working capital, technology investments, and support future acquisitions.

The initial public offering (IPO) of Le Travenues Technology, which operates the travel booking platform ixigo, received an enthusiastic response on its first day, with the offering being subscribed 1.95 times.

According to data from the National Stock Exchange, the Rs 740-crore IPO garnered bids for 8,51,54,349 shares against an offering of 4,37,69,494 shares. Retail individual investors showed strong interest, with their segment subscribed 6.17 times. Non-institutional investors subscribed 2.78 times, while Qualified Institutional Buyers (QIBs) accounted for a 12 per cent subscription rate.

The IPO comprises a fresh issue worth up to Rs 120 crore and an offer for sale (OFS) of up to 6,66,77,674 equity shares. Under the OFS, various stakeholders, including SAIF Partners India IV Ltd, Peak XV Partners Investments V, Micromax Informatics Ltd, and others are selling shares.

Proceeds of Rs 45 crore from the fresh issue will be allocated to bolster the company's working capital requirements. An additional Rs 26 crore is earmarked for investment in technology and data science, encompassing cloud and server hosting, artificial intelligence, and customer engagement technologies. The funds will also support acquisitions and general corporate purposes.

The price range for the offer is set at Rs 88-93 per share. Ahead of the IPO, Le Travenues Technology raised Rs 333 crore from anchor investors last Friday. The offering is managed by Axis Capital, DAM Capital Advisors, and JM Financial.

Founded in 2007 by Aloke Bajpai and Rajnish Kumar, Le Travenues Technology is a leading online travel aggregator in India, facilitating travel planning, booking, and management for rail, air, bus, and hotel reservations.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)