Le Travenues Technology's IPO Soars: Oversubscribed 9.31 Times on Second Day

Le Travenues Technology, which runs the travel booking platform ixigo, saw its IPO subscription reach 9.31 times on the second day. The Rs 740-crore share sale attracted significant interest from various investor categories, with non-institutional investors leading. Proceeds will fund working capital, tech investments, and growth initiatives.

The IPO of Le Travenues Technology, the operator of ixigo, witnessed a subscription surge, climbing to 9.31 times on the offer's second day.

According to NSE data, the Rs 740-crore IPO received bids for 40,74,46,403 shares, far surpassing the 4,37,69,494 shares available.

Non-institutional investors subscribed 20.11 times, Retail Individual Investors (RIIs) 18.66 times, and Qualified Institutional Buyers (QIBs) 79 per cent. The IPO had already seen a subscription rate of 1.95 times on its first day.

The offering includes a fresh issue worth Rs 120 crore and an OFS totaling up to 6,66,77,674 equity shares, with major stakeholders including SAIF Partners, Peak XV Partners, and Micromax Informatics selling shares.

Funds raised will allocate Rs 45 crore for working capital, Rs 26 crore for technology investments, and support for inorganic growth via acquisitions.

The price range is set at Rs 88-93 per share.

Le Travenues Technology garnered Rs 333 crore from anchor investors last Friday, with Axis Capital, DAM Capital Advisors, and JM Financial acting as managers. Launched in 2007 by Aloke Bajpai and Rajnish Kumar, the company is a premier online travel aggregator.

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