ixigo shares had a strong debut on the stock market today. On the NSE, the stock opened at ₹138.10 per share, 48.5% higher than its issue price of ₹93. On the BSE, it started at ₹135, up 45.16%.
Experts had expected ixigo shares to open between ₹120 and ₹125 per share.
During the three-day subscription period, investors were very enthusiastic about Le Travenues Technology’s IPO, the company behind ixigo. The ₹740 crore offer ran from June 10 to June 12 and was subscribed 98.34 times by the end.
Founded in 2007 by Aloke Bajpai and Rajnish Kumar, Le Travenues Technology is a top online travel aggregator in India, helping travelers book and manage trips by rail, plane, bus, and hotel.
Market experts say this IPO offers a unique chance to invest in a leading player in India’s online travel agency industry, targeting the “next billion users.”
The IPO price was set between ₹88 and ₹93 per share, and the company raised ₹333 crore from key investors. Axis Capital, DAM Capital Advisors, and JM Financial managed the offer.
The ixigo IPO included a fresh issuance of shares worth ₹120 crore and an offer for sale of 6.66 crore shares worth ₹620 crore by existing shareholders.
Proceeds from the new shares will be used for working capital, technology and data science investments, and funding acquisitions and corporate goals.
In the grey market, ixigo shares were trading at a premium of ₹30.50, indicating a potential listing price of ₹123.5 per share, or 32.8% above the IPO price.
The ‘grey market premium’ shows investors’ willingness to pay more than the issue price.
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