Ixigo, the travel platform operated by Le Travenues Technology, is set to debut its shares on Tuesday, June 18. Currently, the company’s shares are trading at a premium of Rs 29-30 in the unlisted market.
Market expectations suggest that if this trend continues, the shares could open with a premium of 32% over their IPO price of Rs 93.
However, it’s important to note that grey market premiums can change rapidly and are indicative of demand in the unlisted market.
The IPO received significant interest from investors, oversubscribed by more than 98 times overall. Retail investors showed particular enthusiasm, subscribing 54.8 times, while non-institutional investors bid 110.5 times. Qualified Institutional Buyers (QIBs) bid 106.7 times the reserved portion.
The funds raised from the IPO will be used for various purposes including working capital, technology investments, potential acquisitions, and general corporate needs.
Ixigo is known for its technology-driven approach in assisting Indian travellers to plan and book trips across trains, flights, buses, and hotels. Using artificial intelligence, machine learning, and data science, the platform provides tools such as train PNR status, seat availability alerts, flight and bus booking, fare alerts, and customer support services.
The company aims to offer the best customer experience and has reported a significant increase in revenue to Rs 497 crore for the nine months ending December 2023, with net profit reaching Rs 65.7 crore.
Axis Capital, DAM Capital, and JM Financial are the lead managers for the IPO, with Link Intime India handling registrar duties.
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