Ixigo IPO aims to raise ₹740 crore through a price band of ₹88-93 per share. The funds will be utilized for working capital, technology investments, and strategic growth initiatives.
The IPO of Le Travenues Technology, operating the travel tech platform Ixigo, will be open for bids from June 10 to June 12, 2024. It targets to raise ₹740 crore through the IPO, with a price band of ₹88 to ₹93 per equity share.
The IPO comprises a fresh equity sale of ₹120 crore and an offer for sale (OFS) of up to 6.66 crore shares ( ₹620 crore). Stakeholders like SAIF Partners, Peak XV Partners, Aloke Bajpai, Rajnish Kumar, Micromax Informatics, and Placid Holdings will sell part of their stakes in the OFS.
Proceeds from the offer will fund working capital, technology investments, inorganic growth through acquisitions, and general corporate purposes.
The issue follows the book-building process, with up to 75% for qualified institutional buyers, 15% for non-institutional investors, and a minimum of 10% for retail investors.
Minimum lot size for retail investors is one (161 shares), requiring a ₹14,973 investment. For NII, it’s 14 lots (2254 shares), totaling ₹2,09,622.
Axis Capital, DAM Capital, and JM Financial are the book-running lead managers, with Link Intime India as registrar.
The company filed its draft red herring prospectus (DRHP) with SEBI in February and received approval in May.
About Ixigo ipo
Ixigo is a travel technology company empowering Indian travelers across rail, air, buses, and hotels. It uses AI, ML, and data science for smarter travel decisions.
Operations began in 2007 with a flight meta-search website. In 2013, the Ixigo Trains app launched for train travelers. Bus ticketing was introduced in 2016, and hotel booking in December 2023.
Growth
Annual active users totaled 429.38 million by March 31, 2023. Transactions booked reached 49.07 million in fiscal 2023.
Financials
Revenue from operations grew at a CAGR of 92.29% from fiscal 2021 to 2023. Restated profit before tax was ₹206.74 million in fiscal 2023, rebounding from a loss in fiscal 2022.
The technology firm, focusing on traveler needs across various modes of transportation and accommodation, reported a net profit of Rs 23.4 crore for the fiscal year ending March FY23, marking a turnaround from the Rs 21.09 crore loss in the preceding year. Revenue from operations rose by 32 percent to Rs 501.3 crore during the same period.
In the nine-month period ending December FY24, net profit surged by 252.1 percent to Rs 65.7 crore, up from Rs 18.7 crore in the corresponding period of the previous fiscal. Revenue in 9MFY24 increased by 34.8 percent to Rs 491 crore compared to the year-ago period.
The anchor book for the public issue will open for a single day on June 7.
Axis Capital, DAM Capital Advisors, and JM Financial serve as the book-running lead managers for the issue.
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