New Delhi: Travel booking platform Ixigo’s IPO date has been fixed from June 10 to June 12, 2024. Ixigo IPO size has been set at Rs 740 crore. The stake sale process’s price band has been set at Rs 88 to Rs 93 per share. The bids for anchor investors will open for a day on June 7, the company, Le Travenues Technology Ltd, which operates Ixigo, announced.
How much stake will promoters sell in Ixigo IPO?
The Gurugram-based Le Travenues Tech Ltd’s stake sale process consists of fresh issue of equity shares worth Rs 120 crore and an Offer For Sale (OFS) of 6.66 crore equity shares to the tune of Rs 620 crore. This means promoters will trim their holdings in the company via the IPO.
Major portion of cash raised (Rs 740 crore) through the IPO will go to the promoters and not the company as the OFS comprises almost 84 per cent of the total IPO size.
Who are Ixigo’s Promoters?
SAIF Partners India IV Ltd, Peak XV Partners Investments V (formerly known as SCI Investments V), Micromax Informatics Ltd, Placid Holdings, Catalyst Trusteeship Ltd, Madison India Capital HC, Aloke Bajpai and Rajnish Kumar are Le Travenues Tech Ltd’s promoters who will be selling shares through the Ixigo IPO.
How will Le Travenues Tech Ltd utilise money raised through Ixigo IPO?
The company will utilise a small portion of the cash raise to increase its capex. The firm will also utilise the money to fund technology advancement in day-to-day operations. Funds will also be utilise to incorporate AI in daily business.
Ixigo IPO’s retail quota
Le Travenues Tech Ltd said that 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors. Retail investors can bid for a minimum of 161 shares in a single lot and in multiples thereof.
Le Travenues Tech FY23 results
The company’s total income had risen 34 per cent year-on-year (YoY) to Rs 517 crore in the financial year 2022-23 (FY23) from Rs 385 crore in the preceding fiscal. The firm logged a profit of Rs 23.4 crore for the year ended March 2023 whereas it had reported a loss of Rs 21 crore in the preceding financial year. Axis Capital, DAM Capital Advisors and JM Financial will be the book-running lead managers to the public issue.
About Ixigo
Launched in 2007 by Aloke Bajpai and Rajnish Kumar, Le Travenues Tech Ltd is country’s leading online travel aggregator. One can book book online tickets of rail, air, buses and hotel rooms on its travel booking portal, Ixigo.
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Ixigo IPO is set to open for subscription from June 10 to 12, 2024. Anchor investors can bid on June 7. The price band is set at Rs 88 to Rs 93. Ixigo is a travel booking platform. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
