ixigo IPO: The IPO of Le Travenues Technology Ltd, which operates the travel booking platform ixigo opened for subscription on Monday, June 10. The IPO of the company, which is looking to raise up to Rs 740 crore through its initial share-sale will be open for subscription for three trading days, i.e., until Wednesday, June 12 from 10 am to 5 pm.

ixigo IPO subscription status

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According to provisional exchange data, ixigo IPO's share sale received bids for 4,30,40,96,559 shares against 4,37,69,494 shares on offer, translating into a subscription of 98.34 times on Wednesday, the third day of the bidding process.

Category Subscription (No. of times the equity reserved)
Qualified institutional buyers  106.73
Non-institutional investors 110.53
Retail investors 54.85
Overall 98.34
Source: Exchange data

Here are a few key details about the issue:

ixigo IPO price band, ixigo IPO lot size

ixigo IPO price band is set at Rs 88 to Rs 93 per share. The minimum lot size for an application is 161 shares. The minimum amount of investment required by retail investors is Rs 14,973. 

The Gurugram-based company's Initial Public Offering (IPO) is a combination 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, at the upper end of the price band, by existing shareholders. This translates into public issue size of Rs 740 crore.

Here are a few important dates:
ixigo IPO Allotment Date: Thursday, June 13
ixigo IPO Listing Date: Tuesday, June 18

ixigo IPO: Fund Utilisation

Proceeds worth Rs 45 crore from the fresh issue will be used to fund the company's working capital requirements and Rs 26 crore will be utilised for investments in technology as well as data science, including on cloud and server hosting, technology on artificial intelligence and customer engagement.

Additionally, funds will be used to support inorganic growth through acquisitions, and for general corporate purposes.

The company 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. Investors can bid for a minimum of 161 shares and in multiples thereof.

ixigo IPO: Book-running lead managers

Axis Capital, DAM Capital Advisors and JM Financial are the book-running lead managers to the public issue while Link Intime India Private Ltd is the registrar for the issue.

What does Le Travenues Technology do?

Launched in 2007 by Aloke Bajpai and Rajnish Kumar, Le Travenues Technology is country's leading online travel aggregator. The company helps travellers to plan, book and manage their trips across rail, air, buses and hotels.

The company's total income rose to Rs 517 crore in the financial year ended March 2023 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 a loss of Rs 21 crore in the preceding financial year.

(With PTI inputs)

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