Ixigo to Launch IPO on June 10, Shares Priced at Rs 88-93

Key Points:
  • IPO Details: Le Travenues Technology, the parent company of ixigo, will launch its IPO on June 10.
  • Share Price Range: The shares are priced between Rs 88 and Rs 93.
  • Fundraising Goal: ixigo aims to raise Rs 740 crore through a combination of offer for sale and fresh issuance of shares.
  • Offer Composition: The IPO comprises a fresh issue of equity shares worth Rs 120 crore and an offer for sale (OFS) of 6.6 crore equity shares amounting to Rs 620 crore.
  • Bidding Period: Investors can bid for shares from June 10 to June 12.
  • Selling Shareholders: The offer for sale includes shares tendered by founders and key investors like Saif Partners, Peak XV Partners, Micromax Informatics, Placid Holdings, and Madison India Opportunities Trust Fund.
  • Major Shareholders: Saif Partners India Ltd and Peak XV Partners hold the largest stakes in ixigo, with 23.37% and 15.66% respectively.
  • Company Background: Founded in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo offers a wide range of travel-related services including air travel, rail bookings, bus journeys, and hotel accommodations.
  • Financial Performance: ixigo reported a net profit of Rs 23.4 crore for FY23, a significant improvement from the loss of Rs 21.09 crore in FY22. Revenue for FY23 stood at Rs 501.3 crore, showing a growth rate of 32% compared to FY22. For the nine months ending December of FY24, ixigo reported a net profit of Rs 65.7 crore and revenue of Rs 491 crore, reflecting substantial growth year-on-year.
  • Investment Opportunity: The IPO presents an opportunity for investors to participate in ixigo’s promising growth trajectory and strategic market positioning in the online travel aggregation sector.

Le Travenues Technology, the parent company of the online travel aggregator ixigo, is set to embark on its initial public offering (IPO) journey, commencing bidding on June 10. The company has strategically priced its shares within the range of Rs 88 to Rs 93, reflecting its calculated approach to market valuation. This IPO endeavor aims to raise a substantial Rs 740 crore, leveraging a blend of both an offer for sale and a fresh issuance of shares.

Within this comprehensive offering, the allocation includes a fresh issue of equity shares amounting to Rs 120 crore, coupled with an offer for sale (OFS) of 6.6 crore equity shares, totalling Rs 620 crore. Investors keen on participating in this opportunity will have a window from June 10 to June 12 to place their bids.

The offer for sale component will witness the tendering of shares by the company’s founders and notable investors, such as Saif Partners, Peak XV Partners, Micromax Informatics, Placid Holdings, and Madison India Opportunities Trust Fund. Among these, Saif Partners India Ltd and Peak XV Partners emerge as the leading shareholders in ixigo, holding substantial stakes of 23.37% and 15.66%, respectively.

Established in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo has evolved into a multifaceted platform offering a diverse array of travel-related services encompassing air travel, rail bookings, bus journeys, and hotel accommodations. Notably, the company reported a commendable net profit of Rs 23.4 crore for the fiscal year 2023, marking a significant turnaround from the loss of Rs 21.09 crore in the preceding fiscal year.

In terms of revenue, ixigo showcased robust performance, with FY23 witnessing a notable upswing to Rs 501.3 crore, representing an impressive annual growth rate of 32% compared to FY22. Encouragingly, the nine-month period ending December of FY24 depicted further strides, with ixigo reporting a substantial net profit of Rs 65.7 crore, in stark contrast to Rs 18.7 crore during the corresponding period in the previous fiscal. Concurrently, revenue during this timeframe surged to Rs 491 crore, showcasing a noteworthy year-on-year growth of 34.8%.

With its IPO launch, ixigo is poised to captivate investor interest with its promising growth trajectory, robust financial performance, and strategic market positioning, reinforcing its status as a formidable player in the online travel aggregation landscape.