Le Travenues Technology, the parent company of the online travel platform ixigo, is set to launch its Initial Public Offering (IPO) on June 10.
IPO Details and Pricing
The company has set a price range of Rs 88 to Rs 93 per share. The bidding for ixigo’s IPO will be open from June 10 to June 12.
However, for retail investors, the bidding will start one business day earlier, on June 7. The IPO will include new shares worth Rs 120 crore and an offer-for-sale (OFS) of about 6.67 crore shares by the current shareholders and investors.
The total value of the shares at the upper price band is expected to be around Rs 620 crore, making the overall IPO size approximately Rs 740 crore.
Shareholders Involved in the OFS
The ixigo shareholders participating in the OFS include prominent names like Saif Partners India IV, Peak XV Partners Investment V, Alok Bajpai, Rajnish Kumar, Micromax Informatics, Placid Holdings, Catalyst Trusteeship, and Madison India Capital HC.
SAIF Partners and Peak XV are the major shareholders, holding 23.37 percent and 15.66 percent stakes in the company, respectively.
Company Performance and Financials
Ixigo is a tech-driven travel company specializing in rail, air, bus, and hotel bookings. The company reported a net profit of Rs 23.4 crore in FY23, a significant turnaround from a loss of Rs 21.09 crore in the previous year.
The operating profit increased by 32 percent, reaching Rs 501.3 crore in FY23. Moreover, ixigo’s net profit for the first nine months of FY 2024 surged by 252.1 percent to Rs 65.7 crore, up from Rs 18.7 crore during the same period of the previous year.
The company’s revenue also saw a 34.8 percent growth, amounting to Rs 491 crore in the first nine months of FY 2024.
Lead Managers
The book running lead managers for the issue are Axis Capital, DAM Capital Advisors, and JM Financial.
