Le Travenues Technology Limited, known for its brand ixigo, is set to launch its Initial Public Offering (IPO) on June 10, 2024. The IPO worth INR 740 crore will be open for subscription until June 12, 2024. The company filed its draft red herring prospectus (DRHP) with the markets regulator SEBI in February and received approval in May.
The price band of the ixigo IPO is INR 88 to INR 93 per equity share. The subscription period for this offering is set from June 10 to June 12, 2024. Anchor investors can participate by bidding on June 7, 2024. Interested individuals can start with a bid lot of a minimum of 161 equity shares with multiples of 161 shares thereafter.
The IPO consists of a fresh issue of equity shares aggregating up to INR 120 crore and an offer for sale of up to 66,677,674 equity shares by the selling shareholders.
The selling shareholders for the upcoming public offering include Saif Partners India Limited offering up to 19,437,465 shares. Peak XV Partners Investments V (formerly SCI Investments V) plans to sell up to 13,024,000 shares. ixigo Founders – Aloke Bajpai and Rajnish Kumar are looking to sell up to 11,950,000 shares each. Micromax Informatics Limited will offer up to 5,486,893 shares, while Placid Holdings will sell up to 3,048,375 shares.
Catalyst Trusteeship Limited and Madison India Capital HC are also part of the selling shareholders with shares ranging from 447,428 to 1,333,513. These shareholders collectively add diversity to the offering.
The equity shares will be listed on both the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE).
Profit After Tax surged to INR 201 crore, up by 35 per cent. Gross Transaction Value stood at INR 26,536 crore, marking a 19 per cent rise. Adjusted EBITDA also saw a substantial growth of 35 per cent. Q4 FY24 results, including Jumbonline, reported a GTV of INR 7,511 crore, revenue of INR 369 crore, and PAT of INR 46 crore, all showing significant YoY increases.
The allocation details for the offer are structured as follows. QIBs must receive not less than 75 per cent of the offer, with up to 60 per cent reserved for anchor investors. Non-Institutional Investors (NIIs) will not receive more than 15 per cent of the offer, while Retail Individual Investors (RIIs) will be allocated not more than 10 per cent of the offer.Allotments for QIBs, NIIs, and RIIs will be done on a proportionate basis, with specific sub-categories and allocations detailed in the Red Herring Prospectus (RHP).
The Lead Managers for the ixigo IPO are Axis Capital Limited, DAM Capital Advisors Limited and JM Financial Limited.
This IPO presents a significant opportunity for investors to participate in the growth of ixigo, a key player in the travel and tourism technology space in India. The company’s total income rose to INR 517 crore in the financial year ended March 2023 from INR 385 crore in the preceding fiscal. The firm logged a profit of INR 23.4 crore for the year ended March 2023 whereas it had a loss of INR 21 crore in the preceding financial year.
