Le Travenues Technology Limited , the parent company of the travel booking platform Ixigo, has launched an initial public offering (IPO), offering shares worth Rs 333 crore ($40 million) to anchor investors.
This move follows the announcement of Ixigo’s pre-IPO secondary placement, which raised Rs 176.2 crore ($21 million) at the top-end price. The IPO is set to attract significant interest from key anchor investors, including major names like SBI, HDFC, Morgan Stanley, Nomura Fund, 3P India, Motilal Oswal, Malabar, Bajaj Allianz, and Tata Investments.
Of the total 3,58,11,405 equity shares allocated to anchor investors, 1,20,87,583 shares were distributed to four domestic mutual funds across seven distinct schemes. This allocation underscores the confidence and interest of major financial institutions in Ixigo’s market potential.
Ixigo’s public offering is scheduled to run from June 10th to June 12th, 2024, with a price band set between Rs 88 and Rs 93. Investors will need to place a minimum bid for 161 shares. This public offering is a significant step for Ixigo as it aims to strengthen its market position and capitalize on its recent growth.
Prior to the anchor investment round, Ixigo’s shareholding was composed of several key stakeholders. SAIF Partners held a 20.52% stake, while Peak XV and Micromax owned 13.81% and 5.52%, respectively. The company’s co-founders, Aloke Bajpai and Rajnish Kumar, collectively controlled 16.65% of the company, highlighting the substantial insider ownership and commitment to the company’s future.
Ixigo has shown robust growth in its recent financial performance. In the first nine months of the last fiscal year (FY24), the company reported an operating revenue of Rs 491 crore. During this period, Ixigo also achieved a significant profit of Rs 65.7 crore, reflecting its strong operational efficiency and market demand.
This IPO marks a pivotal moment for Ixigo, providing it with the capital needed to further expand its services and technological capabilities. The successful allocation to prominent anchor investors and the strong financial performance in the run-up to the IPO are positive indicators of the company’s potential to thrive in the competitive travel booking market.
As Ixigo embarks on this new chapter, the support from anchor investors and its solid financial foundation position it well for future growth and innovation in the travel tech industry.
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