ixigo Sets IPO Price Band at Rs 88-93 a Share

Le Travenues Technology, the parent company of online travel aggregator ixigo, has announced a price band of Rs 88-93 per share for its upcoming initial public offering (IPO). The IPO will open for subscription on June 10 and will close on June 12, with anchor bidding commencing on June 7.

The IPO comprises a fresh issue worth Rs 120 crore and an offer for sale (OFS) of up to 66.68 million shares, amounting to Rs 620 crore at the upper price band. This brings the total issue size to Rs 720 crore.

SAIF Partners India IV, Peak XV Partners Investments V, Aloke Bajpai, Rajnish Kumar, Micromax Informatics, Placid Holdings, Catalyst Trusteeship, and Madison India Capital HC are the selling shareholders in the OFS. Among them, SAIF Partners and Peak XV are the largest shareholders, holding 23.37 percent and 15.66 percent stakes, respectively.

ixigo is a professionally managed technology company that focuses on enabling travelers to plan, book, and manage their trips across rail, air, buses, and hotels. The company recorded a net profit of Rs 23.4 crore for the fiscal year ending March FY23, reversing a loss of Rs 21.09 crore from the previous year. During the same period, revenue from operations increased by 32 percent to Rs 501.3 crore.

For the nine-month period ending December FY24, ixigo’s net profit surged by 252.1 percent to Rs 65.7 crore, up from Rs 18.7 crore in the corresponding period of the previous fiscal. Revenue for 9MFY24 also saw a significant jump of 34.8 percent, reaching Rs 491 crore compared to the year-ago period.

The book running lead managers for the issue are Axis Capital, DAM Capital Advisors, and JM Financial.