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Business News/ Markets / Ipo/  Ixigo IPO opens: Check GMP, subscription status of Le Travenues Technology IPO. Should you subscribe or not?

Ixigo IPO opens: Check GMP, subscription status of Le Travenues Technology IPO. Should you subscribe or not?

  • Ixigo IPO price band has been set at 88 to 93 per share. The IPO lot size is 161 shares and the minimum investment amount required by retail investors is 14,973.

Ixigo IPO opens on June 10 and closes on June 12. Ixigo IPO allotment is expected to be finalized on June 13 and the IPO listing date is June 18.

Ixigo IPO: The initial public offering (IPO) of online travel booking company Le Travenues Technology Ltd, popularly known by its brand name ixigo, opens for subscription today, June 10. Ixigo is a technology company focused on allowing Indian travellers to plan, book and manage their trips across rail, air, buses and hotels.

Ixigo is the largest Indian train ticket distributor in the Online Travel Agency (OTA) rail market and they had the largest market share of around 51%, in terms of rail bookings, among OTAs, as of March 31, 2023.

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Let us check Ixigo IPO GMP today, key details and review:

Ixigo IPO Details

The bidding for Ixigo IPO opens on June 10 and closes on June 12. Ixigo IPO allotment is expected to be finalized on June 13 and the IPO listing date is June 18.

Ixigo IPO price band has been set at 88 to 93 per share. The IPO lot size is 161 shares and the minimum investment amount required by retail investors is 14,973.

Read here: Ixigo IPO: From price band to GMP - here are 10 things to know before you subscribe to the issue

At the upper end of the price band, ixigo IPO size amounts to 740.10 crore which is a combination of fresh issue of 1.29 crore equity shares aggregating to 120 crore and an offer for sale (OFS) component of 6.67 crore share aggregating to 620.10 crore.

Le Travenues Technology Ltd already raised 333 crore from anchor investors last week ahead of its IPO opening.

Axis Capital, Dam Capital Advisors Ltd and JM Financial are the book running lead managers of the ixigo IPO, while Link Intime India Private Ltd is the IPO registrar.

The company proposes to utilize the net issue proceeds towards part-funding working capital requirements, investments in cloud infrastructure and technology andfunding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.

Also Read: ixigo IPO: Gurgaon-based company garners 333 crore via anchor book ahead of public issue

Ixigo IPO GMP Today

Ixigo IPO GMP today, or grey market premium today, is 23 per share, as per stock market observers. This indicates that the equity shares of Ixigo are trading higher by 23 at 116 apiece in the grey market, a premium of 24.73% to the issue price of 93 per share.

Ixigo IPO opens for subscription on June 10 and closes on June 12.

Ixigo IPO Subscription Status

Ixigo IPO has been fully subscribed within hours of opening on June 10. The public issue has been subscribed 1.03 times so far as it received bids for 4.52 crore equity shares as against 4.37 crore shares on the offer, as per NSE data till 1:50 pm.

The IPO has been subscribed 3.76 times in the retail category and 1.06 times in the Non Institutional Investors (NII) category. The portion reserved for Qualified Institutional Buyers (QIBs) has been booked 11% so far.

Should you subscribe to the Ixigo IPO?

Most analysts have recommended subscribing to the Ixigo IPO on the back of its leadership in market share in the online travel segment, industry tailwinds and future growth prospects. Here’s what brokerages have to say about the Ixigo IPO.

“At an upper band, the company is valued at P/E of 154x while on market-cap/sales it is valued at 7.2x post issue of equity shares, compared to its peers (Yatra Online – 192x, Easy trip planners – 54.5x) on FY23 earning basis. Therefore, we believe that Ixigo has a scope of business improvement on the back of industry tailwinds, brand recall and business scalability, resulting in expansion of profitability," said domestic brokerage firm Anand Rathi.

Thus, it recommends “Subscribe – long term" rating to the Ixigo IPO.

Also Read: ixigo IPO to open on June 10; here's what GMP indicates ahead of public issue

Considering the financial performance, the company’s Revenue, EBITDA and PAT grew at a CAGR of 92.3%, 194.9% and 76.2% during the FY21-23 period.

“On the upper price band, the issue is valued at a P/E of 163.2x based on FY23 earnings. Though the valuations are rich, we believe that the nature of the platform business (high pass-through of revenues) and large industry opportunity size would be the key factors to drive sustained and high earnings growth in future. We, therefore, recommend a “Subscribe" rating for the issue," BP Equities said.

Canara Bank Securities also recommended subscribing to Ixigo IPO for long term investment because of its leadership in market share in the online travel segment and major shift of trends of offline booking to online booking and adding new routes across so as to increase connectivity.

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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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