ixigo IPO oversubscribed by 98.34 times on the last day of bidding, NIIs steal the show; check GMP, key dates

  • ixigo IPO by Le Travenues Technology sees high demand, oversubscribed on the final day. Non-institutional investors and retail investors show strong interest.

Dhanya Nagasundaram
First Published12 Jun 2024, 01:58 PM IST
ixigo IPO began subscriptions on Monday, June 10, and will close on Wednesday, June 12.
ixigo IPO began subscriptions on Monday, June 10, and will close on Wednesday, June 12.

ixigo IPO subscription status live: During the three-day subscription period, investors responded enthusiastically to Le Travenues Technology's initial public offering, which manages the travel booking site ixigo. The 740 crore offering, which opened on Monday, June 10, will end today (Wednesday, June 12). ixigo IPO subscription status is 98.34 times, on the last day of bidding today.

Non-institutional investors has been subscribed 110.53 times, retail investors has been booked 54.85 times, and Qualified Institutional Buyers (QIBs) 106.73 times.

The initial share sale received bids for 4,30,40,96,559 shares against 4,37,69,494 shares on offer, according to BSE data.

Also Read: ixigo IPO day 3: Latest GMP, subscription status to review. Apply or not to Le Travenues Technology IPO?

The initial public offering of Le Travenues Technology got booked 1.95 times on the first day of subscription on Monday, and was subscribed 9.33 times on the second day of bidding.

Le Travenues Technology, founded in 2007 by Aloke Bajpai and Rajnish Kumar, is one ofcountry's top online travel aggregator, assisting passengers in planning, booking, and managing their travels by train, air, bus, and hotel.

According to market analysts, the IPO of Le Travenues ltd (ixigo) provides investors with a one-of-a-kind chance to participate in a major participant in India's online travel agency (OTA) sector, with a focus on the “next billion users.”

" On valuation parse at the upper band of Rs.93/-, the issue is asking for a Market Cap of 3,603 crore. Based on annualised FY 2024 earnings and fully diluted post-IPO paid-up capital, the company is asking a P/E of 41.12x (which includes onetime exceptional gains) which appears to be fully priced by looking at the near term growth triggers. If we exclude the one time exceptional gains the valuations get more expensive when compared to listed peers. Investors should also understand the offer which comes with higher OFS also with the low founder holding giving less skin in the business game which is an area of concern for new investors. Given ixigo's strong presence in rail bookings and a significant market share through ixigo and ConfirmTkt, the company is well-positioned in the rapidly growing travel sector. Hence considering all parameters, we recommend only risk taking investors can “SUBSCIRBE with Risk” to the Le Travenues ltd (ixigo) IPO for long term perspective only," Rajan Shinde, Research Analyst, Mehta Equities Ltd.

Easy Trip Planners Ltd (P/E of 54.96) and Yatra Online Ltd (P/E of 187.83) are two of the company's listed competitors.

The offer price is between 88 and 93 per share. Le Travenues Technology announced on Friday that it has raised 333 crore from anchor investors. Book Running Lead Manager (BRLM)for the offer include Axis Capital, DAM Capital Advisors, and JM Financial.

Also Read: ixigo IPO booked 9.33 times on day 2 on strong demand from retail investors; check GMP, subscription status

ixigo IPO details

ixigo IPO details

The Gurugram-based ixigo IPO is a combination of a new issue of equity shares worth 120 crore and an Offer For Sale (OFS) of 6.66 crore equity shares worth 620 crore by existing shareholders at the top end of the price band. This equates to a public offering of 740 crore.

The fresh issue's proceeds of 45 crore will be used to fund the company's working capital requirements, while 26 crore will be used for investments in technology and data science, such as cloud and server hosting, artificial intelligence and customer engagement. In addition, funds will be utilised to support inorganic expansion through acquisitions as well as general business objectives.

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

ixigo IPO GMP today

ixigo IPO GMP today or grey market premium is +36. This indicates ixigo IPO share price were trading at a premium of 36 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, ixigo IPO expected listing price was indicated at 129 apiece, which is 38.71% higher than the IPO price of 93.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: ixigo IPO: 10 key risks investors should consider before subscribing to the 740-crore issue

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

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First Published:12 Jun 2024, 01:58 PM IST
HomeMarketsIPOixigo IPO oversubscribed by 98.34 times on the last day of bidding, NIIs steal the show; check GMP, key dates

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