Le Travenues Technology (Ixigo) Set for Promising Market Debut on June 18
Le Travenues Technology, the parent company of travel aggregator Ixigo, is anticipated to have a successful debut on the stock exchanges on June 18. Analysts predict the stock will list at about a 30 percent premium over its issue price of Rs 93 per share.
Prior to the listing, Ixigo shares were trading at a 31 percent premium in the grey market, an unofficial market where shares are traded before the IPO allotment and continue until the listing day. Many investors monitor the grey market premium (GMP) to estimate the listing price.
Analysts attribute the stock’s expected strong performance to its substantial subscription and robust grey market premium, advising investors to hold onto it for long-term gains.
Amit Goel, Co-Founder & Chief Global Strategist at Pace 360, commented, “IXIGO, a leading travel tech company, facilitates easy travel planning and booking for Indian travelers. Despite facing challenges in FY22, IXIGO is poised for significant growth from FY23 onwards. The company is expected to deliver innovative solutions and excellent service, with the stock likely listing at Rs 120-125 per share, representing a 32% gain.”
The IPO was priced between Rs 88-93 per share and included a fresh issue worth Rs 120 crore and an offer for sale of up to 66.68 million shares, amounting to Rs 620 crore at the upper price band. The total issue size is Rs 720 crore. The selling shareholders in the offer for sale (OFS) include SAIF Partners India IV, Peak XV Partners Investments V, Aloke Bajpai, Rajnish Kumar, Micromax Informatics, Placid Holdings, Catalyst Trusteeship, and Madison India Capital HC. SAIF Partners and Peak XV are the largest shareholders, holding 23.37 percent and 15.66 percent stakes, respectively.
The subscription for the ixigo IPO opened on June 10 and closed on June 12. By the final day, the IPO was oversubscribed 98.34 times, with non-institutional investors subscribing 110.53 times, institutional investors 106.73 times, and retail investors 54.85 times. This made it the 10th most subscribed IPO of 2024.
“Le Travenues Technology Ltd (Ixigo) is poised for a strong debut on Tuesday, expected to list at a 30% premium. Ixigo aims to be the most consumer-centric travel company, helping Indian travelers plan, book, and manage trips seamlessly across rail, air, buses, and hotels. The company also provides utilities like PNR status updates and AI-based itinerary planners. With the travel sector set to expand due to increasing GDP, rising incomes, and improved infrastructure, Ixigo is well-positioned to capitalize on this growth. Investors are advised to hold the shares for the medium to long term,” said Parth Shah, Research Analyst at StoxBox.
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