The initial public offering (IPO) of Le Travenues Technology Ltd, which operates travel booking platform Ixigo, will open for subscription on Monday, June 10. The issue will conclude on June 12.
Ahead of the IPO opening, the company's shares are trading with a premium of ₹23 in the unlisted market.
The grey market is an unofficial ecosystem where shares start trading before the allotment in the IPO and continue till the listing day. Most investors track the GMP to get an idea of the listing price.
This compares with the issue pricing of ₹88-93 per share with a minimum bid quantity of 161 shares, which translates to a listing gain of nearly 25% if the current trends sustain.
Le Travenues Technology has raised about ₹333 crore from anchor investors where Nomura, Morgan Stanley, Government of Singapore, 3P India Equity Fund, HDFC MF, Motilal Oswal MF, and Tata Investment Corp among others participated.
The Ixigo IPO comprises a fresh issue of equity shares worth ₹120 crore and an offer for sale (OFS) of 6.66 crore equity shares to the tune of ₹620 crore, at the upper end of the price band, by existing shareholders.
Under the OFS, SAIF Partners India IV Ltd, Peak XV Partners Investments V (formerly known as SCI Investments V), Micromax Informatics Ltd, Placid Holdings, Catalyst Trusteeship Ltd, Madison India Capital HC, Aloke Bajpai and Rajnish Kumar will offload their stakes.
The net proceeds worth about ₹45 crore from the fresh issue will be utilised to fund the company’s working capital requirements and ₹26 crore will be used for investments in technology as well as data science, including on cloud and server hosting, technology on artificial intelligence and customer engagement.
Additionally, the capital raised will be used to support inorganic growth through acquisitions, and for general corporate purposes.
Le Travenues Technology is touted to be India's leading online travel aggregator. The company helps travellers to plan, book and manage their trips across rail, air, buses and hotels.
It assists travelers in making smarter travel decisions by leveraging artificial intelligence, machine learning and data science-led innovations on its OTA platforms.
On the financial front, the company recorded a net profit of ₹23 crore for the year ended March 2023, against a loss of ₹22 crore in the previous year. Its revenue during the same period rose 32% to ₹501 crore.
The company's net profit for the nine-month period ended December FY24 rose 252% to nearly ₹66 crore, up from ₹18.7 crore in the corresponding period of previous fiscal. Its revenue for the nine months of FY24 rose 35% to ₹491 crore compared to year-ago period.
Axis Capital, DAM Capital Advisors and JM Financial are the book-running lead managers to the public issue while Link Intime India is the registrar.
The shares of the company is expected to be listed on both the BSE and the NSE with June 18 as the tentative date of listing.
Ahead of the IPO opening, the company's shares are trading with a premium of ₹23 in the unlisted market.
The grey market is an unofficial ecosystem where shares start trading before the allotment in the IPO and continue till the listing day. Most investors track the GMP to get an idea of the listing price.
This compares with the issue pricing of ₹88-93 per share with a minimum bid quantity of 161 shares, which translates to a listing gain of nearly 25% if the current trends sustain.
Le Travenues Technology has raised about ₹333 crore from anchor investors where Nomura, Morgan Stanley, Government of Singapore, 3P India Equity Fund, HDFC MF, Motilal Oswal MF, and Tata Investment Corp among others participated.
The Ixigo IPO comprises a fresh issue of equity shares worth ₹120 crore and an offer for sale (OFS) of 6.66 crore equity shares to the tune of ₹620 crore, at the upper end of the price band, by existing shareholders.
Under the OFS, SAIF Partners India IV Ltd, Peak XV Partners Investments V (formerly known as SCI Investments V), Micromax Informatics Ltd, Placid Holdings, Catalyst Trusteeship Ltd, Madison India Capital HC, Aloke Bajpai and Rajnish Kumar will offload their stakes.
About 75% of the issue size is set aside for qualified institutional buyers (QIBs), 15% for non-institutional investors and the rest 10% for retail investors.
The net proceeds worth about ₹45 crore from the fresh issue will be utilised to fund the company’s working capital requirements and ₹26 crore will be used for investments in technology as well as data science, including on cloud and server hosting, technology on artificial intelligence and customer engagement.
Additionally, the capital raised will be used to support inorganic growth through acquisitions, and for general corporate purposes.
Le Travenues Technology is touted to be India's leading online travel aggregator. The company helps travellers to plan, book and manage their trips across rail, air, buses and hotels.
It assists travelers in making smarter travel decisions by leveraging artificial intelligence, machine learning and data science-led innovations on its OTA platforms.
On the financial front, the company recorded a net profit of ₹23 crore for the year ended March 2023, against a loss of ₹22 crore in the previous year. Its revenue during the same period rose 32% to ₹501 crore.
The company's net profit for the nine-month period ended December FY24 rose 252% to nearly ₹66 crore, up from ₹18.7 crore in the corresponding period of previous fiscal. Its revenue for the nine months of FY24 rose 35% to ₹491 crore compared to year-ago period.
Axis Capital, DAM Capital Advisors and JM Financial are the book-running lead managers to the public issue while Link Intime India is the registrar.
The shares of the company is expected to be listed on both the BSE and the NSE with June 18 as the tentative date of listing.
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