LE TRAVENUES TECHNOLOGY LIMITED (ixigo) is a technology company assisting travelers through their OTA platforms, comprising their websites & mobile applications, for making smarter travel decisions to plan, book and manage their trips across rail, air, buses and hotels.
LE TRAVENUES TECHNOLOGY LIMITED (ixigo), a book-built issue amounting to Rs 740.10 crores, consists of a fresh issue of 12,903,225 shares aggregating to Rs 120.00 crores and an offer for sale of 66,677,674 shares totaling Rs 620.10 crores. The subscription period for the IPO opens on June 10, 2024, and closes on June 12, 2024. The allotment is expected to be finalized on or about Thursday, June 13, 2024, with a tentative listing date on the BSE NSE scheduled on or about Tuesday, June 18, 2024.
The price band is set at ₹88 to ₹93 per share, with a minimum lot size of 161 shares. Retail investors are required to invest a minimum of ₹14,973, while the minimum investment for High-Net-Worth Individuals (HNIs) is 14 lots (2254 shares), amounting to ₹20,96,22.
Objectives of Le Travenues Technology Limited (ixigo)
ixigo proposes to utilize the Net Proceeds towards funding the following objects:
1. Part-funding working capital requirements of our Company
2. Investments in cloud infrastructure and technology
3. Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.
Grey Market Premium (GMP) of Le Travenues Technology Limited (ixigo)
The Grey Market Premium is expected in the range of Rs 25 - Rs.35 based on the financial performance and subscription status of the company. As of 10:57 AM on 12 June 2024, the ixigo ipo subscription status shows that ixigo IPO oversubcribed 15.40 times on BSE and 5.92 times on NSE. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
LE TRAVENUES TECHNOLOGY LIMITED (ixigo) is a technology company assisting travelers through their OTA platforms, comprising their websites & mobile applications, for making smarter travel decisions to plan, book and manage their trips across rail, air, buses and hotels.
The company is led by Mr. Aloke Bajpai, Chairman and Managing Director, who has about 18 years of experience in this field. Under his leadership, ixigo has grown its operations and established itself as a leading OTA player in india
Financially, ixigo revenue increased from Rs. 138.4 crore in FY21 to Rs. 385 crore in FY22 further going to Rs. 517.57 Cr. in FY23 and landing at Rs. 497.09 crore for the 9MFY24. Similarly, EBITDA rose from Rs. 6.14 crore in FY21 to Loss of Rs. 6.95 crore in FY22 and turnaround after that to Rs.45.04 Cr. in FY23 and then landing at Rs. 34.31 crore for the 9MFY24. This indicates steady financial performance.
For the IPO, ixigo is issuing shares at a pre-issue EPS of Rs. 1.75 and a post-issue EPS of Rs. 1.70. The pre-issue P/E ratio is 53.14, while the post-issue P/E ratio is 54.70 against the industry P/E ratio of 37. The company's ROCE for 9MFY24 is 7.85%, and ROE for 9MFY24 is 15.03%. These metrics suggest that the IPO is fully priced.
The Grey Market Premium (GMP) indicates potential listing gains of 25% - 35%. Given the company's steady financial performance and the valuation of the IPO, we recommend only Risky Investors to apply in the IPO for small listing gains and long term investors can invest post debut in share market.
