- Bid /Offer will open on Monday, June 10, 2024 and close on Wednesday, June 12, 2024.
- The Anchor Investor Bidding Data Shall be Friday, June 07, 2024
- Bids can be made for a minimum of 161 Equity Shares and in multiples of 161 Equity Shares thereafter
NE BUSINESS BUREAU
AHMEDABAD, JUNE 6
Le Travenues Technology Ltd., the parent company of travel aggregator ixigo, has on Thursday announced to open its initial public offer (IPO) of equity shares on Monday (June 10) at a price band of ₹88-93 per share. The IPO will close on Wednesday, June 12, 2024. The anchor investor bidding date shall be Friday, June 7, 2024.
Bids can be made for a minimum of 161 equity shares and in multiples of 161 shares thereafter. The total offer size comprises fresh issue of equity shares of value of ₹1 each aggregating up to ₹120 crore and an offer for sale aggregating up to 6,66,77,674 (₹620 crore shares by the selling shareholders – such as SAIF Partners, Peak XV Partners, Aloke Bajpai, Rajnish Kumar, Micromax Informatics, and Placid Holdings. The company plans to raise ₹740 crore through an initial public offering.
The issue is being made through the book-building process, with up to 75% of the net issue available for allocation to qualified institutional buyers on a proportionate basis, 15% to non-institutional investors, and a minimum of 10% of the net issue available for allocation to retail investors on a proportionate basis.
The company’s total income rose to ₹517 crore in the financial year ended March 2023 from ₹385 crore in the preceding fiscal. The firm logged a profit of ₹23.4 crore for the year ended March 2023, whereas it had a loss of ₹21 crore in the previous financial year.
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.
Proceeds worth ₹45 crore from the fresh issue will be used to fund the company’s working capital requirements and ₹26 crore will be utilised for investments in technology as well as data science, including cloud and server hosting, technology on artificial intelligence, customer engagement, supporting inorganic growth through acquisitions and other strategic initiatives, and general corporate purposes.
Launched in 2007 by Aloke Bajpai and Rajnish Kumar, Ixigo operates multiple brands like Ixigo flights, Ixigo trains, ConfirmTkt, and Abhibus, offering flight, train, bus, and hotel services to its customers through separate apps.
The shares of the company will be listed on both the BSE and the NSE.
Axis Capital, DAM Capital, and JM Financial are serving as the book-running lead managers for the issue, with Link Intime India acting as the registrar.
