ixigo’s IPO is a bookbuilding issue worth Rs 740.1 crore. The issue is a combination of a fresh issue of Rs 1,290 crore for a total proceeds of Rs 120 crore and an offer for sale of equity shares of Rs 6,670 crore for a total proceeds of Rs 620.1 crore.
ixigo’s IPO will open for subscription from June 10, 2024 and close on June 12, 2024. Allotment for ixigo’s IPO is scheduled to close on Thursday, June 13, 2024. ixigo’s IPO will be listed on the BSE and NSE with the tentative listing date being Tuesday, June 18, 2024.
ixigo’s IPO price band has been set at ₹88-₹93 per share. The minimum lot size for application is 161 shares. The minimum investment for retail investors is ₹14,973. The minimum lot size for sNII is 14 lots (2,254 shares), which is equivalent to ₹209,622, and for bNII it is 67 lots (10,787 shares), which is equivalent to ₹1,003,191.
ixigo IPO Details
| IPO Date | June 10, 2024 to June 12, 2024 |
| Listing Date | [.] |
| Face Value | ₹1 per share |
| Price Band | ₹88 to ₹93 per share |
| Lot Size | 161 Shares |
| Total Issue Size | 79,580,900 shares (aggregating up to ₹740.10 Cr) |
| Fresh Issue | 12,903,226 shares (aggregating up to ₹120.00 Cr) |
| Offer for Sale | 66,677,674 shares of ₹1 (aggregating up to ₹620.10 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 374,519,945 |
| Share holding post issue | 387,423,171 |
ixigo IPO Reservation
ixigo IPO offers 79,580,899 shares. 23,874,271 (30.00%) to QIB, 11,937,134 (15.00%) to NII, 7,958,089 (10.00%) to RII and 35,811,405 (45.00%) to Anchor investors. 49,429 RIIs will receive minimum 161 shares and 1,765 (sNII) and 3,530 (bNII) will receive minimum 2,254 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 35,811,405 (45.00%) | NA |
| QIB Shares Offered | 23,874,271 (30.00%) | NA |
| NII (HNI) Shares Offered | 11,937,134 (15.00%) | |
| bNII > ₹10L | 7,958,089 (10.00%) | 3,530 |
| sNII < ₹10L | 3,979,045 (5.00%) | 1,765 |
| Retail Shares Offered | 7,958,089 (10.00%) | 49,429 |
| Total Shares Offered | 79,580,899 (100%) |
ixigo IPO Anchor Investors Details
ixigo IPO raises Rs 333.05 crore from anchor investors. ixigo IPO Anchor bid date is June 7, 2024.
| Bid Date | June 7, 2024 |
| Shares Offered | 35,811,405 |
| Anchor Portion Size (In Cr.) | 333.05 |
| Anchor lock-in period end date for 50% shares (30 Days) | July 13, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | September 11, 2024 |
ixigo IPO Timeline (Tentative Schedule)
ixigo IPO opens on June 10, 2024, and closes on June 12, 2024.
| IPO Open Date | Monday, June 10, 2024 |
| IPO Close Date | Wednesday, June 12, 2024 |
| Basis of Allotment | Thursday, June 13, 2024 |
| Initiation of Refunds | Friday, June 14, 2024 |
| Credit of Shares to Demat | Friday, June 14, 2024 |
| Listing Date | Tuesday, June 18, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 12, 2024 |
ixigo IPO Lot Size
Investors can bid for a minimum of 161 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 161 | ₹14,973 |
| Retail (Max) | 13 | 2093 | ₹194,649 |
| S-HNI (Min) | 14 | 2,254 | ₹209,622 |
| S-HNI (Max) | 66 | 10,626 | ₹988,218 |
| B-HNI (Min) | 67 | 10,787 | ₹1,003,191 |
About Le Travenues Technology Ltd
Founded in 2006, Le Travenues Technology Limited is an Online Travel Agency (OTA) that enables travellers to book rail, flight, bus tickets and hotels through its OTA platform under the brand name “ixigo”.
The company’s list of services includes PNR status and confirmation prediction, train availability notifications, train running updates and delay predictions, alternative route or journey planning, flight status updates, automated web check-in, bus running status, fare and seat availability alerts, deal discovery, destination content, personalized recommendations, instant fare alerts for flights, AI based trip planning services and automated customer support.
The various OTA platforms offered by ixigo include:
ixigo Trains and confirmtkt App: It facilitates the travel planning and booking process by enabling users to search for available train tickets for travel across India and book and pay for the selected tickets. Receive your tickets through a variety of fulfillment methods including email, SMS and WhatsApp, access real-time information on train arrivals and departures, and get the post-sales support you need.
ixigo-flights Mobile App: Users can search and book all our travel products and services including air tickets, rail tickets, buses, hotels, etc. Users can access all their past and future bookings, review and modify booking details, and request e-tickets and details via the messaging platform. The app is available for Android and iOS operating systems.
Abhibus App: Users can check amenities offered, compare booking prices, check bus timetables for their preferred route, and avail other facilities. It is available through both the website and mobile app.
The company has the highest app usage among OTAs, with a total of 83 million monthly active users across its apps as of September 2023, according to data.ai.
The company recently launched ixigo PLAN, an intelligent AI-based trip planner, which helps travelers plan their trips with detailed itineraries and real-time destination information. Additionally, it has released a generative AI plugin that enables conversational interaction with ixigo PLAN.
In addition, the company has launched a value-added service called ixigo Assured Flex, which allows customers to cost-effectively purchase fully flexible air or rail tickets without paying any additional fees upon cancellation or rebooking, apart from price differentials, for all domestic flight and train bookings.
As of December 31, 2023, the company has 486 full-time employees and 4 consultants working under consulting contracts.
Le Travenues Technology Limited Financial Information (Restated Consolidated)
Le Travenues Technology Limited’s revenue increased by 34.46% and profit after tax (PAT) rose by 210.91% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 678.71 | 585.93 | 538.47 | 185.07 |
| Revenue | 497.10 | 517.57 | 384.94 | 138.41 |
| Profit After Tax | 65.71 | 23.40 | -21.09 | 7.53 |
| Net Worth | 437.13 | 373.76 | 342.69 | 29.94 |
| Reserves and Surplus | 399.83 | 334.17 | 303.22 | -212.60 |
| Total Borrowing | 43.36 | 0.54 | 2.73 | 14.94 |
| Amount in ₹ Crore | ||||
Key Performance Indicator
The market capitalization of ixigo IPO is Rs 3603.04 Cr.
KPI as of December 31, 2023.
| KPI | Values |
|---|---|
| RoNW | 15.26% |
| P/BV | 8.14 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 0.62 | 2.26 |
| P/E (x) | 148.87 | 41.12 |
Objects of the Issue (ixigo IPO Objectives)
The Company intends to use the net proceeds to fund the following purposes:
1.Funding a portion of the Company’s working capital needs.
2.Investments in cloud infrastructure and technology.
3.Fund inorganic growth through unspecified acquisitions and other strategic initiatives, and for general corporate purposes.