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07 June 2024

Le Travenues Technology Limited IPO

Le Travenues Technology Ltd (Ixigo) is a technology company that empowers Indian travellers to plan, book, and manage their trips across rail, air, buses, and hotels. They assist travellers in making smarter travel decisions by leveraging artificial intelligence, machine learning, and data science-led innovations on their OTA platforms, comprising their websites and mobile applications. Their vision is to become the most customer-eccentric travel company, by offering the best customer experience to their users. ixigo IPO is a book-built issue of Rs 740.10 crores. The issue is a fresh issue of 1.29 crore shares aggregating to Rs 120.00 crores and an offer for sale of 6.67 crore shares aggregating to Rs 620.10 crores.

ixigo IPO opens for subscription on June 10, 2024 and closes on June 12, 2024. The allotment for the ixigo IPO is expected to be finalized on Thursday, June 13, 2024. ixigo IPO will list on BSE, and NSE with a tentative listing date fixed as Tuesday, June 18, 2024. ixigo IPO price band is set at ₹88 to ₹93 per share. The minimum lot size for an application is 161 Shares. Axis Capital Limited, Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd) and Jm Financial Limited are the book-running lead managers of the ixigo IPO. At the same time, Link Intime India Private Ltd is the registrar for the issue.

ixigo IPO Overview

Detail	Description
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 Timeline (Tentative Schedule)

Detail	Description
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

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

ixigo IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not less than 75.00% of the Net offer
Retail Shares Offered	Not more than 10.00% of the Offer
NII (HNI) Shares Offered	Not more than 15.00% of the Offer

ixigo IPO Anchor Investors Details

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

Company & Financials

Le Travenues Technology Limited was founded in 2006 and is an online travel agency (OTA) that enables travellers to book train, flight and bus tickets as well as hotels via its OTA platforms under the brand name "ixigo".
The various OTA platforms offered by ixigo include:

1. The ixigo trains and Confirmtkt app: They facilitate the travel planning and booking process by enabling users to search for available train tickets for travel across India, book and pay for the selected tickets, receive tickets through various fulfilment methods such as e-mail, SMS, and Whatsapp, access real-time information on train arrivals and departures and avail the required post-sales support.

2. ixigo-flights mobile app: It allows users to search and book all our travel products and services, including air tickets, train tickets, buses and hotels. Users can access all past and future bookings, check and amend booking details, and request e-tickets and details via messaging platforms. The app is available for both Android and iOS operating systems.

3. Abhibus app: It allows users to check the amenities offered, compare booking prices, check bus schedules on the desired route and use other facilities. It is available through both the website and the mobile app.

Le Travenues Technology Limited Financial Information

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

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

Objectives of ixigo IPO

The company proposes to utilize the Net Proceeds towards funding the following objectives:

1. Part-funding working capital requirements of the company.
2. Investments in cloud infrastructure and technology.
3. Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.

ixigo IPO Review

The company is one of the fastest-growing OTA players and enjoys popularity under its IXIGO brand. Though it marked a setback for FY22 amidst the Pandemic, it is again on a growth path from FY23 onwards. Its bottom line for 9M-FY24 includes Rs. 29.72 cr. for exceptional items and even if this is removed it marked a growth in its earnings. Based on annualized FY24 earnings, the issue appears fully priced. Investors may lap it up for the long-term rewards.

FAQs for ixigo IPO

What is Ixigo IPO?

Ixigo IPO is a main-board IPO. They are going to raise ₹740.10 Crores via IPO. The issue is priced at ₹88 to ₹93 per equity share. The IPO is to be listed on BSE & NSE.
When Ixigo IPO will open?

The IPO will open on June 10, 2024, for QIB, NII, and Retail Investors.
What is the Ixigo IPO Investors Portion?

The investors’ portion for QIB is 75%, NII is 15%, and Retail is 10%.
What is Ixigo IPO Size?

Ixigo's IPO size is ₹740.10 crores.
What is the Ixigo IPO Price Band?

Ixigo IPO Price Band is ₹88 to ₹93.
What is Ixigo IPO Minimum and Maximum Lot Size?

The minimum bid is 161 Shares with ₹14,973 amount while the maximum bid is 2093 shares with ₹194,649.
What is the Ixigo IPO Allotment Date?

Ixigo's IPO allotment date is June 13, 2024.
What is the Ixigo IPO Listing Date?

Ixigo's IPO listing date is June 18, 2024. The IPO is to be listed on BSE and NSE.