Ixigo IPO Analysis: Insights into Listing Day Prospects and Grey Market Trends

The IPO of Le Travenues Technology, parent company of travel technology firm Ixigo, saw overwhelming demand with a subscription rate of 98.10 times.

Qualified institutional buyers subscribed 106.73 times, non-institutional investors 110.25 times, and retail investors 53.95 times.

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The IPO was open for subscription from June 10 to June 12, and the company’s shares are set to be listed on BSE and NSE on June 18.

Grey Market Indicators

According to investorgain.com, Ixigo shares are trading at a premium of Rs 29 or 31.18% above the upper price band of Rs 93 in the grey market.

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This suggests a potential listing price of Rs 122. The grey market, albeit unauthorized, provides insights into pre-listing trading sentiments.

Financial Snapshot and Use of IPO Proceeds

Founded in 2007, Le Travenues Technology raised Rs 333 crore from anchor investors before the IPO. The company allocated 3.58 crore equity shares to 23 fund houses at Rs 93 per share.

Proceeds from the IPO’s new shares, totaling 1.29 crore, will fund working capital, technology investments, data science initiatives, potential acquisitions, and general corporate purposes.

Financial Performance and Growth Strategy

In FY 2023, the company reported a total income of Rs 517 crore, up from Rs 385 crore in FY 2022.

It achieved a profit of Rs 23.4 crore in FY 2023, marking a significant turnaround from a Rs 21 crore loss in the previous financial year.

This revised content retains all essential information while simplifying complex details for clarity.

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