Gurgaon-based digital travel platform ixigo has successfully raised ₹333 crore from anchor investors ahead of its initial public offering (IPO), which is set to debut on D-Street on Monday, June 10. The subscription period for Le Travenues Technology‘s IPO will conclude on Wednesday, June 12.
Key anchor investors in the ixigo IPO include prominent names such as Nomura, Morgan Stanley, 3P India Equity Fund, HDFC Mutual Fund, Motilal Oswal Mutual Fund, the Government of Singapore, and Tata Investment Corporation.
In an exchange filing on Friday, June 7, the company stated, “The IPO Committee of the company at its meeting held on June 07, 2024, in consultation with Axis Capital Limited, DAM Capital Advisors Limited, and JM Financial Limited (Book Running Lead Managers), have finalized allocation of 35,811,405 equity shares to anchor investors at an allocation price of ₹93 per equity share.”
Out of the total allocation, 12,087,583 equity shares (33.75% of the total allocation to anchor investors) were allocated to four domestic mutual funds through seven schemes, including SBI Magnum Children’s Benefit Fund, HDFC Mutual Fund, Whiteoak Capital Flexi Cap Fund, and Motilal Oswal Large Cap Fund.
Prior to the anchor book opening, ixigo completed pre-IPO secondary placements worth ₹176.2 crore at the upper end of the price range.
ixigo enables Indian travelers to plan, book, and manage their journeys across various modes of transportation, including train, air, bus, and hotel. Leveraging artificial intelligence, machine learning, and data science-driven technologies, ixigo offers services such as train PNR status and confirmation predictions, train seat availability alerts, train running status updates, bus running status, personalized recommendations, instant fare alerts, and automated customer support.
The ixigo IPO consists of a new issue of equity shares worth ₹120 crore and an Offer For Sale (OFS) of 6.66 crore equity shares worth ₹620 crore by existing shareholders, totaling ₹740 crore at the top end of the price band.
Proceeds from the fresh issue will be allocated as follows: ₹45 crore for working capital requirements, ₹26 crore for investments in technology and data science, and additional funds for acquisitions and general business objectives.
Axis Capital Limited, DAM Capital Advisors Ltd, and JM Financial Limited are serving as the book-running lead managers for the ixigo IPO, with Link Intime India Private Ltd as the registrar.
The price band for the IPO is set at ₹88-93 per share, with a minimum bid of 161 shares. Of the issue size, 75% is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors, and 10% for retail investors.
For the nine months ending December 2023, ixigo reported a 31% year-on-year increase in revenue from operations to ₹497 crore, while net profit surged tenfold to ₹65.7 crore.
The current grey market premium (GMP) for the ixigo IPO stands at +28, indicating a potential listing price of ₹121 per share, 30.11% higher than the IPO price of ₹93.
