Ixigo IPO To Hit Dalal Street On 10th of June

Ixigo, the travel technology platform that is operated by Le Travenues Technology, will be accepting subscriptions for its initial public offering (IPO) from June 10 to June 12.

The company received approval in May after submitting its draft red herring prospectus (DRHP) to market regulator SEBI in February.

Offer Details

A new equity sale of Rs 120 crore and an offer for sale (OFS) of up to 6.66 crore shares are both part of the IPO. Stakeholders including Micromax Informatics, Placid Holdings, Aloke Bajpai, Rajnish Kumar, SAIF Partners, and Peak XV Partners will sell a portion of their holdings in the OFS.

75 percent of the initial public offering (IPO) is reserved for qualified institutional buyers, 15 percent is for non-institutional investors, and the remaining 10 percent is for retail investors. The offering is being made through the book-building process.

The net proceeds from the public offering will be used for general corporate purposes, working capital requirements, technology investments, and supporting inorganic growth through acquisitions and other strategic initiatives.

A travel technology startup, 'Ixigo' is giving Indian tourists the ability to organize, schedule, and oversee their travels via buses, trains, airplanes, and hotels. By utilizing advances in data science, machine learning, and artificial intelligence on its OTA (online travel agent) platforms, the company helps travelers make more informed travel choices.

Company's Financials

The travel tech startup reported a net profit of Rs 23.4 crore for the fiscal year that ended in March of FY23, compared to a loss of Rs 21.09 crore the year before. Over the same time frame, operating revenue climbed by 32 per cent to Rs 501.3 crore.

The nine-month net profit for FY24 ended in December increased by 252.1 percent to Rs 65.7 crore from Rs 18.7 crore in the same period the previous fiscal year. Compared to the same period last year, revenue in FY24 increased by 34.8 percent to Rs 491 crore.