The initial public offering (IPO) of Le Travenues Technology, which operates travel booking platform ixigo, got subscribed 1.95 times on the first day of subscription on Monday.
The Rs 740-crore initial share sale received bids for 8,51,54,349 shares against 4,37,69,494 shares on offer, according to NSE data.
The category for retail individual investors got subscribed 6.17 times while the non-institutional investors part received 2.78 times subscription. The portion for qualified institutional buyers (QIBs) got subscribed 12 per cent.
The IPO has a fresh issue of up to Rs 120 crore and an offer for sale (OFS) of up to 6,66,77,674 equity shares.
Under the OFS, SAIF Partners India IV Ltd, Peak XV Partners Investments V (formerly known as SCI Investments V), Micromax Informatics Ltd, Placid Holdings, Catalyst Trusteeship Ltd, Madison India Capital HC, Aloke Bajpai and Rajnish Kumar will be selling shares.
Proceeds worth Rs 45 crore from the fresh issue will be used to fund the company's working capital requirements and Rs 26 crore will be utilised for investments in technology as well as data science, including on cloud and server hosting, technology on artificial intelligence and customer engagement.
Additionally, funds will be used to support inorganic growth through acquisitions, and for general corporate purposes.
The price range for the offer is Rs 88-93 per share.
Le Travenues Technology on Friday said it has mobilised Rs 333 crore from anchor investors.
Axis Capital, DAM Capital Advisors and JM Financial are the managers to the offer.
About the company
Launched in 2007 by Aloke Bajpai and Rajnish Kumar, Le Travenues Technology is the country's leading online travel aggregator, which helps travellers to plan, book and manage their trips across rail, air, buses, and hotels.
