Tuesday, June 25, 2024

Ixigo IPO Gets Strong Response, Subscribed 1.95 Times On First Day

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Ahead of the IPO, the company raised Rs 333 crore from anchor investors.

Ahead of the IPO, the company raised Rs 333 crore from anchor investors.

Shares reserved for Non-institutional investors (NII) in the Ixigo IPO were subscribed 2.78 times whereas the portion of qualified institutional buyers (QIB) received a 12 per cent subscription.

The initial public offer (IPO) of Le Travelues Technology, the parent company of travel booking platform Ixigo, was subscribed 1.95 times on the first day of bidding, June 10. Led by a strong demand from retail investors, the company’s Rs 740 crore IPO received bids for 8.5 crore shares against 4.37 crore shares on offer, according to NSE data. The retail portion of the IPO was subscribed 6.17 times on day 1.

Shares reserved for Non-institutional investors (NII) were subscribed 2.78 times whereas the portion of qualified institutional buyers (QIB) received a 12 per cent subscription.

Ixigo IPO’s grey market premium (GMP) was running at Rs 28 on June 10. Highly speculative, the grey market is an unofficial ecosystem where shares start trading before the allotment in the IPO. Investors use the Grey Markey Premium (GMP) to get an idea of the listing price. However, it must not be used as the only base for investment in a public issue.

Ixigo IPO consists of a fresh issue of shares worth Rs 120 crore and an offer for sale (OFS) of 6.66 crore shares. The price band for the IPO has been fixed at Rs 88 to Rs 93 per share. Investors interested in this public issue can submit bids by Wednesday, June 12.

The IPO lot size is 161 shares which implies that retail investors must bid for a minimum of 161 shares amounting to an investment of Rs 14,973.

Ahead of the public subscription, the company raised Rs 333 crore from anchor investors on Friday, June 7.

Allotment in Ixigo’s IPO is tentatively scheduled to be finalised on June 13 and the IPO listing date is June 18.

Of the money raised via the fresh issue of shares, the company will use Rs 45 crore to fund its working capital requirements and Rs 26 crore will be invested for technological advancements.


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