Le Travenues Technology Limited, the operating entity behind the travel booking platform Ixigo, is gearing up for its debut on the stock exchanges on June 10th, with a price band set between Rs 88 to Rs 93 per share. The firm recently announced its pre-IPO secondary placement of Rs 176.2 crore ($21 million) at the top-end price of Rs 93 per share, a day ahead of the Anchor Book.
In this pre-IPO transaction, early investor SAIF Partners divested its 1,07,52,689 shares valued at Rs 100 crore ($12 million) to Ashoka India (White Oak), Tata Digital Fund, and Bay Capital. Concurrently, PeakXV sold its 6,989,248 shares worth Rs 65 crore ($7.8 million) to Bay Capital and Steadview Holding.
SAIF Partners will retain a 20.52% stake, while Peak XV and Micromax will hold 13.81% and 5.52% respectively. Ixigo’s co-founders Aloke Bajpai and Rajnish Kumar cumulatively hold a 16.65% stake in the company.
Analyzing the deal, it is revealed that SAIF Partners and Peak XV are set to gain significant returns, with SAIF Partners expected to enjoy a 13X return, while Peak XV anticipates an 8.2X return from their investments in Ixigo. Similarly, Micromax Limited is poised to achieve a healthy 10.88X return from its investment in the Gurugram-based company. Ixigo’s public offering is slated to be open from June 10th to June 12th, with a minimum lot size of 161 for retail investors and 14 lots for small non-institutional investors.
Ixigo has demonstrated notable growth in the first nine months of the last fiscal year (FY24), with operating revenue reaching Rs 491 crore and a significant profit of Rs 65.7 crore during the same period.