📷 Image Credits: India Today
The initial public offering (IPO) of Ixigo (Le Travenues Technology) garnered significant interest from investors on the first day of bidding as it saw an overall subscription of nearly twice the shares it offered.
The IPO, valued at Rs 740 crore, attracted bids for 8,51,54,349 shares, much higher than the 4,37,69,494 shares available. The retail individual investors’ segment was subscribed 6.17 times, while the non-institutional investors’ category saw a subscription rate of 2.78 times. The portion allocated for qualified institutional buyers (QIBs) received a 12% subscription.
The IPO, with a price range of Rs 88 to Rs 93 per share, is set to close for subscription on June 12, 2024. Swastika Investmart Ltd highlighted the growth potential of Le Travenues Technology Ltd in the Indian online travel market, recommending an ‘Apply’ rating for long-term investors.
With the latest Grey Market Premium (GMP) of Rs 28, the estimated listing price for the Ixigo IPO is Rs 121, indicating an anticipated percentage gain/loss per share of around 30.11%. Despite a relatively high IPO valuation, brokerage firms like Swastika Investmart and Master Capital Services Limited advise subscribing to the IPO for potential listing gains.
The IPO has been fully subscribed within hours of opening on June 10, with bids for 4.52 crore equity shares against 4.37 crore shares available. Retail investors have shown significant interest, bidding 3.76 times, while the non-institutional category subscribed 1.06 times. With analysts recommending a ‘Subscribe’ rating for its leadership in the online travel segment and future growth prospects, the Ixigo IPO has gained public interest.
