Le Ventures Private Limited, the parent company of Ixigo, had a remarkable debut on the National Stock Exchange, opening at a 48.5% premium above its issue price. The Gurugram-based firm initiated its public offering with a price band of Rs 88-93 and raised Rs 740 crore through the IPO from anchor and retail investors. The IPO subscription was oversubscribed by 98.3X, showcasing strong investor interest in the travel booking site.
The company’s stock price on the NSE stands at Rs 165.72, reflecting a 78.2% increase from the issue price. Ixigo’s market cap has also skyrocketed to Rs 6,420 crore post-IPO from Rs 3,602 crore in the pre-IPO round, demonstrating significant growth. With operating revenue of Rs 491 crore and a profit of Rs 65.7 crore in the first nine months of FY24, investors are optimistic about its future performance in the travel sector.
Elevation Capital, Peak XV, and Micromax Limited have all enjoyed substantial returns from their investments in Ixigo. The company’s strategic initiatives include investments in cloud infrastructure, technologies, and potential acquisitions to drive further growth. The successful IPO indicates a positive outlook for Ixigo’s future expansion and market presence. Kunal Manchanda’s analysis delves into the financial growth and strategic development of the company, providing valuable insights for investors.
