ixigo IPO Review :The IPO of Le Travenues Technology, the company that operates the travel tech platform ixigo, has opened for subscription today, June 10, 2024. Investors can invest in it till June 12. The company has fixed the price band for this IPO at Rs 88 to Rs 93 per share. The company has raised about Rs 333 crore from anchor investors a day before the IPO. This IPO includes both sale of fresh equity and OFS.
ixigo IPO GMP
Today is the first day of ixigo IPO and there is a lot of activity in the grey market regarding this. The company’s unlisted stock is at a premium of Rs 25 in the grey market. This premium is 27 percent in terms of the upper price band of IPO of Rs 93.
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Brokerage House Anand Rathi
Rating : Subscribe
The brokerage house says that Ixigo is an OTA platform focused on empowering Indian travelers to plan, book and manage their trips across rail, air, buses and hotels. It is the second largest OTA in India in terms of revenue from operations in FY 2023. It aims to become a customer-centric travel company by giving a better experience to the users.
The company is currently valued at a P/E multiple of 154, while its value on market-cap/sales is 7.2 times its peers based on FY23 earnings after the issuance of equity shares. Therefore, ixigo has ample scope for expansion in business. The company’s profitability is also expected to improve going forward. The brokerage has given a ‘Subscribe’ rating on the issue.
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Brokerage House SMIFS
Rating : Subscribe
LTT Limited achieved a remarkable CAGR of 92.29% in revenue from operations between FY21 and FY23, driven by rising GTV, from Rs 21,532.97 million in FY21 to Rs 74,524.30 million in FY23. Revenue reached Rs 5,012.50 million in FY23. LTT’s diversified offerings across trains, flights, buses and hotels are well positioned to capitalise on the expanding Indian online travel market, which is projected to grow from Rs 1239 billion in FY23 to Rs 2802 billion by FY28. The company’s focus on organic growth and expanding its portfolio of value-added services is expected to drive future revenue growth and user engagement. The brokerage has given ‘Subscribe’ rating on the issue (Subscribe Ixigo IPO).
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What is the size of the IPO?
The size of this IPO is Rs 740.10 crore. Fresh equity worth about Rs 120 crore will be issued in the IPO. While there is an OFS of Rs 620.10 crore. That is, 66,677,674 shares will be sold by promoters and shareholders through OFS. Under the OFS, SAIF Partners, Peak XV Partners, Alok Bajpai, Rajnish Kumar, Micromax Informatics and Placid Holdings will sell part of their stake.
Lot Size (Ixigi IPO Lot Size)
The minimum lot size for retail investors in this IPO is 161 shares. That is, retail investors will have to invest at least Rs 14,973. The proceeds from the IPO are to be used for working capital requirements, investment in technology, financing inorganic growth through acquisitions and other strategic initiatives and general corporate purposes.
(Disclaimer: Investing or selling stocks is advised by experts and brokerage houses. These are not the personal views of Financial Express. There are risks in the market, so take expert advice before investing.)