Shares of Le Travenues Technology, a travel booking site company, got a blockbuster listing in the stock market on Tuesday. The company’s shares were listed on the exchange on June 18 with a 48.5% premium. The company’s stock opened at ₹ 138.10 on the NSE and ₹ 135 on the BSE, higher than the issue price of ₹ 93. Le Travenues Technology’s IPO was well supported by investors. The subscription status was 98.34 times during the three-day bidding period. Market experts had estimated that ixigo’s share price would open in the range of ₹ 120 to ₹ 125 per share.
The company was established in the year 2007
Le Travenues Technology, founded by Aloke Bajpai and Rajnish Kumar in 2007, is one of the country’s leading online travel aggregators. It helps travellers plan, book and manage their travel by rail, flight, bus and hotels. The company has fixed the offer price for the IPO between ₹88 to ₹93 per share. Le Travenues Technology has raised ₹333 crore from marquee investors. Axis Capital, DAM Capital Advisors and JM Financial are the book running lead managers (BRLMs) for the offer.
Use of funds raised
ixigo will use the funds raised from the IPO for working capital requirements, investments in technology, funding inorganic growth through acquisitions and other strategic initiatives, and general corporate purposes. According to CNBCTV18, in terms of income, the company reported a net profit of ₹ 23 crore for the financial year ended March 2023, as against a loss of ₹ 22 crore in the previous year. The company’s revenue grew 32% to ₹ 501 crore during the same period. The company’s net profit for the nine-month period ended December FY 2024 grew 252% to around ₹ 66 crore from ₹ 18.7 crore in the same period last fiscal.
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