Ixigo IPO: Share Allotment Finalized After 98x Subscription, GMP Hints Premium Listing; Check Status

The much-anticipated Initial Public Offering (IPO) of Le Travenues Technology Ltd, operating under the brand name ixigo, concluded its subscription phase on June 12 with a strong response. As the allotment status has now been finalized, investors are checking their shares. The allotment date was June 13, and the shares will be credited to successful bidders' demat accounts on June 14, with refunds for unsuccessful bidders processed on the same day. The IPO listing date is set for June 18.

Ixigo's IPO witnessed an overwhelming subscription, getting subscribed a whopping 98.10 times overall. Breaking down the categories, retail investors showed substantial interest with a subscription rate of 53.95 times. The Qualified Institutional Bidders (QIB) category saw even greater enthusiasm with a subscription rate of 106.73 times, while the Non-Institutional Investors (NII) category led the charge with 110.25 times subscription.

For investors keen to check their allotment status, the process is straightforward and can be done through two primary online platforms: the BSE website and the IPO registrar, Link Intime India Private Ltd.

On Link Intime:

Visit https://linkintime.co.in/initial_offer/public-issues.html
Select: 'Le Travenues Technology Limited' from the dropdown menu.
Choose: Among PAN, Application No., DP ID, and Account No.
Enter: The relevant details.
Submit: Click 'Submit' to view the allotment status.

On BSE:

Visit: https://www.bseindia.com/investors/appli_check.aspx
Select 'equity' under 'Issue Type'.
Choose the IPO from the dropdown menu under 'Issue Name'.
Enter PAN or application number.
Verify: Click 'I am not a Robot' and then 'Submit'.

As of today, the grey market premium (GMP) for ixigo's IPO stands at Rs 30 per share. This premium indicates a strong market sentiment, as the shares are trading at a 32.26% premium over the issue price of Rs 93 per share. The estimated listing price, considering the GMP, is projected to be around Rs 123 per share, reflecting a positive outlook from investors.

Ixigo's IPO opened for subscription on June 10 with a price band set between Rs 88 to Rs 93 per share. At the higher end of this range, the company successfully raised Rs 740.10 crore. The issue was a mix of fresh issuance of 1.29 crore equity shares aggregating Rs 120 crore and an Offer for Sale (OFS) component of 6.67 crore shares aggregating Rs 620.10 crore.

Ahead of the IPO, ixigo garnered Rs 333 crore from anchor investors, setting a solid foundation for the public issue. The raised capital is earmarked for part-funding working capital requirements, investments in cloud infrastructure and technology, as well as funding potential acquisitions and strategic initiatives.

Axis Capital, DAM Capital Advisors Ltd, and JM Financial served as the book-running lead managers for the ixigo IPO, with Link Intime India Private Ltd taking on the role of IPO registrar. This collective expertise has been important for the IPO process to ensure a smooth subscription phase.

Le Travenues Technology Ltd, the parent company of ixigo, has outlined a strategic plan for the utilization of the IPO proceeds. A portion of the funds will be allocated towards augmenting working capital to support the company's expansion efforts. Additionally, significant investments will be made in enhancing cloud infrastructure and technology, which are crucial for sustaining competitive advantage in the online travel agency space. The company also aims to explore inorganic growth opportunities through acquisitions and other strategic initiatives, ensuring robust and sustainable growth.

The impressive subscription rates and positive grey market signals indicate a strong debut for ixigo on the stock market. The company's focus on technology and innovation, coupled with a strategic use of funds, positions it well for future growth. As ixigo prepares for its listing on June 18, market watchers and investors alike will be keenly observing its performance, anticipating a robust opening that mirrors the enthusiasm seen during the subscription phase.