The company offered 3.58 crore equity shares to 23 funds at ₹93 apiece, totaling ₹333 crore. The ixigo IPO price band is set at ₹88 to ₹93 per share.
ixigo is a technological firm that helps Indian travelers plan and manage their journeys via various modes of transportation and accommodations. It is known for its emphasis on local content and features tailored to the needs of tier II/ tier III travelers. Utilizing artificial intelligence, machine learning, and data science, ixigo assists travelers in making informed travel decisions through its online travel agency platforms.
Existing shareholders of ixigo completed the sale of equity worth over ₹176 crore in a pre-IPO deal. Investors such as Ashoka India Equity Investment Trust Plc, Tata Multi Asset Opportunities Fund, and others purchased shares in the company.
The ixigo IPO has allocated 75% of the issue size to qualified institutional buyers, 15% to non-institutional investors, and 10% for retail investors. The IPO is expected to have a strong listing, with a grey market premium of ₹25 indicating a potential listing price of ₹118 per share.
The IPO consists of a new issue of equity shares worth ₹120 crore and an Offer For Sale of 6.66 crore equity shares worth ₹620 crore by existing shareholders, totaling ₹740 crore. The proceeds will be used for working capital, technology investments, acquisitions, and general business purposes.
For the nine months ending December 2023, ixigo reported a 31% increase in revenue from operations to ₹497 crore and a tenfold increase in net profit to ₹65.7 crore.
The book running lead managers for the ixigo IPO are Axis Capital Limited, Dam Capital Advisors Ltd, and JM Financial Limited. Link Intime India Private Ltd is the registrar for the IPO.
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