Ixigo IPO subscribed over 98 times on last day

The initial public offering (IPO) of Le Travenues Technology, the parent company of online travel platform Ixigo, closed on Wednesday, with bids exceeding 98 times the shares on offer.

The investors placed bids for 4293.6 million shares against 43.7 million shares available, according to data from the BSE.

The category reserved for retail investors was booked 53.9 times, while that of non-institutional investors received bids for 110.2 times. Qualified institutional buyers (QIB) bid for 2548.1 million shares, 106.7 times the shares on sale.


The IPO included a fresh equity issue of Rs 120 crore and an offer for sale (OFS) of up to 66.6 million shares.

Existing shareholders such as Elevation Capital, Peak XV Partners, Aloke Bajpai, Rajnish Kumar, Micromax Informatics, and Placid Holdings will partially offload their stakes through the OFS.

The IPO had sailed through on the opening day itself, being subscribed 1.95 times on Monday.

Prior to the IPO, Ixigo raised around Rs 333 crore from anchor investors. Marquee investors in Ixigo’s anchor book include Nomura, Morgan Stanley, 3P India Equity Fund, HDFC Mutual Fund, Motilal Oswal Mutual Fund, the Government of Singapore and Tata Investment Corporation.

The company completed a pre-IPO secondary placement worth approximately Rs 176.2 crore a day before the anchor book opening. During this secondary sale, Elevation Capital, Peak XV Partners, Micromax Informatics and Madison India sold 18.9 million shares at Rs 93 each, which is the upper end of the IPO price band. The shares were purchased by new investors including Ashoka India Equity Investment Trust, Tata Mutual Fund, Bay Capital and Steadview Capital.