Le Travenues Technology Limited (MAINBOARD)
Jun 10, 2024 - Jun 12, 2024
| Price | ₹88 - ₹93 |
| Premium | ₹30.5 |
|---|---|
| Lot size | 161 |
| Allotment | Jun 13, 2024 |
| Listing | Jun 18, 2024 |
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 161 | 14973 | 49429 |
| sHNI | 14 | 2254 | 209622 | 1765 |
| bHNI | 67 | 10787 | 1003191 | 3531 |
Last Updated as on 12-Jun-2024 17:54:00
| Category | Offered | Applied | Times |
|---|---|---|---|
| QIBs | 23874271 | 2548199486 | 106.73 |
| HNIs | 11937134 | 1316083391 | 110.25 |
| HNIs (10L+) | 7958089 | 934306023 | 117.4 |
| HNIs (2-10L) | 3979045 | 381777368 | 95.95 |
| Retail | 7958089 | 429351258 | 53.95 |
| Total | 43769494 | 4293634135 | 98.1 |
Application Wise Breakup (Approx) | |||
|---|---|---|---|
| Category | Reserved | Applied | Times |
| HNIs (10L+) | 3531 | 79009 | 22.38 |
| HNIs (2-10L) | 1765 | 161771 | 91.65 |
| Retail | 49429 | 2434780 | 49.26 |
| Total Application : 2675560 | |||
| © IPO Premium | |||
| QIB Interest Cost per share (7 Days) | |||||
|---|---|---|---|---|---|
| @7% ₹13.33 | @8% ₹15.23 | @9% ₹17.13 | @10% ₹19.04 | @11% ₹20.94 | @12% ₹22.84 |
| Big HNI (10L+) Cost per lot (7 Days) |
|---|
| Assuming fix interest of ₹2000 per application Big HNI (10L+) costing for every 1 lot allotment is ₹46960 |
Top 5 Anchor List
| Name of Anchor | No. of Shares | % Portion | Amount (cr) |
|---|---|---|---|
| SBI MAGNUM CHILDREN'S BENEFIT FUND - INVESTMENT PLAN | 5199978 | 14.52% | 48.36 |
| NOMURA FUNDS IRELAND PUBLIC LIMITED COMPANY- NOMURA FUNDS IRELAND - INDIA EQUITY | 5199978 | 14.52% | 48.36 |
| HDFC MUTUAL FUND - HDFC MULTI CAP FUND | 3699941 | 10.33% | 34.41 |
| CUSTODY BANK OF JAPAN, LTD. RE: RB AMUNDI INDIA SMALL CAP EQUITY MOTHER FUND | 3645523 | 10.18% | 33.90 |
| MORGAN STANLEY INDIA INVESTMENT FUND, INC. | 3046925 | 8.51% | 28.34 |
| Total | 20792345 | 58.06% | 193.37 |
ixigo IPO Details
| Issue Size | 79,580,900 shares (aggregating up to ₹740.10 Cr) |
| Fresh Issue | 12,903,226 shares (aggregating up to ₹120.00 Cr) |
| Offer for Sale | 66,677,674 shares of ₹1 (aggregating up to ₹620.10 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 374,519,945 |
| Share holding post issue | 387,423,171 |
ixigo IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75.00% of the Net offer |
| Retail Shares Offered | Not more than 10.00% of the Offer |
| NII (HNI) Shares Offered | Not more than 15.00% of the Offer |
Key Performance Indicator
| KPI | Dec-23 | Mar-23 | Mar-22 |
|---|---|---|---|
| RONW | 15.26% | 24.13% | -7.15% |
| EPS (Diluted) | 1.75 | 0.57 | -0.66 |
| P/BV | 8.14 | ||
| P/E Pre IPO | 148.87 |
Company Financials
Le Travenues Technology Limited Financial Information (Restated Consolidated)
Le Travenues Technology Limited's revenue increased by 34.46% and profit after tax (PAT) rose by 210.91% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period | Dec 2023 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|
| Assets | 678.71 | 585.93 | 538.47 | 185.07 |
| Revenue | 497.10 | 517.57 | 384.94 | 138.41 |
| Profit | 65.71 | 23.40 | -21.09 | 7.53 |
| Net Worth | 437.13 | 373.76 | 342.69 | 29.94 |
| Reserves | 399.83 | 334.17 | 303.22 | -212.60 |
| Borrowing | 43.36 | 0.54 | 2.73 | 14.94 |
| Amount in ₹ Crore | ||||
About Company
Le Travenues Technology Limited, founded in 2006, operates as an online travel agency (OTA) under the brand name "ixigo," facilitating the booking of train, flight, and bus tickets, as well as hotel reservations. With services such as PNR status and confirmation predictions, train seat availability alerts, and AI-based travel planning, ixigo provides comprehensive travel solutions. The company’s platforms include the ixigo trains and Confirmtkt app, which streamline train travel booking and information access; the ixigo-flights mobile app for booking air, train, bus tickets, and hotels; and the Abhibus app for bus travel comparisons and bookings. With 83 million monthly active users as of September 2023, ixigo has the highest app usage among OTAs. Recent innovations include ixigo PLAN, an AI-based travel planner, and ixigo Assured Flex, offering flexible cancellation or rebooking options. As of December 31, 2023, ixigo employed 486 full-time employees and 4 consultants.
Strength Factors
Leading OTA for Next Billion Users (NBUs): Ixigo dominates the OTA market for NBUs, focusing on localized content and app features tailored for Tier II/III travelers. In Fiscal 2023, 94.39% of its transactions originated from or were destined for smaller towns and cities, with significant cross-selling of flight bookings to users of its ixigo trains, ConfirmTkt, and AbhiBus apps.
Advanced Technology and AI Integration: Ixigo leverages artificial intelligence, data science, and machine learning to enhance its travel offerings and operational efficiency. Its proprietary algorithms for search, caching, PNR prediction, and crowd-sourcing transform travel data into actionable business intelligence, improving user experience and solving common travel issues.
Strong Brand Presence and User Loyalty: Ixigo's apps are highly rated (4.6 on Google Play Store as of November 2023) and boast the highest usage and engagement among key OTAs in India. The company has seen substantial growth in Monthly Active Users, reaching 77.04 million in December 2023, with a high Repeat Transaction Rate of over 85% in Fiscal 2023 and the nine months ended December 31, 2023.
Risk Factors
Limited Operating History as an OTA: Ixigo originally started as a meta search website and has only recently transitioned to an OTA. This limited experience may impact its ability to maintain or grow its market share, which was 6.52% and 5.88% by GTV in the nine months ended December 31, 2023, and December 31, 2022, respectively.
Dependency on IRCTC Agreement: Ixigo’s train ticketing services rely heavily on its agreement with IRCTC. Termination of this agreement would severely impact its ability to provide train ticketing services, which could materially affect its operations, financial condition, and business prospects.
Market Price Uncertainty Post-Listing: The Offer Price, market capitalization to revenue multiple, and price to earnings ratio based on the Offer Price might not reflect the company's market price upon listing or thereafter, leading to potential volatility and uncertainty in the stock's performance.
ixigo IPO Lead Manager(s)
- Axis Capital Limited
- Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd)
- Jm Financial Limited
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: ixigo.ipo@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html