The initial public offering (IPO) of Le Travenues Technology, which operates the travel booking platform ixigo, continued to witness robust investor interest on June 12, the final day of bidding. The offer was subscribed 97.38 times. Investors subscribed for 426.2 crore shares as against the offer size of 4.37 crore shares, according to subscription data.
Unlike the first two days, non-institutional investors (NIIs) or high networth individuals (HNIs) led, bidding 109.67 times the allotted quota, followed by QIBs who bought 106 times their portion. Retail investors leding for the first two days, bought 51.1 times the reserved portion.
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The Rs 740-crore initial public offer comprises a fresh issue of 1.29 crore equity shares aggregating to Rs 120 crore and an offer for sale (OFS) component of 6.67 crore shares aggregating to Rs 620.10 crore.
Both founders, Alok Bajpai, who serves as Chairman, Managing Director, and Group CEO of ixigo, and Rajnish Kumar, Director & Group Co-CEO, are expected to make substantial returns from the issue.
With the issue price set at Rs 93 per share, the market value of Alok Bajpai's 3.08 crore shares will rise to Rs 286 crore. The average acquisition price per share was Rs 0.86. Meanwhile, Rajnish Kumar holds 3.22 crore shares, acquired at an average price of Rs 0.37 per share. The market value of his shares will reach Rs 299.22 crore.
The net proceeds from the issue will be used for funding capital requirements, investing in cloud infrastructure and technology, funding inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes.
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