The initial public offering (IPO) of Le Travenues Technology, which operates the travel booking platform ixigo, continued to witness robust investor interest on the second day of bidding on June 11 after the offer was subscribed 4.2 times. Investors subscribed for 18.48 crore shares as against the offer size of 4.37 crore shares, the subscription data showed.
Retail investors were at the forefront, bidding 11.58 times the allotted quota, followed by Non-institutional investors (NIIs)/HNIs who have bought 7 times the reserved portion. The portion set aside for qualified institutional buyers (QIBs) was booked 0.39 times. The IPO, with a share price range of Rs 88-93, will conclude on June 12.
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The Rs 740-crore initial public offer is a mix of fresh issue of 1.29 crore equity shares aggregating to Rs 120 crore and an offer for sale (OFS) component of 6.67 crore share 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 massive 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.
It proposes to utilise the net issue proceeds towards funding capital requirements, investing in cloud infrastructure and technology and funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.
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