We are discussing Travel Tech Startup Ixigo’s Market Cap Reached Around 80% From Pre-IPO Round:
Ixigo is a travel booking platform offering startup under Le Travenues Technology that showed an 80 percent increase in its market cap value. The startup previously closed its pre-IPO secondary round at $21 million and was predicted to debut on the market exchange with Rs 93 per share. The startup was expected to debut at a 30 percent premium from its issue price. However, the startup had opened at a 48.5 percent premium above its issue price.
The issue price was set at Rs 93 per share and listed at Rs 138.5 on NSE, with the BSE share price being opened at Rs 135. This Gurugram-based startup started its public offering value at Rs 88 to 93 with a minimum bid of 161 shares. The firm has secured Rs 740 crore through its retail and anchor investors’ IPO. Entrackr mentioned that the portion of non-institutional investors oversubscribed by 110.5 times, and Ixigo’s IPO subscription got oversubscribed by 98.3 times.
This travel tech startup plans to use these fresh proceeds to invest in technology and cloud infrastructure, working capital, and general corporate purposes while focusing on inorganic growth through acquisition and other initiatives. Elevation Capital and Peak XV partners have been long-time investors of the firm and have made 13 times and 8.2-time returns from the startup, respectively, followed by Micromax Limited, which had a 10.88-time return on its initial investment in the startup.
Entrackr stated that Ixigo’s stock price is 20 percent higher than its opening price and stands at Rs 165.72, which also makes it 78.2 percent higher than its issue price. The startup’s overall market cap stands at $773 million. The startup has been growing in the past few months and reported an operating revenue of Rs 491 crore with a sizable profit of Rs 65.7 crore in the same time period.
Conclusion
Ixigo is a travel tech startup and a subsidiary under Le Travenues Technology. Ixigo provides a seamless experience to its users by offering various services, including hotel booking, comparing and predicting flight delays, and flexible flight bookings. The startup previously closed its pre-IPO secondary round at $21 million and was predicted to debut on the market exchange with Rs 93 per share. The startup was expected to debut at a 30 percent premium from its issue price. However, the startup had opened at a 48.5 percent premium above its issue price.
This Gurugram-based startup started its public offering value at Rs 88 to 93 with a minimum bid of 161 shares. The firm has secured Rs 740 crore through its retail and anchor investors’ IPO. This travel tech startup plans to use these fresh proceeds to invest in technology and cloud infrastructure, working capital, and general corporate purposes while focusing on inorganic growth through acquisition and other initiatives. The portion of non-institutional investors oversubscribed by 110.5 times, and Ixigo’s IPO subscription was oversubscribed by 98.3 times.
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