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Ixigo closes Rs 176 Cr pre-IPO secondary placement

EntrackrEntrackr · 1y ago
Ixigo closes Rs 176 Cr pre-IPO secondary placement
Medial

Le Travenues Technology Limited, which operates travel booking platform Ixigo, is all set to make its debut on stock exchanges on 10th June with the price band of Rs 88-93 per share. The firm announced its pre-IPO secondary placement of Rs 176.2 crore ($21 million) at the top-end price (Rs 93) a day before Anchor Book. The early backer SAIF Partners sold its 1,07,52,689 shares worth Rs 100 crore ($12 million) to Ashoka India (White Oak), Tata Digital Fund, and Bay Capital. On the other hand, PeakXV sold its 6,989,248 shares worth Rs 65 crore ($7.8 million) to Bay Capital and Steadview Holding. Micromax and Madison India also sold their 12,05,268 shares to Steadview Capital worth Rs 11.2 crore ($1.3 million) in a pre-IPO secondary round. According to the company, SAIF partners will hold 20.52% after this secondary transaction while Peak XV and Micromax will own 13.81% and 5.52% respectively. Ixigo’s co-founders Aloke Bajpai, and Rajnish Kumar cumulatively hold 16.65% of the company. As per the analysis, SAIF Partners and Peak XV will get a hefty 13X and 8.2X returns from Ixigo respectively. Micromax Limited will also enjoy a good 10.88X return from the Gurugram-based company. Ixigo’s public offering will be open from 10th June to June 12 with a minimum lot size of 161 for the retail investor. For the small non-institutional investors, the minimum lot size is 14 lots. Ixigo demonstrated decent growth during the first nine months of the last fiscal year (FY24). Its operating revenue stood at Rs 491 crore while the firm also made a sizable profit of Rs 65.7 crore in the same period.

ET Interview | We pivoted multiple times, have been close to bankruptcy: Ixigo founders

Economic TimesEconomic Times · 1y ago
ET Interview | We pivoted multiple times, have been close to bankruptcy: Ixigo founders
Medial

Le Travenues Technologies, the company behind the travel platform Ixigo, saw its shares debut on the stock exchange with a 48.5% premium over its IPO price. The founders, Aloke Bajpai and Rajnish Kumar, discussed the timing of the IPO and the possibility of a larger offer size. They emphasized the importance of focusing on customer needs and expressed gratitude towards their investors. Bajpai and Kumar also shared their learnings as entrepreneurs, highlighting the significance of perseverance and adaptability. Additionally, they mentioned the growth potential in the online travel aggregator market and explained why they prefer to have multiple specialized apps rather than a single super app.

Ixigo records 78% quarterly growth in PAT in Q1 FY25

EntrackrEntrackr · 11m ago
Ixigo records 78% quarterly growth in PAT in Q1 FY25
Medial

Online travel aggregator (OTA) Ixigo announced its financial results on Thursday for the first quarter of the financial year ending March 2025. The company’s revenue from operations went up 10.3% to Rs 181.88 crore during Q1 of FY25 as compared to Rs 164.85 crore in Q4 of FY24, according to the company’s unaudited consolidated quarterly report filed with the National Stock Exchange. Compared to the corresponding quarter of FY24 (Q1 FY24), Ixigo scaled up 16.18% from Rs 156.55 crore. The Gurugram-based company generated the majority (55.23%) of its operating revenue from train ticketing amounting to Rs 100.46 crore in Q1 FY25. Flight and bus booking services contributed 22.82% and 21.79% to the company’s coffers, respectively. Besides operating revenue, the firm also earned Rs 2.4 crore via interest and gains from financial assets during the quarter which took its total topline to Rs 184.28 crore. Meanwhile, Ixigo’s gross transaction value (GTV) surpassed Rs 2,988 crore in Q1 FY25 with 27% year-on-year growth. On the expense front, Ixigo’s employee benefits costs comprised 22.60% of the total expenditure. This cost increased 9.68% to Rs 37.96 crore in Q1 of FY25 from Rs 34.61 crore in the previous quarter (Q4 of FY24). It is worth noting that the company did not disclose the breakup of other expenses incurred during the period. On the line of scale, the company’s total expenses went up 10.3% to Rs 168 crore in Q1 of FY25 in comparison to Rs 152.36 crore in Q4 FY24. In the end, Ixigo’s bottom line flourished over two-fold during the quarter to Rs 14.85 crore against Rs 7.35 crore in Q4 FY24. Compared to the corresponding quarter of FY24 (Q1 FY24), its profits surged 77.63% from Rs 8.36 crore. On a unit level, Ixigo spent Re 0.92 to earn a rupee of operating income during the quarter. After Thursday’s trading session, Ixigo’s share is trading at around Rs 170 per share with a market cap of Rs 6,586 crore or close to $800 million.

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