ixigo IPO day 2: GMP, subscription status to analysis and review. Should you apply to Le Travenues T

ixigo IPO day 2: GMP, subscription status to analysis and review. Should you apply to ixigo IPO?

CA Abhay Varn

11/Jun/2024

LE TRAVENUES TECHNOLOGY LIMITED (ixigo) is a technology company assisting travelers through their OTA platforms, comprising their websites & mobile applications, for making smarter travel decisions to plan, book and manage their trips across rail, air, buses and hotels.

The Grey Market Premium (GMP) of the ixigo is expected in the range of Rs 8 - Rs. 20 based on the financial performance of the company.

As of 03:54 PM on the 2nd Day of subscription opens, ixigo subscribed over 7.74 times on BSE and 2.97 times on NSE across all category.
Source: NSE & BSE

LE TRAVENUES TECHNOLOGY LIMITED (ixigo), a book-built issue amounting to Rs 740.10 crores, consists of a fresh issue of 12,903,225 shares aggregating to Rs 120.00 crores and an offer for sale of 66,677,674 shares totaling Rs 620.10 crores. The subscription period for the IPO opens on June 10, 2024, and closes on June 12, 2024. The allotment is expected to be finalized on or about Thursday, June 13, 2024, with a tentative listing date on the BSE NSE scheduled on or about Tuesday, June 18, 2024.

Ixigo IPO gmp today is is expected in the range of Rs 8 - Rs. 20 based on the financial performance of the company.

The company is led by Mr. Aloke Bajpai, Chairman and Managing Director, who has about 18 years of experience in this field. Under his leadership, ixigo has grown its operations and established itself as a leading OTA player in india

As per financial statement of ixigo revenue increased from Rs. 138.4 crore in FY21 to Rs. 385 crore in FY22 further going to Rs. 517.57 Cr. in FY23 and landing at Rs. 497.09 crore for the 9MFY24. Similarly, EBITDA rose from Rs. 6.14 crore in FY21 to Loss of Rs. 6.95 crore in FY22 and turnaround after that to Rs.45.04 Cr. in FY23 and then landing at Rs. 34.31 crore for the 9MFY24. This indicates steady financial performance.

For the IPO, ixigo is issuing shares at a pre-issue EPS of Rs. 1.75 and a post-issue EPS of Rs. 1.70. The pre-issue P/E ratio is 53.14, while the post-issue P/E ratio is 54.70 against the industry P/E ratio of 37. The company's ROCE for 9MFY24 is 7.85%, and ROE for 9MFY24 is 15.03%. These metrics suggest that the IPO is fully priced.

The Grey Market Premium (GMP) indicates potential listing gains of 10% - 20%.

Should you apply for ixigo IPO? Read the Detailed Ixigo IPO Review here

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ixigo IPO day 2: GMP, subscription status to analysis and review. Should you apply to ixigo IPO?

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