About Ixigo
Ixigo (Le Travenues Technology Limited) is launching its Initial Public Offering (IPO) on June 10, 2024. The subscription period closes on June 12, 2024. The IPO is a fresh issue of 1.29 crore shares aggregating to Rs 120 crores and an offer for sale of 6.67 crore shares aggregating to Rs 620.10 crores. Founded in 2007, Ixigo (Le Travenues Technology Limited) is a technology company focused on empowering Indian travelers to plan, book, and manage their trips across rail, air, buses, and hotels. The company is backed by SAIF Partners India IV, Peak XV, and Micromax.
The company’s Online Travel Agency (OTA) platforms allow travelers to book train tickets, flight tickets, bus tickets, and hotels while providing travel utility tools and services developed using in-house proprietary algorithms and crowd-sourced information, including train PNR status and confirmation predictions, train seat availability alerts, train running status updates and delay predictions, alternate route or mode planning, flight status updates, automated web check-in, bus running status, pricing and availability alerts, deal discovery, destination content, personalized recommendations, instant fare alerts for flights, AI-based travel itinerary planner and automated customer support services.
According to the F&S Report:
- The company has the highest app usage among OTAs with 83 million Monthly Active Users cumulatively across their apps, as per data.ai in September 2023.
- The company is the largest Indian train ticket distributor in the OTA rail market and had the largest market share of around 51%, in terms of rail bookings, among OTAs, as of March 31, 2023.
Financial Snapshot (₹ Crores)
| Financial Year Ended | Total Assets | Revenue | Profit After Tax | EPS |
|---|---|---|---|---|
| March 2021 | 185.07 | 138.41 | 7.58 | 0.25 |
| March 2022 | 538.47 | 384.94 | (21.09) | (0.66) |
| March 2023 | 585.93 | 517.57 | 23.40 | 0.58 |
| December 2023 | 678.70 | 497.10 | 65.71 | 1.80 |
Risk factors to consider:
- Dependence on IRCTC: The company’s train ticketing services depend on its agreement with IRCTC. The termination of the agreement with IRCTC could otherwise have a material adverse effect on the results of operations, cash flows, financial condition, and business prospects.
- Highly competitive and incentive-based sector: The Indian OTA industry is highly competitive and the company may not be able to effectively compete in the future. There is also a risk of reduction or elimination of commission, incentive, and other compensation by some of the travel suppliers and this could adversely affect the business, cash flows, and results of operations.
IPO Schedule
| Issue Period | 10th June to 12th June 2024 |
|---|---|
| Price band | ₹ 88 to 93 |
| Minimum Bid quantity | 161 & Multiples thereof |
| Deadline for accepting UPI mandate | Until 5 PM on the issue closing day |
| Finalization of Allotment | June 13, 2024 |
| Initiation of Refunds | June 14, 2024 |
| Credit of Shares | June 14, 2024 |
| Date of Listing | June 18, 2024 |
| Mandate end date | June 27, 2024 |
| Anchor Investors Lock-In End Date (50% of the investment) | July 13, 2024 |
| Anchor Investors Lock-In End Date (Remaining investment) | September 13, 2024 |
Note:
- Given that the above schedule is tentative, it should be noted that the anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares, and 90 days after for the remaining portion.
- The allotment status will be available by June 14, 2024, on the Registrar’s website and the NSE website.