Jun 10, 2024
By: Sourabh Jain
Credit: Ixigo
Gurugram-based Ixigo’s initial public offering (IPO) opens on Monday, June 10, and will close on Wednesday, June 12.
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Ixigo has fixed a price band of ₹88-₹93 per share for its public issue.
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Ahead of the IPO, the company has raised ₹333 crore from anchor investors such as Morgan Stanley, Nomura, HDFC Mutual Fund, Tata Investment Corp and more.
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Ixigo is a Gurugram-based online travel agency (OTA) that allows customers to book hotels, train tickets, flight tickets, bus tickets and more from its platform.
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Ixigo is looking to raise ₹740.10 crore from the current IPO. This includes a fresh issue of ₹120 crore and an offer for sale (OFS) component of ₹620.10 crore.
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Investors can bid for a minimum of 161 shares and in multiples of 161 shares thereafter.
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The company, founded in 2006 had a 51 percent market share among OTAs in rail ticket booking in 2023. Ixigo-owned AbhiBus is the second largest bus-ticketing OTA in India.
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The company’s income was ₹517.57 crore in FY23, up from ₹384.94 crore in FY22. The company reported a profit of ₹23.40 crore in FY23, up from a ₹21.09 crore loss reported in FY22.
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The Indian travel industry is highly competitive and increased competition may affect its performance. The company solely depends on travel for its revenue, any disturbance to this sector may have an adverse impact.
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A significant number of the services from the company are dependent on external companies. Any change in the commission and incentives they receive from these companies may have an adverse effect.
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