ixigo Gets SEBI Nod For IPO

ixigo Secures SEBI Nod for INR 120 Cr IPO, Highlights Strong Financials and Strategic Market Focus.

Expert Analysis:

• ixigo's IPO Receives SEBI Approval: Le Travenues Technology Ltd (ixigo) received SEBI approval for its IPO on May 14.

• The IPO includes:

  • Fresh issue of shares worth INR 120 Cr.

  • Offer for sale (OFS) of 6.66 Cr shares.

• IPO proceeds allocation:

  • startup plans to use INR 45 Cr from the IPO proceeds for its working capital requirements.

  • INR 26 Cr for tech stack enhancement and investments in data science and AI.

• Financial highlights:

  • FY23 net profit: INR 23.4 Cr (versus a net loss of INR 21.1 Cr in FY22).

  • FY23 operating revenue: INR 501.2 Cr (32% increase from INR 379.6 Cr in FY22).

  • First nine months of FY24: Net profit of INR 65.7 Cr on operating revenue of INR 491 Cr.

• Upcoming Tech IPOs in 2024: At least 10 tech startups are expected to list in 2024, including Swiggy (INR 8,300 Cr IPO) and Ola Electric (INR 7,250 Cr IPO).

• Recent IPO Spree in May 2024: This month, three major startups joined the IPO spree:

  • Travel Boutique Online (TBO Tek) debuted at over a 50% premium.

  • Go Digit's mid-May IPO was subscribed 9.6X by May 17.

  • Awfis launched its INR 599 Cr IPO on May 22.