Shares of Le Travenues Technology Ltd, the company behind the travel booking platform ixigo, made a remarkable debut on the stock market on Tuesday. The shares listed with a premium of over 48% against the issue price of Rs 93.
On the Bombay Stock Exchange (BSE), ixigo's stock opened at Rs 135, marking a 45.16% increase from the issue price. The stock further surged to Rs 147.76, reflecting a 58.88% rise. Similarly, on the National Stock Exchange (NSE), the shares listed at Rs 138.10, up 48.49%.
With this impressive listing, the company's market valuation reached Rs 5,581.22 crore. This strong performance comes after the company's initial public offering (IPO) saw overwhelming demand, being subscribed 98.10 times on its closing day last week.
The IPO, which aimed to raise Rs 740 crore, included a fresh issue of shares worth Rs 120 crore and an Offer For Sale (OFS) of up to 6,66,77,674 equity shares. The price band for the offering was set between Rs 88 and Rs 93 per share.
Le Travenues Technology, established in 2007 by Aloke Bajpai and Rajnish Kumar, has grown into India's leading online travel aggregator. The platform assists travelers in planning, booking, and managing their trips across various modes of transport including rail, air, buses, and hotels.
The enthusiastic response to ixigo's IPO and its subsequent strong market debut reflect the investors' confidence in the company's growth potential and its position in the travel booking industry. As travel demand continues to rebound post-pandemic, ixigo's comprehensive service offerings position it well to capitalize on this trend.
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