Ixigo IPO opens today Should you subscribe or not?
xigo IPO price band has been set at ₹88 to ₹93 per share. The IPO lot size is 161 shares and the minimum investment amount required by retail investors is ₹14,973, Ixigo IPO opens on June 10 and closes on June 12. Ixigo IPO allotment is expected to be finalised on June 13 and the IPO listing date is June 18.
Ixigo IPO Details:
The bidding for Ixigo IPO opens on June 10 and closes on June 12. Ixigo IPO allotment is expected to be finalized on June 13 and the IPO listing date is June 18, Ixigo IPO price band has been set at ₹88 to ₹93 per share. The IPO lot size is 161 shares and the minimum investment amount required by retail investors is ₹14,973.
At the upper end of the price band, ixigo IPO size amounts to ₹740.10 crore which is a combination of fresh issue of 1.29 crore equity shares aggregating to ₹120 crore and an offer for sale (OFS) component of 6.67 crore share aggregating to ₹620.10 crore.
Le Travenues Technology Ltd already raised ₹333 crore from anchor investors last week ahead of its IPO opening.Axis Capital, Dam Capital Advisors Ltd and JM Financial are the book running lead managers of the ixigo IPO, while Link Intime India Private Ltd is the IPO registrar.
Axis Capital, Dam Capital Advisors Ltd and JM Financial are the book running lead managers of the ixigo IPO, while Link Intime India Private Ltd is the IPO registrar.
The company proposes to utilize the net issue proceeds towards part-funding working capital requirements, investments in cloud infrastructure and technology andfunding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.
Ixigo IPO GMP Today
Ixigo IPO GMP today, or grey market premium today, is ₹23 per share, as per stock market observers. This indicates that the equity shares of Ixigo are trading higher by ₹23 at ₹116 apiece in the grey market, a premium of 24.73% to the issue price of ₹93 per share.
Should you subscribe to the Ixigo IPO?
Most analysts have recommended subscribing to the Ixigo IPO on the back of its leadership in market share in the online travel segment, industry tailwinds and future growth prospects. Here’s what brokerages have to say about the Ixigo IPO.
“At an upper band, the company is valued at P/E of 154x while on market-cap/sales it is valued at 7.2x post issue of equity shares, compared to its peers (Yatra Online – 192x, Easy trip planners – 54.5x) on FY23 earning basis. Therefore, we believe that Ixigo has a scope of business improvement on the back of industry tailwinds, brand recall and business scalability, resulting in expansion of profitability," said domestic brokerage firm Anand Rathi.
Thus, it recommends “Subscribe – long term" rating to the Ixigo IPO.Considering the financial performance, the company’s Revenue, EBITDA and PAT grew at a CAGR of 92.3%, 194.9% and 76.2% during the FY21-23 period.
“On the upper price band, the issue is valued at a P/E of 163.2x based on FY23 earnings. Though the valuations are rich, we believe that the nature of the platform business (high pass-through of revenues) and large industry opportunity size would be the key factors to drive sustained and high earnings growth in future. We, therefore, recommend a “Subscribe" rating for the issue," BP Equities said.
Canara Bank Securities also recommended subscribing to Ixigo IPO for long term investment because of its leadership in market share in the online travel segment and major shift of trends of offline booking to online booking and adding new routes across so as to increase connectivity.
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