ixigo Shares Make A Stellar Debut, List At 48% Premium; What Should Investors Do Now?
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Ixigo was the 10th most subscribed IPO of 2024.
ixigo shares made a strong debut on the stock exchanges today, opening significantly higher than the issue price
ixigo shares made a strong debut on the stock exchanges today, opening significantly higher than the issue price. On the NSE, ixigo shares opened at Rs 138.10 per share, a 48.5% increase from the issue price of Rs 93. On the BSE, the shares opened at Rs 135 apiece, up 45.16% from the issue price.
The robust debut for travel aggregator was better that market expectations as trends in the grey market had earlier indicated a debut with around 30 per cent listing gains for the stock.
The travel technology company’s Rs 720 crore public offer also received a stellar response from investors as it was subscribed 98.34 times. Non-Institutional Investors (NIIs) led from the front and subscribed the portion set aside for them 110.5 times.
Qualified Institutional Buyers (QIBs) followed close by, having bid for their allotted portion 106.7 times. The portion set aside for retail investors also got subscribed 54.8 times. Such subscription numbers also made Ixigo the 10th most subscribed IPO of 2024.
The company intends to use the net proceeds from the issue to partially fund its working capital needs, invest in cloud infrastructure and technology, finance potential acquisitions and other strategic initiatives, and cover general corporate expenses.
What Should Investors Do Now?
Shivani Nyati, Head of Wealth, Swastika Investmart Ltd., said: “Le Travenues Technology Ltd., the company behind popular travel platforms Ixigo and AbhiBus, defied even pre-listing expectations with a stellar debut on the stock market. The company is listed at Rs. 123.5 per share, a remarkable 48.49% gain over its issue price of Rs. 93. This impressive performance aligns with the overwhelming investor response during the IPO, which saw a subscription rate of a staggering 98 times. Le Travenues’ AI-powered operations provide a competitive advantage. The company caters to various travel needs, offering a strong foundation, and its impressive revenue and profit growth demonstrate a promising future. Le Travenues’ strong listing is a positive sign, showcasing investor belief in its long-term growth prospects within the online travel sector. The investors are advised to hold their position with a stop loss of 111.”
“With the travel sector set to grow due to increasing GDP, rising incomes, and improved infrastructure, Ixigo is well-positioned to benefit. Investors are advised to hold the shares for the medium to long term”, said Parth Shah, Research Analyst at StoxBox.
Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
