Le Travenues Technology (Ixigo) IPO Subscription Status

Le Travenues Technology (Ixigo) IPO subscription Status on Day-3

As of 5.55 pm on 12th June 2024, out of the 437.69 lakh shares on offer in the IPO (excluding anchor portion), Le Travenues Technology (Ixigo) saw bids for 42,936.35 lakh shares. This implies an overall subscription of 98.10X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Le Travenues Technology (Ixigo) was as under:

The subscriptions as of the close of Day-3 were led by the HNI / NII investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of QIB bids. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the bulk QIB bids come in. Here are the details of the category-wise subscription. The overall subscription excludes anchor portion.

Data Source: NSE

The above subscriptions are as of the close of Day-3 of the IPO. The IPO was open from June 10, 2024 to June 12, 2024. As of the evening of Friday; June 12, 2024, the IPO has closed for subscription and the subscription status provided above is the final subscription status for the IPO of Le Travenues Technology (Ixigo).

Key takeaways from the final subscription numbers

Here are some quick things we read from the final subscription numbers of Le Travenues Technology (Ixigo) IPO as of the close of subscription on June 12, 2024.

•    Out of the total subscription for the QIB portion; foreign portfolio investors (FPIs) accounted for 31.26%, domestic financial institutions (banks, insurers, LIC) accounted for 38.53%, and domestic mutual funds accounted for 3.52%. This is the total subscription for only the public issue of the QIB portion and does not include the anchor allocation.

•    While the HNI / NII portion got subscribed 110.25 times, the S-HNI portion (₹2 lakhs to ₹10 lakhs) got subscribed 95.94 times, while the B-HNI portion (above ₹10 lakhs) got subscribed 117.40 times.

•    Out of the total retail subscription received at the close, 74.85% were cut-off bids, while the balance were price bids.

The stock of Le Travenues Technology (Ixigo) has a face value of ₹1 per share and the price band for the book building IPO has been set in the range of ₹88 to ₹93 per share. The IPO opened for subscription on 10th June 2024 and closes for subscription on 12th June 2024. The credits to the demat account to the extent of shares allotted will happen by the close of 14th June 2024 under ISIN (INE0HV901016).

Le Travenues Technology (Ixigo) IPO subscription Status on Day-2

As of 5.15 pm on 11th June 2024, out of the 437.69 lakh shares on offer in the IPO (excluding anchor portion), Le Travenues Technology (Ixigo) saw bids for 4,082.31 lakh shares. This implies an overall subscription of 9.33X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the Le Travenues Technology (Ixigo) IPO was as under:

The subscriptions as of the close of Day-2 were led by the HNI / NII investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of QIB bids. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the bulk QIB bids come in. Here are the details of the category-wise subscription. The overall subscription excludes anchor portion.

Data Source: NSE

The above subscriptions are as of the close of Day-2 of the IPO. The IPO is open up to June 12, 2024, at which point we will know the final subscription status of the IPO. 

The stock of Le Travenues Technology (Ixigo) has a face value of ₹1 per share and the price band for the book building IPO has been set in the range of ₹88 to ₹93 per share. The IPO opened for subscription on 10th June 2024 and closes for subscription on 12th June 2024. The credits to the demat account to the extent of shares allotted will happen by the close of 14th June 2024 under ISIN (INE0HV901016).
 

Le Travenues Technology (Ixigo) IPO Subscription Status on Day-1

As of 5.30 pm on 10th June 2024, out of the 437.69 lakh shares on offer in the IPO (excluding anchor portion), Le Travenues Technology (Ixigo) saw bids for 851.54 lakh shares. This implies an overall subscription of 1.95X at a macro level. The granular break-up of subscriptions as of the close of the first day of the Le Travenues Technology (Ixigo) IPO was as under:

The subscriptions were led by the retail investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of QIB bids. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the bulk QIB bids come in. Here are the details of the category-wise subscription. The overall subscription excludes anchor portion.

Data Source: BSE

The IPO is open up to June 12, 2024, at which point we will know the final subscription status of the IPO.

Le Travenues Technology (Ixigo) – quota allocation across categories

The anchor issue of Le Travenues Technology (Ixigo) saw 45.00% of the IPO size getting absorbed by anchors. Out of 7,95,80,899 shares (795.81 lakh shares approximately) on offer, the anchors picked up 3,58,11,405 shares (358.11 lakh shares approximately) accounting for 45.00% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹93 per share. This includes the face value of ₹1 per share plus a share premium of ₹92 per share, taking the anchor allocation price to ₹93 per share. Post the anchor allocation, here is how the overall allocation looked.

Data Source: Company RHP

Here it must be noted that the 3,58,11,405 shares allocated to the anchor investors on 07th June 2024, were actually reduced from the original QIB quota; and only the residual amount would be available to QIBs in the IPO. That change has been reflected in the table above, with the QIB IPO portion reduced to the extent of the anchor allocation. As a result, the QIB quota has reduced from 75.00% before anchor allocation to 30.00% post anchor allocation. 

About the Le Travenues Technology (Ixigo) IPO

The stock of Le Travenues Technology (Ixigo) has a face value of ₹1 per share and the price band for the book building IPO has been set in the range of ₹88 to ₹93 per share. The IPO of Le Travenues Technology (Ixigo) will be a combination of a fresh issue of shares and offer for sale (OFS) component. The fresh issue brings in fresh funds into the company, but is also EPS and equity dilutive. On the other hand, OFS is just a transfer of ownership; and hence neither EPS nor equity dilutive. The fresh issue portion of the IPO of Le Travenues Technology (Ixigo) comprises the issue of 1,29,03,226 shares (129.03 lakh shares approximately), which at the upper price band of ₹93 per share will translate into a fresh issue size of ₹120.00 crore. The offer for sale (OFS) portion of the IPO of Le Travenues Technology (Ixigo) comprises the sale / offer of 6,66,77,674 shares (666.78 lakh shares approximately), which at the upper price band of ₹93 per share will translate into an OFS size of ₹620.10 crore.

Out of the OFS size of 666.78 lakh shares, 8 selling shareholders will offer the entire quantity in the OFS. The selling shareholders include SAIF Partners (194.37 lakh shares), Peak XV Partners (130.24 lakh shares), Aloke Bajpai (119.50 lakh shares), Rajnish Kumar (119.50 lakh shares), Micromax Informatics (54.87 lakh shares), Placid Holdings (30.48 lakh shares),  Catalyst Trusteeship (13.34 lakh shares), and Madison India Capital (4.47 lakh shares). All selling in OFS will be by investor shareholders, since the company is professionally managed and does not identify with a promoter group. Thus, the total IPO of Le Travenues Technology (Ixigo) will comprise of a fresh issue and an OFS of 7,95,80,900 shares (795.81 lakh shares approximately) which at the upper end of the price band of ₹93 per share aggregates to total issue size of ₹740.10 crore. The IPO of Le Travenues Technology (Ixigo) will be listed on the NSE and the BSE on the IPO mainboard.

Read more about Le Travenues Technology (Ixigo) IPO

The fresh funds will be used for funding working capital needs, investing in cloud infrastructure and technology, as well as to fund inorganic growth via M&A. The company, being a professionally managed company, does not have an identified promoter group. The IPO will be lead managed by Axis Capital, DAM Capital Advisors (formerly IDFC Securities), and JM Financial; while Link Intime India Private Ltd will be IPO registrar.

Next Steps in the Le Travenues Technology (Ixigo)

The issue opens for subscription on 10th June 2024 and closes for subscription on 12th June 2024 (both days inclusive). The basis of allotment will be finalized on 13th June 2024 and the refunds will be initiated on 14th June 2024. In addition, the demat credits are expected to also happen on 14th June 2024 and the stock will list on 18th June 2024 on the NSE and the BSE. The IPO of Le Travenues Technology (Ixigo) will test the appetite for private sector new age ecommerce stocks in India. The credits to the demat account to the extent of shares allotted will happen by the close of 14th June 2024 under ISIN (INE0HV901016).