NEW DELHI: Le Travenues Technology, the parent company of travel platform Ixigo, made a stellar debut on the Indian stock exchanges with its shares getting listed at a premium of 48.5% on Tuesday.
The stock debuted at Rs 138.10 on the NSE as against an issue price of Rs 93. Similarly, on the BSE, Ixigo shares were listed at a premium of 45%, at Rs 135 per share. Following the listing, the stock jumped 20% and was locked in the upper circuit at Rs 161.99 on the BSE. Similarly, shares jumped 20% to 165.72 on the NSE.
The bumper listing of Ixigo comes as its IPO, which was open for bidding from June 10-12, was subscribed more than 98 times. It also comes at a time when India’s equity market is on a roll and showing no signs of a slowdown.
Rising for the fourth straight session, the BSE Sensex climbed 308.37 points to settle at a new closing peak of 77,301.14. The NSE Nifty went up by 92.30 points to hit a record closing high of 23,557.90.
Shivani Nyati, Head of Wealth, Swastika Investmart Ltd, said that the company (Le Travenues) defied even pre-listing expectations with a stellar debut on the stock market.
“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,” added Nyati.
The company has raised a little more than Rs 740.10 crore through its public offer.