IPO of ixigo's parent Le Travenues Technology subscribed 98.10 times

New Delhi, Jun 12 (PTI) The initial public offer of Le Travenues Technology, which operates travel booking platform ixigo, got subscribed 98.10 times on the closing day of subscription on Wednesday.

The Rs 740-crore initial share sale received bids for 4,29,36,34,618 shares against 4,37,69,494 shares on offer, as per NSE data.

The quota for non-institutional investors fetched 110.25 times subscription while the portion for Qualified Institutional Buyers (QIBs) got subscribed 106.73 times. The category for Retail Individual Investors (RIIs) received 53.95 times subscription.

The initial public offering (IPO) of Le Travenues Technology got subscribed 1.95 times on the first day of subscription on Monday.

The IPO has a fresh issue of up to Rs 120 crore and an offer for sale (OFS) of up to 6,66,77,674 equity shares.

Proceeds worth Rs 45 crore from the fresh issue will be used to fund the company's working capital requirements and Rs 26 crore will be utilised for investments in technology as well as data science, including cloud and server hosting, technology on artificial intelligence and customer engagement.

Additionally, funds will be used to support inorganic growth through acquisitions, and for general corporate purposes.

The price range for the offer is Rs 88-93 per share.

Le Travenues Technology on Friday said it mobilised Rs 333 crore from anchor investors.

Axis Capital, DAM Capital Advisors and JM Financial are the managers to the offer.

Launched in 2007 by Aloke Bajpai and Rajnish Kumar, Le Travenues Technology is the country's leading online travel aggregator, which helps travellers plan, book and manage their trips across rail, air, buses, and hotels.