Le Travenues Technology Shares to List on Tuesday

The initial public offering of Le Travenues Technology got subscribed 98.10 times on the closing day of the subscription on Wednesday last week.
Le Travenues Technology Shares to List on Tuesday

Shares of Le Travenues Technology, which operates the travel booking platform ixigo, will make its stock market debut on Tuesday after garnering massive subscriptions for its initial public offering last week.

The initial public offering of Le Travenues Technology got subscribed 98.10 times on the closing day of the subscription on Wednesday last week.

"Trading members of the exchange are hereby informed that effective from Tuesday, June 18, 2024, the equity shares of Le Travenues Technology Limited shall be listed and admitted to dealings on the exchange in the list of 'B ' group of securities," according to a BSE notice.

Equity markets are closed on Monday on account of Eid-ul-Adha. The Rs 740 crore initial share sale had a fresh issue of up to Rs 120 crore and an Offer For Sale (OFS) of up to 6,66,77,674 equity shares.

The price range for the offer was Rs 88-93 per share. The issue price for the public offer has been fixed at Rs 93 per share, as per the exchange notice.

Read: Hyundai Motor India Files Draft IPO Papers With SEBI

The Initial Public Offering (IPO) of Le Travenues Technology had got fully subscribed on the first day of the subscription itself.

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.

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.

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