Le Travenues Technology Ltd, headquartered in Gurugram, is gearing up for its IPO, which will open for subscription on June 10 and close on June 12. The share price range is set at Rs 88-93. At the upper price band, the company’s market valuation will hit Rs 3,500 crore.
This IPO marks a significant milestone for the company’s founders, Alok Bajpai and Rajnish Kumar. Bajpai, who is the Chairman, Managing Director, and Group CEO of ixigo, holds 3.08 crore shares. With the issue price at Rs 93 per share, the value of his shares will skyrocket from Rs 2.65 crore to Rs 286 crore. Bajpai initially acquired these shares at an average price of Rs 0.86 each. Similarly, Rajnish Kumar, the Director & Group Co-CEO, owns 3.22 crore shares, acquired at an average price of Rs 0.37 per share. The market value of Kumar’s shares will rise to Rs 299.22 crore at the upper price band.
Apart from the founders, Elevation Capital (formerly Saif Partners) is poised for a substantial return. Holding 8.83 crore shares in the travel aggregator, acquired at an average cost of Rs 7.14 per share, their initial investment of Rs 63.04 crore is expected to surge to Rs 822 crore. Peak XV Partners Investments also anticipates remarkable returns. Their 2016 investment, made at an average acquisition price of Rs 11.32 per share, initially cost Rs 67 crore. Now, this investment is valued at Rs 550 crore, marking a 1,200 percent increase.
Micromax Informatics, once a leading smartphone brand, holds 3.08 crore shares in ixigo. Acquired at an average cost of Rs 8.55 per share, their investment is projected to rise from Rs 26.31 crore to Rs 286 crore.
This IPO not only represents a significant opportunity for these investors but also underscores the robust potential of India’s stock market and finance sector.
