Ixigo IPO Opens: CEOs Explain Timing and Smaller Listing Size
Skift Take
Having raised INR 3.33 billion ($40 million) from anchor investors on Friday, Ixigo opened its initial public offering (IPO) on Monday.
The decision for the IPO launch follows a period of what its management calls "phenomenal growth" and strategic positioning of the company and the promising landscape of the travel industry, which they believe is entering a "golden era."
Having first filed for an IPO in 2021, Ixigo received regulatory approval in December 2021. However, the company chose to delay its market entry in 2022 due to unfavorable conditions for tech stocks. "Most tech-listed names were trading below their IPO price in 2022, it was not the ideal environment for us to launch an IPO," Aloke Bajpai, chairman, managing director and group CEO of Ixigo, told Skift.
The company instead focused on growth, transforming to what its CEOs call the "second-largest online travel agency in India by revenue."
Why Ixigo Decided to Refile?The decision to refile in mid-February 2024 came after two consecutive profitable years that boosted the company's confidence. Investor enthusiasm during roadshows in March and April further reinforced this decision, culminating in the Securities and Exchange Board of India's (SEBI) approval in m
