Ixigo ( Le Travenues Technology Limited) upward trend in Pre IPO Market

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Ixigo soars in pre-IPO market, while Oyo falls, and Mobikwik makes a comeback

LE Travenues Technology Limited

Created at 27 Mar 2024 07:59

Three stocks from the cohort of nine new-age technology companies poised to go public in the upcoming fiscal year exhibit distinct trends in the unlisted market.

Le Travenues Technology, the parent entity behind the ticket booking firm Ixigo, has witnessed a notable surge in its shares, climbing by 81 percent to Rs 145 over the past year. Conversely, Oyo's shares have experienced a downturn, while Mobikwik, the digital payment platform, is gradually recovering after a significant correction, now nearing levels seen a year ago. Sources in the market attribute Oyo's declining valuation to uncertainty surrounding its potential listing, attributed to a lack of investor appetite for the stock at current valuations.

In September 2022, Softbank reportedly reduced its internal valuation of Oyo to $2.7 billion from $3.4 billion previously.

Ixigo, backed by investors such as SAIF Partners India IV, Peak XV, and Micromax, has refiled its draft papers with SEBI for an IPO earlier this year. The IPO comprises a combination of fresh issuance of shares amounting to Rs 120 crore and an offer-for-sale (OFS) of 6,66,77,674 equity shares by existing shareholders.

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