Ixigo IPO Allotment Status

The share allotment for the ixigo IPO will be finalized today (Thursday, June 13). Investors who have applied for the issue can check the status of their ixigo IPO allotment today on the BSE website or through the registrar's portal, Link Intime India Private Ltd. Here are two ways to check the ixigo IPO allotment status online.

Check Ixigo IPO Allotment Status on BSE website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. You can still access the allotment status of Ixigo IPO on the website of BSE India as under. Click on the link below to visit the BSE website to check Ixigo IPO Allotment Status online -

https://www.bseindia.com/investors/appli_check.aspx 

Here are the steps to follow:

Step 1: Under Issue Type – Select Equity Option
Step 2: Under Issue Name – Select Le Travenues Technology (Ixigo)   from the drop down box
Step 3: Enter the Application Number exactly as in the acknowledgement slip
Step 4: Enter the PAN (10-digit alphanumeric) number
Step 5: Once this is done, you need to click on the Captcha to verify that you are not a robot
Step 6:Finally click on the Search Button

In the past, while checking the allotment status on the BSE website, it was necessary to input the PAN number and the application Number. However, now BSE has modified the requirements and it is sufficient if you enter any one of these parameters i.e., either the application / CAF number or the PAN number of the investor.

The Ixigo allotment status will be displayed on the screen in front of you informing about the number of shares of Ixigo   allotted into your demat account. It is always advisable to save a screenshot of the allotment status output for subsequently verifying with the demat account credits on or after 14th June 2024. The stock of Ixigo  will appear in the demat account (if allotted) under ISIN Number (INE0HV901016).

How to check Ixigo IPO allotment status on Linkintime 

Here are the steps to follow. Visit the Link Intime registrar website for IPO allotment status by clicking on the link below:

https://linkintime.co.in/initial_offer/public-issues.html

There are three things to remember. Firstly, you can just click on the hyper link given above and directly go to the ipo allotment checking page. The second option, in case you are not able to click on the link, is to copy the link and paste in your web browser. Thirdly, there also a way to access this page via the home page of Link Intime India Private Ltd (www.linkintime.co.in) by clicking on the Public Issues link displayed prominently on the home page. It all works the same and leads you to the same landing page.

Once you are on the landing page, the dropdown in front of you will only show the active IPOs and IPOs, so once the allotment status is finalized, you can select Le Travenues Technology (Ixigo)  from the drop-down box. In the case of Le Travenues Technology (Ixigo) IPO, the data access will be allowed late on 13th June 2024 or by middle of 14th June 2024. 

• There are 4 options available to you and you will find these 4 options on the above access page itself. You can either access the allotment status based on PAN or Application Number or DPID / Client ID combination or based on the combination of the bank account / IFSC code used to apply for the IPO. You can select any one of the options that is preferred and provide the details accordingly, as they are radio buttons.

• If you opt for the PAN Number access, then enter the 10 character income tax permanent account number (PAN). This is an alphanumeric code available either on your PAN card or on top of your income tax return. The PAN is a 10 character code issued by the Income Tax Department where the first 5 characters and the tenth character are alphabets while the sixth to ninth characters are numeric.

• The second option is to use the Application Number that you used while making an application for the IPO. The application number is available on the acknowledgement provided to you and you can use that as one of the options to access allotment status.

• The third option is to use the DPID-Client ID combination. Remember that here you have to enter the DP id and the demat client id together as one single continuous string. This DPID / Client ID combination is a numeric string for CDSL demat accounts while it is an alphanumeric string for NSDL demat accounts. This combination of DP ID / Client ID of your demat account will be available in your demat statement or you can also get it online from your online trading account or trading app downloaded on the smart phone.

• The fourth option is to query based on the combination of your bank account number and IFSC number and irrespective of how many bank accounts you have, only use the bank account used for this particular IPO application. Once you click on this option, you find two boxes. First, enter your bank account number as it is. Secondly, enter the 11-character IFSC code, which is available on your cheque book. The first 4 characters of the IFSC code are alphabets and the last 7 characters are numeric. IFSC is an abbreviation for Indian Financial System Code and is unique to each account.

• Finally, click on the Search button
In case, you have any issues with the output shown above, you can always register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and the problem statement to ipo.helpdesk@linkintime.co.in or you can also call up on their phone (0)-81081-14949 an register the query after appropriately authenticating yourself digitally.

The IPO status with number of shares of Ixigo allotted will be displayed on the screen in front of you. You can take a screenshot of the output page for your records. The same can be verified with the demat account on 14th June 2024 or after that. The stock is expected to list on 18th June 2024 simultaneously on the NSE and the BSE. The only question now is, what determines chances of allocation in the IPO? It boils down to allocation quota and subscription levels.

Allocation quota for Ixigo IPO

The anchor issue of Ixigo saw 45.00% of the IPO size getting absorbed by anchors. Out of 7,95,80,899 shares (795.81 lakh shares approximately) on offer, the anchors picked up 3,58,11,405 shares (358.11 lakh shares approximately) accounting for 45.00% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹93 per share. This includes the face value of ₹1 per share plus a share premium of ₹92 per share, taking the anchor allocation price to ₹93 per share. Post the anchor allocation, here is how the overall allocation looked.

Data Source: Company RHP

Here it must be noted that the 3,58,11,405 shares allocated to the anchor investors on 07th June 2024, were actually reduced from the original QIB quota; and only the residual amount would be available to QIBs in the IPO. That change has been reflected in the table above, with the QIB IPO portion reduced to the extent of the anchor allocation. As a result, the QIB quota has reduced from 75.00% before anchor allocation to 30.00% post anchor allocation.

It must be noted here that this is the final break-up of shares and it may differ from the original allocation as there are adjustments made to the number of shares issued. The anchor allocation portion has been carved out of the QIB portion. We turn to how various categories of investors in the IPO of Le Travenues Technology (Ixigo) put in their bids.

Ixigo IPO Subscription Status

The table below captures the extent of oversubscription for each of the categories as well as the overall subscription for Ixigo IPO.
 

Data Source: NSE / BSE

About the Ixigo IPO

The stock of Ixigo has a face value of ₹1 per share and the price band for the book building IPO has been set in the range of ₹88 to ₹93 per share. The IPO of Ixigo will be a combination of a fresh issue of shares and offer for sale (OFS) component. The fresh issue brings in fresh funds into the company, but is also EPS and equity dilutive. On the other hand, OFS is just a transfer of ownership; and hence neither EPS nor equity dilutive.

The fresh issue portion of the IPO of Le Travenues Technology (Ixigo) comprises the issue of 1,29,03,226 shares (129.03 lakh shares approximately), which at the upper price band of ₹93 per share will translate into a fresh issue size of ₹120.00 crore. The offer for sale (OFS) portion of the IPO of Ixigo comprises the sale / offer of 6,66,77,674 shares (666.78 lakh shares approximately), which at the upper price band of ₹93 per share will translate into an OFS size of ₹620.10 crore.

Out of the OFS size of 666.78 lakh shares, 8 selling shareholders will offer the entire quantity in the OFS. The selling shareholders include SAIF Partners (194.37 lakh shares), Peak XV Partners (130.24 lakh shares), Aloke Bajpai (119.50 lakh shares), Rajnish Kumar (119.50 lakh shares), Micromax Informatics (54.87 lakh shares), Placid Holdings (30.48 lakh shares),  Catalyst Trusteeship (13.34 lakh shares), and Madison India Capital (4.47 lakh shares). All selling in OFS will be by investor shareholders, since the company is professionally managed and does not identify with a promoter group. Thus, the total IPO of Ixigo will comprise of a fresh issue and an OFS of 7,95,80,900 shares (795.81 lakh shares approximately) which at the upper end of the price band of ₹93 per share aggregates to total issue size of ₹740.10 crore. The Ixigo IPO will be listed on the NSE and the BSE on the IPO mainboard.

The fresh funds will be used for funding working capital needs, investing in cloud infrastructure and technology, as well as to fund inorganic growth via M&A. The company, being a professionally managed company, does not have an identified promoter group. The IPO will be lead managed by Axis Capital, DAM Capital Advisors (formerly IDFC Securities), and JM Financial; while Link Intime India Private Ltd will be IPO registrar.

The response to the IPO of Ixigo was quite strong overall, and the subscriptions were especially robust for the QIB and the HNI / NII portion. The subscriptions were also modest to strong for the retail portion. The overall subscription was 98.10X but the retail portion subscription was more modest. The QIB portion got subscribed 106.73 times while the HNI / NII portion got subscribed 110.25 times. The Retail portion was subscribed  at just about 53.95 times, which is almost at par with the median for retail investors in similar sized IPOs. The positive takeaway for retail investors from an allocation perspective is that SEBI new allocation norms tend to give weightage to ensuring that as many applicants as possible get at least one lot allocation in the IPO, before redistributing higher numbers. That enhances retail chances of getting allotment in this IPO, especially if more applications are put through all family members. 

Next steps after the closure of the Ixigo IPO

The issue opened for subscription on 10th June 2024 and closed for subscription on 12th June 2024. The basis of allotment will be finalized on 13th June 2024 and the refunds will be initiated on 14th June 2024. In addition, the demat credits are expected to also happen on 14th June 2024 and the stock will list on 18th June 2024 on the NSE and the BSE. The IPO of Le Travenues Technology (Ixigo) will test the appetite for private sector new age ecommerce stocks in India. The credits to the demat account to the extent of shares allotted will happen by the close of 14th June 2024 under ISIN (INE0HV901016).

Investors would do well to remember that the level of subscription is very material as it determines the chances of getting allotment. Normally, higher the subscription ratio, lower