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Ixigo IPO: A look at the online travel aggregator’s listed rivals

3 weeks ago 29

Online travel company Ixigo on Monday debuted on the bourses with a 45% premium over its issue price, its stock hitting the upper circuit at 11.41 am at Rs 161.99 on the BSE.

The initial public offering (IPO) of Le Travenues Technology, which operates the travel platform Ixigo, saw massive demand among institutional and non-institutional investors, with the issue being oversubscribed 98 times when it closed on June 12.


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Ixigo joins its competitors Makemytrip, Easemytrip and Yatra on the bourses.

Here’s a comparative analysis of the companies in the travel sector and their performance over the past year.

Financials

Ixigo: For the nine months ended December 2023, revenue from operations increased 31% on year to Rs 497 crore, while net profit jumped multifold to Rs 65.7 crore.


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Also read | ETtech Q&A | We pivoted multiple times, have been close to bankruptcy: Ixigo founders

Makemytrip: With travel demand reviving post-Covid-19, market leader Makemytrip, listed on the Nasdaq, ended FY24 with record profit and gross bookings. Revenue was up nearly 36% at $782.5 million in the fiscal, while adjusted operating profit (EBIT) surged to $124 million.

Yatra: On the other hand, online travel portal Yatra slipped into the red in FY24, reporting a loss of Rs 32.6 crore. It saw an 11% jump in revenue in the financial year at Rs 422.3 crore. Yatra is also listed in the US.

Easemytrip: In fiscal 2024, Easemytrip, which listed on the Indian exchanges in March 2021, posted revenue from operations that were up over 30% at Rs 590.6 crore, along with profit after tax (PAT) at Rs 157.6 crore.

Stock performance

The shares of Nasdaq-listed Makemytrip have gained 71% year-to-date (YTD). It closed at $78.97 on June 17. The stock reached a high of $89.83 in the last 52 weeks and a low of $25.75.

Meanwhile, the Yatra stock fell nearly 14% YTD, closing 1% below its previous close at Rs 129.33. In the past year, the stock saw a high of Rs 193.95 and a low of Rs 120.15

The Easemytrip stock has gained over 6% YTD, rising as high as Rs 54 in the past 52 weeks, and falling to as low as Rs 37. It closed at Rs 43.34 on Tuesday.

Market dynamics

The online travel aggregator industry was impacted adversely due to the Covid-19 pandemic, with all players witnessing a steep decline in revenues, bookings and profits during the year. However, the recovery post-pandemic was swift. Some players witnessed a more than double-digit growth in FY23 compared to FY20.

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