Speaking during its pre-IPO conference on Wednesday (June 5), ixigo cofounder and CEO Bajpai reiterated that its differentiating story lies in solving travel requirements in smaller cities, and said that ixigo is a unique Bharat story in this competitive space where you have multiple Online Travel Agency (OTAs). 

Ixigo will open its IPO on June 10, 2024. The issue will soon close on June 12, 2024. The allotment for the shares is expected to get finalised by June 13 and will be listed on June 18, 2024.

But the lens through which they look at their users, the lens through which they look at the problems they need to solve, is very different.

Infact, the company said that its differentiated approach gives Ixigo the confidence to go public despite the current market condition, which is extremely volatile.

ixigo clocked a consolidated net profit of INR 65.7 Crore in the first nine months of financial year 2024 (FY24), up 3X from Rs 23.4 Cr in the entire FY23. Its operating revenue also jumped to Rs 491 Cr in the first nine months period of the previous fiscal from Rs 501.2 Crore in FY23. 

In 2024, ixigo will be the fourth new-age tech startup to go for a mainboard IPO. This follows the market debuts of Awfis, Go Digit, and TBO Tek.

These companies had varied responses from the public market. For example, Go Digit had a modest start in the public market, with a 3-5% premium over the issue price. 

Awfis had a more successful market debut, with a 12-13% premium. Meanwhile, TBO Tek had a significant 50-55% premium when it went public. 

Industry experts have noted that the public market is more interested in subscribing to the public issues of companies with unique qualities or early mover advantage and considering profitability and valuation factors.

During the pre-IPO conference on Wednesday (June 5), ixigo cofounder and CEO Bajpai highlighted the company’s strength in focusing on railway ticketing and serving Tier II and smaller markets.