Shares of Le Travenues, which operates online travel booking platform Ixigo, soared 78 per cent on their market debut (June 18) and surged 80.4 per cent in the three days over their issue price. Ixigo has joined competitors EaseMyTrip and Yatra on the bourses.
Analysts believe the blockbuster response to ixigo may lead to greater scrutiny of the financial performance of other online travel aggregators (OTAs) like Easy Trip Planners, and Yatra Online.
They, however, expressed caution against chasing the momentum in the pack, given the cyclical nature of the industry.
"After the general elections, we are witnessing continuity of the bull run in both secondary and primary markets. The kind of run-up that ixigo shares saw was an impact of it. Investors, however, must remember the uncertainty that pertains in such tech-enabled, travelbased companies because of the seasonality in the tourism industry," said Narendra Solanki, head of fundamental research (investment services), at Anand Rathi Shares and Stock Brokers.
This story is from the June 21, 2024 edition of Business Standard.
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This story is from the June 21, 2024 edition of Business Standard.
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