le Travenues Technology, the parent company of online travel booking site Ixigo, made a blockbuster opening on its first day of trading on the stock exchanges.

Beating all expectations, Ixigo's share price rose 49% on Tuesday compared to Rs 93. By 2 pm, it had crossed the upper 20% circuit and was trading at Rs 165.72, a premium of 78% from the issue price. Ixigo has a market cap of Rs 6,420.38 crore.

This is the strongest opening by an Indian startup on its first day as a publicly traded company. Earlier in 2021, Zomato gained 66% on its first day of trading.

ixigo has become the third company from the Indian startup ecosystem to list on stock exchanges this year, the other two being GoDigit and Office. Both of these companies had more modest stock market debuts.

The travel booking company has raised Rs 720 crore in an initial public offering (IPO), which is a combination of its offer and fresh issue of equity. The issue was subscribed 98.34 times.

The company has investors including Elevation Capital and Peak XV.

"After overcoming many difficult and near-failure situations, we are proud of the company the founders built and grateful for the opportunity to be a part of it as Ixigo moves into the next phase of its journey today." Lakhani said.

"We first partnered with Alok and Rajnish in 2016, but we've known them for 16 years and to see them go public today is a career highlight," Peak XV MD Shailesh Lakhani said in a statement. Owning four of the top 10 travel apps in India, ixigo is the best online travel platform to help millions of travelers explore India and the world,” he added.

ixigo plans to use the IPO proceeds for working capital purposes, investments in technology, acquisitions and general corporate purposes.