Le Travenues Technology, the parent company of online travel booking site ixigo, had a blockbuster opening on its first day of trading on the stock exchanges.

Exceeding all expectations, Ixigo's share price jumped 49% on Tuesday compared to Rs 93. At 2 pm, it hit the upper 20% circuit and was trading at Rs 165.72, an increase of 78% from the issue price. Ixigo has a market capitalisation of Rs 6, 420.38 crore.

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

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

The travel booking company has raised Rs 720 crore in the initial public offering (IPO), which is a combination of an offer for sale and a 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, as ixigo transitions to the next phase of today's journey, we are proud of the company the founders built and grateful for the opportunity to be a part of it. "Lakhani said.

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

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