RateGain Travel Technologies IPO registered 41% on first day of release
RateGain Travel Technologies’ Initial Public Offering (IPO), opened for registration on Tuesday, December 7, 2021, was 41% registered by the end of the first day of bidding.
It received a total bid of 71,88,090 shares on both exchanges compared with 1,73,51,146 shares offered for sale, according to BSE data.
The section dedicated to retail investors has been registered 2.23 times and employees have 34% registered.
RateGain Travel Technologies is planning to raise Rs 1,335.74 crore from the IPO, including an offer to sell Rs 960.74 and a new issue of Rs 375 crore. Under the offer to sell (OFS), investor Wagner Limited along with promoters Bhanu Chopra, Megha Chopra and Usha Chopra are selling off more than 2.2 crore of shares.
The promoters share ownership rate is 65.4%, which will decrease to 55% after the release.
The company is planning to sell shares in a price range of Rs 405-425 per share and retail investors can bid for a minimum of 35 shares and a maximum of 13 lots. A lot of shares of RateGain Travel Technologies in the IPO will be priced at Rs 14,875.
Up to 75% of the issuance goes to qualified institutional buyers, 15% to non-institutional investors, and 10% to retail investors.
The company will use the proceeds from the IPO to pay off debts collected by Rategain UK, deferred payments for the DHISCO acquisition, strategic investments, acquisitions and inorganic growth, to invest in public innovation technology, artificial intelligence and other organic growth initiatives, purchase capital equipment for the company’s data center and to meet the company’s general purposes.
Rategain Travel Technologies is one of the leading delivery technology companies globally and the largest Software as a Service (SaaS) provider in the travel and hospitality industry in India. The company provides travel and hospitality services across different verticals such as hotels, airlines, online travel agencies, search aggregators, package providers, car rentals , cruises and ferries.
