On BSE, RateGain Travel Technologies starts trading at Rs 364.80.
New Delhi: Shares of RateGain Travel Technologies had a weak debut on exchanges on Friday. Shares are listed at Rs 360 on the NSE index, down 15.29% from the issue price of Rs 425. On BSE, the script started trading at Rs 364.80.
The company’s initial share sale of Software as a Service (SaaS) saw a strong reaction from investors, with the issue registered 17.41 times on the last day of the offering. on sale on December 9.
All categories, including the Qualified Institutional Buyer (QIB) and Retail Individual Investor (RII) categories, were oversubscribed.
According to the data, the section for QIB was registered 8.42 times, of which 7,90,84,950 bids were received for 93,93,424 shares sold.
For non-institutional investors, the quota gets 42.04 registrations. Category RII has been registered 8.08 times.
The number of registrations stood at 1.37 times for the employee quota, of which 1,29,870 shares were offered for sale, 1,77,415 bids were received.
The company has raised Rs 599 crore from anchor investors. The travel and hotel technology service provider offer is expected to fetch Rs 1,335.73 at the top end of the price range.
Among other purposes, the proceeds of the new issue will be used to pay off debts collected by RateGain UK, one of its subsidiaries, from Silicon Valley Bank; deferred payments for DHISCO acquisitions and strategic investments, acquisitions and inorganic growth.
