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RateGain Travel IPO: public issue opens today

K. S. Badri Narayanan | | | Updated on: Dec 07, 2021
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RateGain Travel raises ₹598.83 crore from anchor investors

 

The ₹1,335-crore RateGain Travel Technologies will open for subscription to public shareholders on Tuesday. The price band of the issue is ₹405-425 a share and the minimum order quantity is 35 shares. The IPO will close on December 9.

The IPO consists of a fresh issue of shares worth ₹375 crore and an offer for sale (OFS) of up to 2,26,05,530 shares. Shares worth ₹5 crore will be reserved for the eligible employees, who can enjoy a discount of ₹40 a share.

Anchor investors

On Monday, Rategain Travel Technologies Limited has decided to allot about 1.41 crore shares at ₹425 a share to anchor investors to raise ₹598.83 crore. Among the anchor investors included Government of Singapore, Monetary Authority of Singapore, Nomura, ICICI Prudential Mutual Fund, SBI Life Insurance, Nippon Mutual Fund, Pinebridge, Axis Mutual Fund, Birla Mutual Fund, ICICI Prudential Life Insurance, Kuber India Fund, HSBC Small Cap Fund, BNP Paribas and Tantaloon India Fund.

SaaS company

RateGain Travel Technologies (RateGain) is one of the few global distribution technology companies and the largest Software as a Service (SaaS) company in the hospitality and travel industry in India. It offers travel and hospitality solutions across a wide spectrum of verticals, including hotels, airlines, online travel agents, meta-search companies, cruises and ferries etc.

Proceeds from the fresh issue will be used for payment of debt availed by RateGain UK, one of the subsidiaries, from Silicon Valley Bank; payment of deferred consideration for acquisition of DHISCO and strategic investments, acquisitions and inorganic growth.

Kotak Mahindra Capital Company, IIFL Securities and Nomura Financial Advisory and Securities (India) are the book running lead managers to the issue.

Published on December 07, 2021

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