IPO Screener: Shriram Properties IPO opens today (Dec 8, 2021)

K. S. Badri Narayanan | | | Updated on: Dec 08, 2021

IPO (initial public offering) | Photo Credit: Ildo Frazao

RateGain Travel issue subscribed 0.42 times on Day 1

The initial public offering of Shriram Properties will open for subscription on Wednesday. This issue comprises a fresh issuance of equity shares worth Rs 250 crore and an offer for sale (OFS) of Rs 350 crore. The price band of the issue has been fixed as Rs 113-118. The IPO will conclude on December 10 and the market lot is 125 shares.

The issue includes a reservation for employee worth Rs 3 crore and they will receive at a discount of Rs 11 a share on the final issue price.

The company plans to utilise the net proceeds from the fresh issue towards repayment and/ or pre-payment of debt and general corporate purposes.

Anchor investors

On Tuesday, Shriram Properties raised a Rs 268.64 crore from anchor investors. The company has decided to allot 2.28 crore shares to anchor investors at Rs 118 a share. BNP Paribas Arbitrage, Societe Generale, SBI Life Insurance Co Ltd, HDFC Life Insurance Company, Sundaram Mutual Fund (MF), Aditya Birla Sun Life MF, and HDFC MF are among the anchor investors.

Rategain Travel

The Rs 1,335-crore RateGain Travel Technologies was subscribed 0.41 time at the end of Day one of issue opening on Tuesday. The issue, which came out with a price band of Rs 405-425 a share, saw a strong response from retail investors. The quota set aside for retail investors was subscribed 2.23 times.

The minimum order quantity is 35 shares. The IPO will close on Thursday.

The IPO consists of a fresh issue of shares worth Rs 375 crore and an offer for sale (OFS) of up to 2.26 crore shares. About Rs 5 crore worth shares will be reserved for the eligible employees, who can enjoy a discount of Rs 40 a share.

Non-institutional investors have bought 4 percent shares, so far, against their reserved portion, while qualified institutional buyers were yet to put in bids for the offer.

Anchor investors

On Monday, Rategain Travel Technologies Limited has decided to allot about 1.41 crore shares at Rs 425 a share to anchor investors to raise Rs 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 08, 2021
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