Latest News | Rategain Travel IPO Subscribed 41 Pc on Day 1 of Offer
Get latest articles and stories on Latest News at LatestLY. The initial public offer of Rategain Travel Technologies Limited received a 41 per cent subscription on the first day on Tuesday.
New Delhi, Dec 7 (PTI) The initial public offer of Rategain Travel Technologies Limited received a 41 per cent subscription on the first day on Tuesday.
The IPO received bids for 71,88,090 shares against 1,73,51,146 shares on offer, according to data available with the exchanges.
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The Retail Individual Investors (RIIs) category received full subscriptions on the first day, getting subscribed 2.23 times, while the non-institutional investors' portion got subscribed 4 per cent.
The initial public offer (IPO) has a fresh issue of up to Rs 375 crore and an offer for sale of up to 2,26,05,530 equity shares.
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The three-day offer has a price range of Rs 405-425 per share.
RateGain Travel Technologies on Monday raised Rs 599 crore from anchor investors.
The travel and hospitality technology services provider's offer is expected to fetch Rs 1,335.73 crore at the upper end of the price band.
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 the acquisition of DHISCO and strategic investments, acquisitions, and inorganic growth.
Also, the funds will be invested in technology innovation, artificial intelligence, and other organic growth initiatives; purchase of certain capital equipment for the data center; and general corporate purposes.
RateGain is among the leading distribution technology companies globally and the largest Software as a Service (SaaS) company in the hospitality and travel industry in India.
The company offers travel and hospitality solutions across a wide spectrum of verticals including hotels, airlines, online travel agents (OTAs), meta-search companies, vacation rentals, package providers, car rentals, rail, travel management companies, cruises, and ferries.
Kotak Mahindra Capital Company, IIFL Securities, and Nomura Financial Advisory and Securities (India) are the managers of the offer.
The equity shares of the company will be listed on the BSE and NSE.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)