Strange India All Strange Things About India and world

RateGain Travel Technologies IPO was subscribed 41% on first day of issueThe initial public offer (IPO) of RateGain Travel Technologies, which opened for subscription on Tuesday, December 7, 2021, was subscribed 41 per cent at the end of first day’s bidding.It received total bids for 71,88,090 shares across both the stock exchanges against 1,73,51,146 shares on offer, according to BSE data.The portion reserved for retail investors had been subscribed 2.23 times and that of employees saw a 34 per cent subscription.RateGain Travel Technologies is planning to raise Rs 1,335.74 crore from the IPO which consists of an offer for sale of Rs 960.74 crore and fresh issue of Rs 375 crore. Under the offer for sale (OFS) its investor Wagner Limited along with its promoters Bhanu Chopra, Megha Chopra and Usha Chopra are offloading over 2.2 crore shares.Promoters’ shareholding stands at 65.4 per cent, which will come down to 55 per cent after the issue.The company is planning to sell shares in the price band of Rs 405-425 per equity share and a retail investor can bid for minimum one lot of 35 shares and up to maximum of 13 lots. One lot of RateGain Travel Technologies shares in the IPO will cost Rs 14,875.Up to 75 per cent of the issue is reserved for qualified institutional buyers, 15 per cent for non-institutional investors and 10 per cent for retail investors.The company will use the proceeds from the IPO to repay debts availed by Rategain UK, make payment of deferred consideration for acquisition of DHISCO, strategic investments, acquisition, and inorganic growth, to make investment in technology innovation, artificial intelligence, and other organic growth initiatives, purchase capital equipment for the company’s data center and to meet general corporate purposes.Rategain Travel Technologies is one of the leading distribution technology companies globally and the largest Software as a Service (SaaS) provider in the travel and hospitality industry in India. The firm offers travel and hospitality services across different verticals like hotels, airlines, online travel agents, meta-search companies, package providers, car rentals, cruises, and ferries.

Source link


Leave a Reply

Your email address will not be published. Required fields are marked *