RateGain IPO opens today: Check today's GMP, share price band, financials & other details
The RateGain IPO, which opens today, has a fixed price band of Rs 405-425 a share. RateGain IPO will close its initial offering on December 9.
- Republic Business
- 3 min read
RateGain Travel Technologies’ three-day initial public offering (IPO) will open for public subscription today, December 7. The software-as-a-service (SaaS) company, which earlier received a nod from SEBI for the offering, has fixed a price band of Rs 405-425 a share. The last day for the RateGain IPO subscription has been set for December 9.
Ahead of the RateGain IPO launch, the travel technologies company’s share premium slipped to Rs 85 from over a 100 in the grey market on Monday. The company’s GMP was constantly above Rs 100 in the past few days, which showed promise for the company as well as interested investors. The IPO will now open for its three-day listing with a lower premium on show.
RateGain IPO opening date
RateGain IPO will hit the stock market today. The offering, which is set to open, comprises a fresh issue of equity shares aggregating up to Rs 375 crore and an offer-for-sale (OFS) of up to 2.26 crore equity shares by promoters and existing shareholders. Out of the total OFS, 1.71 crore equity shares is being sold by Wagner Limited, up to 40.44 lakh equity shares by Bhanu Chopra and up to 12.94 lakh equity shares by Megha Chopra while Usha Chopra is letting go up to 1.52 lakh equity shares. In the offering, a reservation of shares worth Rs 5 crore has been kept for the company's employees.
At the upper end of the price band, the company is expected to get Rs 1,335.73 crore with the offering. Kotak Mahindra Capital Company Limited, IIFL Securities Limited and Nomura Financial Advisory and Securities (India) Private Limited takes place as the lead managers for the issue. Following the subscription, the company plans to list on 17 December on BSE and NSE.
A bit about RateGain
Having started its operations in 2004, RateGain today is among the leading distribution technology companies globally. It is the largest SaaS company in the hospitality and travel industry in India. As of the first half of the current fiscal, the company held a customer base of 1,462 customers including 8 Global Fortune 500 companies. The company have been on the growth as it added 272 active customers from 110 countries during the three year period from FY19 to FY21. Meanwhile, the company has noted that the proceeds from the offering will be used for payment of debt availed by RateGain UK, one of the subsidiaries, as well as payment of deferred consideration for acquisitions and inorganic growth.