RateGain Travel Technologies IPO was subscribed 0.75 times on 2nd day of its issueRateGain Travel Technologies preliminary public deal (IPO) was subscribed 0.75 times on the 2nd day of its problem, as it received 12.93 million quotes against the offer of 17.35 million shares, according to stock market data.Retail investors placed bids for 3.98 times the shares reserved for them.
Non-institutional financiers bid for 0.08 times their quota, while certified institutional buyers (QIBs) are yet to location orders for the issue.RateGain Travel Technologies is planning to raise Rs 1,335.74 crore from the IPO which includes a sell of Rs 960.74 crore and fresh concern of Rs 375 crore.
Under the market (OFS) its financier Wagner Limited in addition to its promoters Bhanu Chopra, Megha Chopra and Usha Chopra are unloading over 2.2 crore shares.Promoters' shareholding stands at 65.4 per cent, which will boil down to 55 per cent after the issue.The company is planning to sell shares in the rate band of Rs 405-425 per equity share and a retail investor can bid for minimum one lot of 35 shares and approximately optimum of 13 lots.
One great deal of RateGain Travel Technologies shares in the IPO will cost Rs 14,875.
As much as 75 per cent of the concern is reserved for qualified institutional purchasers, 15 per cent for non-institutional financiers and 10 percent for retail investors.The business will utilize the profits from the IPO to repay financial obligations availed by Rategain UK, make payment of deferred consideration for acquisition of DHISCO, tactical financial investments, acquisition, and inorganic development, to make financial investment in technology innovation, expert system, and other organic development initiatives, purchase capital devices for the company's information center and to satisfy general corporate purposes.Rategain Travel Technologies is among the leading circulation technology business internationally and the largest Software application as a Service (SaaS) service provider in the travel and hospitality industry in India.
The firm provides travel and hospitality services throughout various verticals like hotels, airlines, online travel representatives, meta-search business, package suppliers, automobile rentals, cruises, and ferryboats.