RateGain Travel Tech launches QIP to raise Rs 600 Cr
The floor price for the QIP was set at Rs 676.66 per equity share, and the company can offer a discount of up to 5% on the floor price.
RateGain Travel Technologies, a travel and hospitality software-as-a-Service (SaaS) company, has launched a qualified institutions placement (QIP) to raise Rs 600 crore.
It is looking to raise Rs 400 crore via a base issue and Rs 200 crore through a greenshoe option, according to a report by CNBC TV-18.
The fund raise committee, at its meeting held on November 15, approved Travel Technologies' QIP, and the floor price for the QIP was set at Rs 676.66 per equity share, according to a BSE filing by the company.
“The company may offer a discount of not more than 5 percent on the floor price so calculated for the issue. The issue price will be determined by the company in consultation with the book running lead managers appointed in relation to the issue," said the filing.
The company had earlier raised around Rs 1,336 crore through its initial public offering (IPO) in 2021, with the IPO price band set between Rs 405 and Rs 425 per share. Ahead of the opening for public subscription, the company had secured Rs 598.83 crore from 34 investors.
RateGain, established in 2004 by Bhanu Chopra, provides a SaaS platform for hotels focusing on revenue management, reputation management, and online distribution. The company's services extend beyond hotels and include collaboration with airlines, online travel agents, meta-search firms, vacation rental and package providers, and car rental companies.
Edited by Swetha Kannan