RateGain Travel Technologies, a global provider of SaaS solutions in the hospitality and travel industry, closed its ₹600 crore QIP on Monday, it said in an exchange filing.
The fundraising committee of the board approved the allotment of 93.31 lakh equity shares of the company at a price of ₹643 apiece. The QIP issue price is a 10.2% discount to the stock's Monday's closing price.
When compared to the SEBI floor price of ₹676, the QIP issue price is at a discount of 5%. CNBC-TV18 had also mentioned citing sources at the time of the QIP opening that the indicative floor price of the issue is said to be ₹643.
A total of ten institutional investors have been issued shares by the company in the QIP, which include funds like Morgan Stanley, Societe Generale, ICICI Prudential, Pinebridge Global Funds among others.
| Allottees | No. Of Shares Allocated | % Of QIP Size |
| Societe Generale - ODI | 12.79 Lakh | 13.71% |
| TROO Capital | 9.33 Lakh | 10.00% |
| ICICI Prudential MF | 7.77 Lakh | 8.33% |
| Kotak Mahindra Life Insurance Co. | 5.44 Lakh | 5.83% |
| Morgan Stanley Asia | 5.32 Lakh | 5.71% |
RateGain plans to utilise the funds for strategic investments, acquisitions and inorganic growth. It aims to build an AI-powered integrated tech stack for the industry that will allow customers to acquire guests, retain and engage them as well as expand their wallet share.
"The technology landscape within travel is changing rapidly and the funds raised will help us consolidate RateGain’s position in the industry as well as provide our customers with worldclass AI-led products to drive revenue maximization,” RateGain founder and Managing Director Bhanu Chopra was quoted as saying.
Founded in 2004 and based in India, RateGain works with over 3,000 customers, including 23 out of the top 30 hotel chains and 25 out of the top 30 online travel agents.
RateGain went public in December 2021, listing below its IPO price of ₹425 per share. Since then, the stock has recovered to make a recent 52-week high of ₹733. The stock has gained nearly 150% so far in 2023.
First Published: Nov 21, 2023 5:15 AM IST
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