RateGain Travel Technologies share price continued to drop on Monday, extending losses after a weak listing on Friday. The RateGain stock slumped by as much as Rs 28 or more than eight percent to Rs 312.4 on BSE. At that level, the RateGain stock was available at a discount of 26.5 percent to its issue price of Rs 425.
ALSO READ
On NSE, the RateGain share price dipped to as low as Rs 313.2, down 7.9 percent from its previous close. That was at a 26.3 percent discount to its issue price.
On Friday, the stock of RateGain Travel Tech, a software as a service (SaaS) company, debuted on Dalal Street at a discount of around 15 percent to its issue price before declining further. At the end of the day, RateGain shares were at Rs 340.5 on the bourse, a discount of 19.9 percent.
RateGain Travel Technologies' weak listing comes amid sharp losses in the headline indices, and in stark contrast to the trend seen in the grey market, an unofficial market for unlisted securities.
On Friday, prior to the listing on stock exchanges BSE and NSE, RateGain Travel Technologies commanded a grey market premium (GMP) of Rs 45.
ALSO READ: What grey market really is
Shares in RateGain Travel Technologies, a software as a service (SaaS) company, were available for bidding in a price band of Rs 405-425, in multiples of 35, under the IPO. RateGain Travel's initial share sale was available for subscription from December 7 to December 9, and saw an overall subscription of 17.4 times.
The portions reserved for non-institutional investors, qualified institutional buyers (QIBs) and retail investors saw a booking of 8.4 times, 42 times and 8.1 times respectively. Out of the total RateGain IPO, 75 percent was reserved for qualified institutional buyers, 15 percent for non-institutional investors and 10 percent for retail investors.
First Published: Dec 20, 2021 12:02 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM
Celebrity Kangana vs 'royal' Vikramaditya on Himachal's Mandi seat: Clash of richest titans
May 18, 2024 11:11 AM
2024 Lok Sabha Elections | Will Amethi and Rae Bareli see the rise of Priyanka Gandhi as a dominant political figure
May 18, 2024 8:59 AM
Lok Sabha Election 2024: I.N.D.I.A. bloc to hold rally at Mumbai's BKC today
May 17, 2024 5:18 PM