RateGain Travel Technologies IPO Subscribed 41% On Day 1
RateGain Travel Technologies Ltd., a software-as-a-service provider to the hotels and travel industry, launched its Rs 1,335.70-crore maiden issue on Tuesday, joining India's record IPO.
The retail portion was fully subscribed within the first hour of opening.
The initial public offer comprises a fresh issue of shares worth Rs 375 crore and an offer for sale of Rs 960.7 crore by promoters and other investors, according to its red herring prospectus.
The company will sell shares at Rs 405-425 apiece, pegging the market value at Rs 4,536.7 crore at the upper end. The IPO constitutes 29.44% of the post paid-up equity share capital. The promoters will continue to hold 56.2% after the share sale.
Subscription Details: Day 1
The IPO was subscribed 0.41 times or 41% as of 5 p.m. on Dec. 7.
Institutional investors: 0 times.
Non-institutional investors: 0.04 times.
Retail investors: 2.23 times.
Employees: 0.34 times.