RateGain Travel Technologies IPO Subscribed 75% On Day 2
Retail investors led bidding for shares of RateGain Travel Technologies Ltd. on the second day of its Rs 1,335.70-crore initial public offering.
The IPO was subscribed 75% by the end of day two, after recording a muted response on the first day.
While the retail portion of the offer was fully subscribed within the first hour of opening on Tuesday, the portion reserved for institutional investors remained unsubscribed. The IPO will close on Dec. 9.
The software-as-a-service company's issue 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 is selling 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 2
The IPO was subscribed 0.75 times or 75% as of 5 p.m. on Dec. 8.
Institutional investors: 0 times.
Non-institutional investors: 0.08 times.
Retail investors: 3.98 times.
Employees: 0.72 times.