RateGain Travel Technologies, a prominent player in the travel and hospitality software-as-a-Service (SaaS) sector, has embarked on a qualified institutions placement (QIP) with the aim of raising Rs 600 crore. The company’s strategic move involves raising Rs 400 crore through a base issue and an additional Rs 200 crore via a greenshoe option, as reported by CNBC TV-18.
The fund raise committee, convening on November 15, gave the green light to RateGain Travel Technologies’ QIP, setting the floor price for the offering at Rs 676.66 per equity share, as disclosed in a filing with the Bombay Stock Exchange (BSE).
According to the BSE filing, the company may provide a discount of up to 5 percent on the floor price calculated for the issue. The final issue price will be determined through collaboration between the company and the appointed book running lead managers.
Having successfully raised approximately Rs 1,336 crore through its initial public offering (IPO) in 2021, with an IPO price band ranging from Rs 405 to Rs 425 per share, RateGain Travel Technologies continues its strategic financial initiatives. Prior to the public subscription phase, the company secured Rs 598.83 crore from 34 investors.
Founded in 2004 by Bhanu Chopra, RateGain specializes in offering a comprehensive SaaS platform tailored for hotels. The platform focuses on critical aspects such as revenue management, reputation management, and online distribution. Beyond its hotel-centric services, RateGain collaborates with a diverse range of entities, including airlines, online travel agents, meta-search firms, vacation rental and package providers, and car rental companies.
The QIP represents a strategic move for RateGain Travel Technologies to bolster its financial position and support ongoing initiatives aimed at enhancing its suite of services. As the travel and hospitality industry undergoes dynamic shifts, RateGain’s focus on technological solutions positions it as a key player in meeting the evolving needs of the sector. Investors and industry stakeholders will be keenly observing the outcome of this QIP as RateGain continues its trajectory of growth and innovation.
