RateGain Unveils QIP for Rs 600 Crore Funding

Summary:

RateGain Travel Technologies, a Software as a Service (SaaS) company operating within the travel and hospitality sector, has recently announced its plans to raise Rs 600 crore through a qualified institutions placement (QIP). This strategic move involves a base issue of Rs 400 crore and an additional Rs 200 crore through a greenshoe option. The fund raise committee of RateGain Travel Technologies sanctioned the QIP during a meeting held on November 15, 2021.

The QIP, as per the company’s filing on the Bombay Stock Exchange (BSE), has a floor price set at Rs 676.66 per equity share. The company has the flexibility to offer a discount of up to 5 percent on this calculated floor price. The final issue price will be determined in coordination with the appointed book-running lead managers.

RateGain Travel Technologies is a prominent player in the travel and hospitality technology space. The company’s focus on providing software solutions for the travel industry positions it well to attract institutional investors. The QIP is a strategic initiative to bolster the company’s financial resources, enabling it to further develop its technology offerings and expand its market presence.

Key Points:

– Fund Raise Amount: Rs 600 crore (Rs 400 crore base issue + Rs 200 crore via greenshoe option)
– Organizations Involved: RateGain Travel Technologies (parent company), book-running lead managers (determined in coordination with the company)
– Key Person: Head of RateGain Travel Technologies’ fund raise committee (sanctioned the QIP on November 15, 2021)
– Location: BSE (Bombay Stock Exchange), where the QIP filing was submitted
– Property/Brand: RateGain Travel Technologies (SaaS company in travel and hospitality sector)
– Strategic Topic: Expansion of technology offerings and market presence through additional funding
– Named Solution: None explicitly mentioned in the article

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