Travel and hospitality Software-as-a-Service (SaaS) company
opened for subscription to raise Rs 1,336 crore from its Initial Public Offering (IPO) today. The price band has been fixed at Rs 405 to Rs 425 per share.Ahead of the opening for public subscription, the company announced raising Rs 598.83 crore from 34 marquee investors.Founded in 2004 by Bhanu Chopra, RateGain provides hotels a SaaS platform for revenue management, reputation management and online distribution. The platform also works with airlines, Online Travel Agents (OTAs), meta-search companies, vacation rental and package providers, car rental companies, and others.
According to a filing with the exchanges, the company will allot 1,40,90,136 equity shares to the 34 anchor investors. These investors include Singapore sovereign fund GIC, ICICI Prudential Mutual Fund, SBI Life Insurance, Nomura, Nippon Mutual Fund, Pinebridge, Axis Mutual Fund, Birla Mutual Fund and ICICI Prudential Life Insurance, to…