New Delhi: Shares of RateGain Travel Technologies made a weak debut at the exchanges on Friday. The stock got listed at Rs 360 on the NSE index, a 15.29 per cent discount over its issue price of Rs 425. On BSE, the scrip started trading at Rs 364.80.
The Software as a Service (SaaS) company’s initial share sale witnessed a strong response from investors, with the issue subscribed 17.41 times on the last day of the offer on December 9.
All the categories, including those for Qualified Institutional Buyers (QIBs) and Retail Individual Investors (RIIs), were oversubscribed.
As per the data, the portion for QIBs was subscribed 8.42 times wherein 7,90,84,950 bids were received for 93,93,424 shares on sale.
In the case of non-institutional investors, the quota got 42.04 times subscription. The RII category was subscribed 8.08 times.
The subscription stood at 1.37 times for the employees’ quota wherein for 1,29,870 shares on offer, 1,77,415 bids were received.
The company had raised Rs 599 crore from anchor investors. The travel and hospitality technology services provider’s offer is expected to fetch Rs 1,335.73 crore at the upper end of the price band.
Among other purposes, proceeds from the fresh issue will be used for payment of debt availed by RateGain UK, one of the subsidiaries, from Silicon Valley Bank; payment of deferred consideration for the acquisition of DHISCO and strategic investments, acquisitions, and inorganic growth.