RateGain Travel Technologies on December 6 garnered Rs 598.83 crore from 34 anchor investors ahead of the opening of its initial public offering. The bidding for the offer will open on December 7 and close on December 9.
The company in its BSE filing said that after consultation with merchant bankers, it has finalised allocation of 1,40,90,136 equity shares to anchor investors at a price of Rs 425 per equity share, the upper price band.
The price band for the offer has been fixed at Rs 405-425 per equity share.
Marquee investors invested in the company through its anchor book were the Government of Singapore, Monetary Authority of Singapore, Nomura, Golman Sachs, Pinebridge Global Funds, HSBC, Kuber India Fund, Jupiter South Asia Investment Company, Segantii India Mauritius, BNP Paribas, and Tantallon India Fund.
Among others, ICICI Prudential, Nippon Life India Trustee, Aditya Birla Sun Life Trustee, Sundaram Mutual Fund, SBI Life Insurance, and Axis Mutual Fund also participated in the anchor book.
Out of the total allocation of 1.40 crore equity shares to the anchor investors, 42,35,420 equity shares or 30 percent of total anchor portion were allocated to 6 domestic mutual funds through a total of 20 schemes, the company said.
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RateGain Travel Technologies, the largest Software as a Service (SaaS) company in the hospitality and travel industry in India, is planning to raise Rs 1,335.74 crore through its public issue that comprises a fresh issuance of shares worth Rs 375 crore and an offer for sale (OFS) of up to 2,26,05,530 equity shares by promoters and an investor.
The company has reserved shares worth Rs 5 crore for its employees who will get those shares at a discount of Rs 40 per share to the final issue price.
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The fresh issue proceeds will be utilised for repaying debts; payment of deferred consideration for acquisition of DHISCO; and strategic investments, acquisitions and inorganic growth.
The fresh issue money will also be used for investment in technology innovation, artificial intelligence and other organic growth initiatives; purchase of certain capital equipment for the data centre; and general corporate purposes.Also read
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