The IPO comprises a fresh issue of ₹375 cr and an OFS of up to 22.61 mn shares by promoters and shareholders
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RateGain Travel Technologies Pvt. Ltd’s three-day initial public offering (IPO) will open for subscription on 7 December. The software-as-a-service (SaaS) company plans to list on 17 December on the exchanges.
The IPO comprises a fresh issue of ₹375 crore and an offer for sale of up to 22.61 million shares by existing shareholders and promoters.
As part of the offer for sale Wagnar Ltd will put up to 17.11 million shares, Bhanu Chopra 4.04 million shares, Megha Chopra 1.29 million shares and up Usha Chopra up to 0.15 million shares.
RateGain is among the leading distribution technology companies globally and are the largest software-as-a-service company in the hospitality and travel industry in India.
As of 30 June, it had over 1,400 clients, including eight global Fortune 500 companies. Its customers include Six Continents Hotels, Inc., an InterContinental Hotels Group firm; luxury hotel chain Kessler Collection; Lemon Tree Hotels and Oyo Hotels and Homes Pvt. Ltd. It caters to 1,186 large- and mid-size hotel chains, 104 travel partners, such as airlines, car rentals and cruise companies; besides over 144 distribution partners including OTAs such as GroupOn, besides distribution companies such as Sabre GLBL Inc., across 110 countries as of 30 June.
The company’s revenue fell from ₹398.7 crore in FY20 to ₹250.7 crore in 2020-21 due to the impact of covid-19 on the travel sector. It reported losses of ₹27.8 crore in FY21, up from ₹12.8 crore in losses in the previous fiscal. The company had reported a profit of ₹11.5 crore in FY19 on a revenue of ₹261.5 crore.