Travel IT Start-up RateGain Acquires INR 598.83 Crore in Anchor Round
RateGain, a travel IT incubator, has acquired INR 598.83 crore in an anchor round ahead of its IPO.
At the highest price band of INR 425 per equity share, RateGain has allotted 14,090,136 equity shares.
The Government of Singapore, Nippon Mutual Fund, the Monetary Authority of Singapore, Nomura, Pinebridge, ICICI Prudential Life Insurance, SBI Life Insurance, Axis Mutual Fund, Birla Mutual Fund, and ICICI Prudential Mutual Fund were among the significant anchor investors.
Singapore's government has put in roughly INR 70 crore, while India's Monetary Authority has put in INR 15.10 crore.
A total of 4,235,420 equity shares were awarded to six domestic mutual funds, including ICICI Prudential, Aditya Birla Sun Life, and Nippon Life India, through a total of 20 schemes, out of the total allocation of 14,090,136 equity shares to anchor investors.
The Initial Public Offering (IPO) will begin on Tuesday, December 7 with a price range of INR 405 to INR 425.
A fresh issue of shares worth INR 375 crore is included in the offer, as well as an offer for sale (OFS) of up to 2,26,05,530 shares. Employees who qualify will be given shares worth INR 5 crore.
RateGain has reduced the size of its new offering from INR 400 crores to INR 200 crores.
Bids can be placed for a minimum of 35 equity shares and then in multiples of 35 shares.
According to the RHP, RateGain will utilise INR 85.26 Cr to repay a loan from Silicon Valley Bank to RateGain UK. In addition, it will use INR 25.2 crore in deferred consideration for the DHISCO acquisition beginning in 2018.
The company intends to spend INR 40.77 crore on capital equipment for its data centre.
It plans to spend INR 80 crore on strategic investments, acquisitions, and inorganic expansion, as well as INR 50 crore on technology innovation, artificial intelligence, and other organic development activities.
Bhanu Chopra founded RateGain in 2004 to provide a SaaS tool for travel and hospitality organisations to assist them optimise operations and sales. It allows these companies to price their products appropriately depending on demand, current market rates, and other factors, allowing hotels and booking agents to maximise revenue.
The Delhi NCR-based firm posted a net loss of INR 28.57 crore in the last financial year (FY21), up 42% from INR 20.10 crore in FY20.
In FY21, it recorded revenue from operations of INR 250.79 crore, down 37% from INR 398.71 crore in FY20.
InterContinental Hotels, The Kessler Collection, Lemon Tree Hotels and another IPO-bound travel upstart, OYO Hotels and Homes, are among its clients.
At the highest price band of INR 425 per equity share, RateGain has allotted 14,090,136 equity shares.
The Government of Singapore, Nippon Mutual Fund, the Monetary Authority of Singapore, Nomura, Pinebridge, ICICI Prudential Life Insurance, SBI Life Insurance, Axis Mutual Fund, Birla Mutual Fund, and ICICI Prudential Mutual Fund were among the significant anchor investors.
Singapore's government has put in roughly INR 70 crore, while India's Monetary Authority has put in INR 15.10 crore.
A total of 4,235,420 equity shares were awarded to six domestic mutual funds, including ICICI Prudential, Aditya Birla Sun Life, and Nippon Life India, through a total of 20 schemes, out of the total allocation of 14,090,136 equity shares to anchor investors.
The Initial Public Offering (IPO) will begin on Tuesday, December 7 with a price range of INR 405 to INR 425.
A fresh issue of shares worth INR 375 crore is included in the offer, as well as an offer for sale (OFS) of up to 2,26,05,530 shares. Employees who qualify will be given shares worth INR 5 crore.
RateGain has reduced the size of its new offering from INR 400 crores to INR 200 crores.
Bids can be placed for a minimum of 35 equity shares and then in multiples of 35 shares.
According to the RHP, RateGain will utilise INR 85.26 Cr to repay a loan from Silicon Valley Bank to RateGain UK. In addition, it will use INR 25.2 crore in deferred consideration for the DHISCO acquisition beginning in 2018.
The company intends to spend INR 40.77 crore on capital equipment for its data centre.
It plans to spend INR 80 crore on strategic investments, acquisitions, and inorganic expansion, as well as INR 50 crore on technology innovation, artificial intelligence, and other organic development activities.
Bhanu Chopra founded RateGain in 2004 to provide a SaaS tool for travel and hospitality organisations to assist them optimise operations and sales. It allows these companies to price their products appropriately depending on demand, current market rates, and other factors, allowing hotels and booking agents to maximise revenue.
The Delhi NCR-based firm posted a net loss of INR 28.57 crore in the last financial year (FY21), up 42% from INR 20.10 crore in FY20.
In FY21, it recorded revenue from operations of INR 250.79 crore, down 37% from INR 398.71 crore in FY20.
InterContinental Hotels, The Kessler Collection, Lemon Tree Hotels and another IPO-bound travel upstart, OYO Hotels and Homes, are among its clients.
