New Delhi: The initial public offer (IPO) of RateGain Travel Technologies will conclude on Thursday. As of 11:23 am, the issue received a 94 per cent subscription on the final day of issuance, data available with the exchanges showed. The Rs 1,336-crore IPO opened for subscription on December 7.
Qualified institutional buyers (QIBs) was subscribed 3 per cent against the portion set aside for them. The portion of non-institutional investors witnessed 16 per cent subscription, and the employee reserved category saw 79 per cent bookings.
The IPO received a strong response from retail investors and the portion was subscribed 4.86 times (486 per cent).
The company said that the proceeds from the 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.
Also, the funds will be invested in technology innovation, artificial intelligence, and other organic growth initiatives; purchase of certain capital equipment for the data centre; and general corporate purposes, it added.
The company offers travel and hospitality solutions across a range of verticals including hotels, airlines, online travel agents, meta-search companies, vacation rentals, package providers, car rentals, rail, travel management companies, cruises, and ferries.
Kotak Mahindra Capital Company, IIFL Securities, and Nomura Financial Advisory and Securities (India) are the managers of the offer.