New IPO ALERT! RateGain Travel Technologies files DRHP with SEBI

RateGain Travel Technologies Limited, a distribution technology company globally and a Software as a Service (SaaS) company in the hospitality and travel industry in India, has filed its DRHP with SEBI.  

RateGain offers travel and hospitality solutions across a wide spectrum of verticals including hotels, airlines, online travel agents (OTAs), meta-search companies, vacation rentals, package providers, car rentals, rail, travel management companies, cruises and ferries. The company is also an aggregator of data points in the world for the hospitality and travel industry.  

The Initial Public Offering (IPO) comprises equity shares of the face value of Rs 1 each (Equity Shares) of RateGain Travel Technologies Limited, comprising a fresh issue aggregating up to Rs 4,000 million and an offer for sale of up to 22,605,530 equity shares.  

The Offer for Sale comprises of 17,114,490 equity shares by Wagner (Investor Selling Shareholder); up to 4,043,950 equity shares by Bhanu Chopra and up to 1,294,760 equity shares by Megha Chopra (Promoter Selling Shareholders); and up to 152,330 equity shares by Usha Chopra (Other Selling Shareholder).  

As on the date of this Draft Red Herring Prospectus, Wagner holds an aggregate of 84,516 Series A CCCPS, which will be converted into 10,141,920 Equity Shares prior to filing of the Red Herring Prospectus with the RoC. 

The Net Proceeds from the Fresh Issue are proposed to be utilised for the following objects: (i) Repayment/prepayment of indebtedness availed by RateGain UK, one of the subsidiaries, from Silicon Valley Bank; (ii) Payment of deferred consideration for acquisition of DHISCO; (iii)  Strategic investments, acquisitions and inorganic growth; (iv) Investment in technology innovation, artificial intelligence and other organic growth initiatives; (v) purchase of certain capital equipment for Data Center; and (vi) General corporate purposes. 

Book Running Lead managers to the issue are Kotak Mahindra Capital Company Limited, IIFL Securities Limited and Nomura Financial Advisory and Securities (India) Private Limited are the BRLMs to the offer.

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The equity shares will be listed on BSE and NSE.