Mumbai (Maharashtra) [India], Aug 18 (ANI): RateGain Travel Technologies Ltd has filed its draft red herring prospectus (DRHP) with the stock market regulator Securities and Exchange Board of India (SEBI).
The company offers travel and hospitality solutions across a wide spectrum of verticals including hotels, airlines, online travel agents, meta-search companies, vacation rentals, package providers, car rentals, rail, travel management companies, cruises and ferries.
The initial public offering (IPO) comprises equity shares of face value of Re 1 each comprising a fresh issue aggregating up to Rs 400 crore and an offer for sale of up to 22.6 crore equity shares.
The offer for sale comprises of 17.1 crore equity shares by Wagner Ltd (the investor selling shareholde), up to 4 crore equity shares by Bhanu Chopra and up to 1.2 crore equity shares by Megha Chopra (the promoter selling shareholders), and up to 1.52 lakh equity shares by Usha Chopra (the other selling shareholder).
The net proceeds from fresh issue are proposed to be utilised for repayment or prepayment of indebtedness availed by RateGain UK from Silicon Valley Bank, strategic investments, acquisitions and inorganic growth, investment in technology innovation, artificial intelligence and other organic growth initiatives, purchase of certain capital equipment for data centre, and general corporate purposes.
The book running lead managers to the issue are Kotak Mahindra Capital, IIFL Securities and Nomura Financial Advisory and Securities. The equity shares will be listed on BSE and NSE. (ANI)
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