Rategain Travel Tech raises ₹600 crore via qualified institutional buyers at ₹643 per share

Rategain Travel Technologies said on November 20 that the company has risen above it 600 crore from placement of shares by qualified institutional buyers (QIBs). According to the company’s exchange filing, the board of directors has approved the allotment of 93,31,259 shares to qualified institutional buyers at 643 per share.

Last week, the company started the Qualified Institutional Placement (QIP) book, setting the floor price at 676.66 per share.

On Monday, the company’s shares closed at 715.90 on NSE, down about 1% from the previous day’s close. The proposed sale of shares, valued at 600 crore, an equity dilution of around 8% is expected.

Notable investors in the company include Pinebridge Global Funds, Troo Capital, ICICI Prudential MF, Kotak Mahindra Life Insurance, Founders Collective Fund, Sundaram MF, Bajaj Allianz Life Insurance, Societe Generale – ODI, and Morgan Stanley Asia.

“Pursuant to the allotment of the Equity Shares in the Issue, the paid up equity share capital of the Company is increased from 10,84,46,554 consisting of 10,84,46,554 Equity Shares of 1 each to 11,77,77,813 consisting of 11,77,77,813 Equity Shares 1 each,” the company said in an exchange filing.

The company’s stocks ended the day at 717.85 on the BSE, indicating that the QIBs who participated in the QIP have now made a significant profit of 12% within a short span of time.

RateGain delivered strong financial results for the September quarter, which saw a significant 88% growth in revenue and a significant 132% increase in net profit.

At the end of September, the company has a strong balance sheet, which contains 424 crore in cash and cash equivalents. Cash generation was seen around a quarter 77 crore from the business.

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Updated: 20 November 2023, 10:11 PM IST

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