RateGain’s IPO Price Band Fixed At INR 405 – 425 Per Share
- ByStartupStory | December 2, 2021
Travel tech startup RateGain has fixed the price band for its initial public offering (IPO) at INR 405 – INR 425 per share.
The offer, which includes a fresh issue of shares worth INR 375 Cr is scheduled to open on December 7 and will close on December 9. Rategain has lowered its fresh issue size from the initial proposed INR 400 Cr. The offer also includes an offer for sale (OFS) of up to 2,26,05,530 shares and shares worth INR 5 Cr that will be reserved for the eligible employees.
In a statement, the Noida-based startup said that bids can be made for a minimum of 35 equity shares and in multiples of 35 shares thereafter.
In the OFS, private equity firm TA Associates will offload up to 1,71,14,490 shares for sale through its associate Wagner. RateGain founder and CEO Bhanu Chopra will be offloading 40,43,950 shares. The founder’s family members Megha Chopra and Usha Chopra, have offered to sell up to 12,94,760 and 1,52,330 equity shares respectively.
Promoters hold a majority stake (68.35%) in the startup. Bhanu Chopra holds 50.34%, while his family members Meghna Chopra and Usha Chopra have ownership of 16.12% and 1.90%, respectively. As per the RHP, RateGain will use INR 85.26 Cr to repay a loan taken by RateGain UK from Silicon Valley Bank. Further, it will use INR 25.2 Cr of the proceeds in deferred consideration for the DHISCO acquisition from 2018.
The company has proposed to allocate INR 40.77 Cr to purchase capital equipment for its data center.
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