RateGain Travel Tech opens QIP book, sets floor price at Rs 676.66/share

MUMBAI - RateGain Travel Technologies Ltd has opened the book for issuance of shares to qualified institutional buyers, and has set the floor price for the same at Rs 676.66 a share, according to the stock exchange disclosures.

The floor price is at a discount of nearly 5% to the current market price. On Wednesday, shares of the company ended at Rs 711.90 on the National Stock Exchange, down about 1% from the previous close.

While RateGain did not mention the amount of funds it plans to raise, news reports said that the company is looking to raise about Rs 600 crore through this share sale program, which will result in an equity dilution of about 8%.


In a separate exchange filing, the company said that the fundraising committee will meet on November 20 to determine the issue price of shares that will be allotted to the qualified institutional buyers.

RateGain reported strong earnings for the September quarter, with an over 88% growth in revenue and a sharp 132% rise in the net profit.