RateGain Travel Tech raises Rs 600 crore via QIP; allots shares at Rs 643 per share

RateGain Travel Technologies has raised Rs 600 crore through qualified institutional placement of shares.

The company’s board has approved allotment of 93,31,259 shares to qualified institutional buyers at Rs 643 a share, according to the exchange disclosures.

The company’s QIP book had opened last week, and the floor price for the same was Rs 676.66 a share.


On Monday, shares of the company ended at Rs 715.90 on the National Stock Exchange, down about 1% from the previous close.

The share sale worth Rs 600 crore will result in an equity dilution of about 8%.

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

The company’s balance sheet remains strong with cash and cash equivalents of Rs 424 crore as of September-end. Cash generation from business for the quarter was about Rs 77 crore during the quarter