RateGain eyes 8% equity dilution via up to Rs 600-cr QIP: Report
The report said that the indicative QIP price is Rs 643 per share, which represents nearly 10% discount to last closing price of RateGain stock
- Nov 15, 2023,
- Updated Nov 15, 2023 11:23 PM IST
RateGain Travel Technologies Ltd, a global provider of AI-powered SaaS solutions for the hospitality and travel industry, is expected to launch a Rs 600-crore Qualified Institutional Placement (QIP), said a report on Wednesday.
CNBC TV18 reported that the QIP will have base issue of Rs 400 crore and greenshoe option of Rs 200 crore.
On Wednesday, in a stock exchange filing, RateGain said the floor price for the QIP will be Rs 676.66 per share of face value of Re 1, if calculated at up to 5% discount as per SEBI regulations.
"Board approved the floor price for the Issue, being Rs 676.66 per Equity Share (“floor price”), based on the pricing formula as prescribed under Regulation 176 of the SEBI ICDR Regulations," said RateGain in a stock exchange filing.
The report said that the indicative QIP price is Rs 643 per share, which represents nearly 10% discount to last closing price, and Rs 600-crore issue implies equity dilution of 8%. The market capitalisation of the company is Rs 7,700 crore. Axis Capital and IIFL are reportedly the bankers for the QIP.
"The Issue price will be determined by the Company in consultation with the Book Running Lead Managers appointed in relation to the Issue," said RateGain in a regulatory filing. QIP is a method by which listed companies raise capital by issuing equities, or other equity convertible securities to qualified institutional buyers.
On Wednesday, RateGain's scrip on BSE closed nearly 1% lower at Rs 711.75.
The traveltech SaaS startup’s consolidated profit after tax surged 132% to Rs 30 crore in the quarter ended September 30, 2023 as against Rs 13 cror ein the year-ago period due to strong travel demand.
Its revenue rose 88% to Rs 235 crore while its operations margins were at 20% in Q2FY24 as compared to 14% in Q2FY23.
Bhanu Chopra, Founder and Chairman, RateGain Travel Technologies had said: “With the travel industry making AI a priority to create predictable revenue streams and drive cost efficiencies, RateGain is emerging as a natural choice for industry leaders to help them get access to accurate pricing and travel intent data, powered by a dependable digital infrastructure to improve conversions. Our experience of managing scale across different segments by consistently showing results is helping us differentiate from other players in the market, and driving tremendous growth in our new contract wins.”
RateGain Travel Technologies Ltd, a global provider of AI-powered SaaS solutions for the hospitality and travel industry, is expected to launch a Rs 600-crore Qualified Institutional Placement (QIP), said a report on Wednesday.
CNBC TV18 reported that the QIP will have base issue of Rs 400 crore and greenshoe option of Rs 200 crore.
On Wednesday, in a stock exchange filing, RateGain said the floor price for the QIP will be Rs 676.66 per share of face value of Re 1, if calculated at up to 5% discount as per SEBI regulations.
"Board approved the floor price for the Issue, being Rs 676.66 per Equity Share (“floor price”), based on the pricing formula as prescribed under Regulation 176 of the SEBI ICDR Regulations," said RateGain in a stock exchange filing.
The report said that the indicative QIP price is Rs 643 per share, which represents nearly 10% discount to last closing price, and Rs 600-crore issue implies equity dilution of 8%. The market capitalisation of the company is Rs 7,700 crore. Axis Capital and IIFL are reportedly the bankers for the QIP.
"The Issue price will be determined by the Company in consultation with the Book Running Lead Managers appointed in relation to the Issue," said RateGain in a regulatory filing. QIP is a method by which listed companies raise capital by issuing equities, or other equity convertible securities to qualified institutional buyers.
On Wednesday, RateGain's scrip on BSE closed nearly 1% lower at Rs 711.75.
The traveltech SaaS startup’s consolidated profit after tax surged 132% to Rs 30 crore in the quarter ended September 30, 2023 as against Rs 13 cror ein the year-ago period due to strong travel demand.
Its revenue rose 88% to Rs 235 crore while its operations margins were at 20% in Q2FY24 as compared to 14% in Q2FY23.
Bhanu Chopra, Founder and Chairman, RateGain Travel Technologies had said: “With the travel industry making AI a priority to create predictable revenue streams and drive cost efficiencies, RateGain is emerging as a natural choice for industry leaders to help them get access to accurate pricing and travel intent data, powered by a dependable digital infrastructure to improve conversions. Our experience of managing scale across different segments by consistently showing results is helping us differentiate from other players in the market, and driving tremendous growth in our new contract wins.”