Travel and hospitality technology provider RateGain Travel Technologies Private Ltd’s initial public offering will open for subscription on December 7 and close on December 9. The company plans to go public on December 17.
The initial public offering consists of a new issue of shares worth ??375 crore and an offer to sell up to 22.61 million shares by its existing shareholders and promoters.
OFS includes up to 17.11 million shares by Wagnar Ltd, up to 4.04 million shares by Bhanu Chopra, up to 1.29 million shares by Megha Chopra and up to 0 , 15 million shares by Usha Chopra.
Investment banks Kotak Mahindra Capital, IIFL and Nomura advise Rategain on the IPO.
Rategain offers a suite of interconnected products that manage the revenue creation value chain for travel and hospitality businesses through data analytics and integration with other technology platforms helping these businesses gain more customers, to retain them through personalized customer experiences and to maximize their margins.
As of June 30, the company served more than 1,400 customers, including eight global Fortune 500 companies. Its customers include Six Continents Hotels, Inc., an InterContinental Hotels group company; Kessler Collection, a chain of luxury hotels; Lemon Tree Hotels Ltd and Oyo Hotels and Homes Pvt Ltd.
It also has 1,186 large and mid-size hotel chains, 104 travel partners including airlines, car rental companies and major cruise lines, and over 144 channel partners including OTAs such as GroupOn and corporations. such as Saber GLBL Inc., in more than 110 countries as its customers, as of June 30, 2021.
Rategain’s revenues fell to ??250.7 crore in FY 21 due to the impact of covid-19 on the travel industry. He reported a turnover of ??398.7 crore the previous year. He reported a loss of ??27.8 crore in FY21, compared to a loss of ??12.8 crore in the previous fiscal year. The company reported a profit of ??11.5 crore in FY19 on income of Rs261.5 crore.
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