Travel and hospitality technology services provider Rategain Travel Technologies Ltd raised Rs 599 crore (around $80 million) from Government of Singapore (GIC), Nomura India Investment, Ashoka India fund and Goldman Sachs as the largest subscribers to its anchor book on Monday.
The Noida-based company that has launched its initial public offering (IPO) on Tuesday aims to raise Rs 1,336 crore ($177 million) in the IPO. The issue comprises of fresh share sale worth Rs 375 crore and an offer-for-sale (OFS) of 2.26 crore shares at a price band of Rs 405-425 apiece.
On Monday, a stock exchange disclosure revealed that RateGain had raised Rs 598.83 crore from 34 anchor investors by issuing 1.41 crore shares.
Singapore's sovereign wealth funds GIC and Monetary Authority of Singapore invested Rs 69.9 crore and Rs 15.10 crore, respectively.
Nomura India Investment Fund, Goldman Sachs Funds, and Ashoka India Opportunities Fund, which is managed by White Oak Capital, invested over Rs 60 crore each.
The anchor allocation was made at the upper end of the price band and the IPO subscription will close on Thursday.
Over 30% of the anchor allotment shares were subscribed by six domestic mutual funds –ICICI, Nippon India, Aditya Birla, Sundaram, Axis, and HSBC through a total of 20 schemes.
ICICI Prudential Life Insurance and SBI Life Insurance picked up 5% of the anchor shares each for gross investment of Rs 30 crore each.
The promoters, Bhanu Chopra, Megha Chopra and Usha Chopra, will offload 54.91 lakh equity shares, while investor Wagner, an affiliate of TA Associates, will make a part-exit by offloading 1.71 crore equity shares through OFS.
Rategain offers a suite of inter-connected products that manage the revenue creation value chain for travel and hospitality companies by data analytics and integration with other technology platforms.
It is the largest services as a service (SaaS) company in the hospitality and travel industry in India. It will be the first player from the sectors to get listed.
Investment banks Kotak Mahindra Capital, IIFL and Nomura are advising Rategain on the IPO.