Rategain Travel Technologies Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹425
Per ShareLot Size
35 Shares
Minimum Investment
₹14,875
Issue Size
₹1,290.52 Cr
Face Value
₹1
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Rategain Travel Technologies Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
65.42%
Promoter Holding (Post-Issue)
55.01%
Issue Type
Book Building
ISIN
INE0CLI01024
About the Company
Rategain Travel Technologies Limited is among the leading distribution technology companies globally and is the largest Software as a Service ("SaaS") company in the hospitality and travel industry in India. The Company offers travel and hospitality solutions across travel verticals including hotels, airlines, online travel agents ("OTAs"), meta-search companies, vacation rentals, package providers, car rentals, rail, travel management companies, cruises and ferries. It offers inter-connected products that manage revenue creation value chain for customers by leveraging its big-data capabilities and integration with other technology platforms helping hospitality and travel providers acquire guests, retain them and seek to maximize their margins.
Industry Overview
As per the Phocuswright Report, the total addressable market for third-party travel industry technology excluding hardware was US $5.91 billion in 2021. These numbers will increase over the next few years because of advances in technology as well as from COVID-19 impacts. The pace of innovation in travel technology has been slow in the last 25 years. But it has accelerated much more rapidly in the past 10 years and hit hyper speed (for travel) in some areas, with disruptive innovators driving everyone to move faster and produce more and better-quality applications.
Company History
Rategain Travel Technologies Limited was originally incorporated in New Delhi as `Ridaan Real Estate Private Limited' as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated November 16, 2012, issued by the Registrar of Companies, National Capital Territory of Delhi and Haryana at New Delhi ("RoC"). Pursuant to a scheme of arrangement and demerger approved by the High Court of Delhi on November 25, 2014 ("Scheme of Arrangement and Demerger"), the Company acquired the business of providing web-based solution to hospitality and travel sector of RateGain IT Solutions Private Limited. Subsequently, the name of the Company was changed to `RateGain Travel Technologies Private Limited' and a fresh certificate of incorporation dated February 25, 2015 was issued by the RoC. Thereafter, the Company was converted into a public limited company pursuant to a shareholders' resolution dated July 15, 2021 and consequently, the name of the Company was changed to `RateGain Travel Technologies Limited' and a fresh certificate of incorporation dated July 27, 2021 was issued by the RoC.
Products & Services
- The Company is among the leading distribution technology companies globally and are the largest Software as a Service ("SaaS") company in the hospitality and travel industry in India.
Growth Strategy
- Going forward, its growth levers to include: New product development capabilities, Land and expand, Penetration, Go-to-market at scale.
- Continue to scale DaaS and Distribution offerings through cross-sell and geographical expansion in existing and adjacent verticals
- Focus on MarTech solutions for the hospitality and travel sector
- Continue to leverage unique data assets to create new AI product offerings
- Pursue strategic investment and acquisition opportunities
Customer Base
Wholesalers and Retailers
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 31,441,282* equity shares of face value of Rs. 1 each ("Equity Shares") of Rategain Travel Technologies Limited ("Company" or "Issuer") for cash at a price of Rs. 425.00 per equity share (including a share premium of Rs. 424.00 per equity share) ("Offer Price") aggregating to Rs. 1335.73 crores, comprising a fresh issue of 8,835,752* equity shares aggregating to Rs. 375.00 crores (Fresh Issue") and an offer for sale of 22,605,530* equity shares aggregating to Rs. 960.73 crores ("Offer for Sale", and together with the fresh issue, "Offer"), comprising 17,114,490* equity shares aggregating to Rs. 727.36 crores by Wagner Limited ("Wagner" or "Investor Selling Shareholder"); 4,043,950* equity shares aggregating to Rs. 171.86 crores by Bhanu Chopra and 1,294,760* equity shares aggregating to Rs. 55.02 crores by Megha Chopra (together, "Promoter Selling Shareholders"); and 152,330* equity shares aggregating to Rs. 6.47 crores by Usha Chopra ("Other Selling Shareholder" and together with investor selling shareholder and promoter selling shareholders, "Selling Shareholders", and such equity shares, "Offered Shares"). The offer includes a reservation of 129,870* equity shares, aggregating to Rs. 5.00 crores (constituting 0.12% of the post-offer paid-up equity share capital), for subscription by eligible employees ("Employee Reservation Portion"). The offer less the employee reservation portion is hereinafter referred to as "Net Offer". The offer and net offer shall constitute 29.45 % and 29.33 %, of the post-offer paid-up equity share capital of the company, respectively. *Subject to finalisation of basis of allotment.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Marquee global customers with long-term relationships;
- Innovative AI driven industry relevant SaaS solutions;
- Diverse and comprehensive portfolio of revenue maximization and business critical solutions;
- Strong financial performance with track record of successful acceleration post acquisitions;
- Global and diverse management team with relevant technology and domain expertise and focus on employee welfare
- The cost of acquisition of the Equity Shares by Avataar and Wagner, the Investor Selling Shareholder, pursuant to conversion of the Series A CCCPS and Series B CCCPS held by them may be below the Offer Price.
- Substantially all of its revenues are derived from the worldwide hospitality and travel industry and factors that negatively impact that industry could have a material adverse effect on its business, prospects, financial condition and results of operations.
- The COVID-19 pandemic has had a significant adverse effect on its business and operations, and its future impact on its business, operations and financial performance is uncertain.
- The company has issued Equity Shares during the preceding twelve months at a price which may be below the Offer Price.
- Its business depends on its customers renewing their contracts and on its expanding its sales to existing customers. Any decline in its customer contract renewals or expansion or any impairment of its longterm relationships with its customers would adversely affect its business operations and financial performance.