RateGain, a travel and hospitality software-as-a-service (SaaS) startup, launched an Initial Public Offering (IPO) today to collect Rs 1,336 crore. The price range for each share has been set at Rs 405 to Rs 425. The company announced that it has raised Rs 598.83 crore from 34 high-profile investors ahead of the public subscription opening.
Bhanu Chopra founded RateGain in 2004 to provide hotels with a SaaS platform for revenue management, reputation management, and internet distribution. Airlines, Online Travel Agents (OTAs), meta-search businesses, vacation rental and package providers, vehicle rental agencies, and others all use the platform.
The IPO consists of a new issue of up to 375 crore shares and an offer for sale (OFS) of up to 2,26,05,530 equity shares by promoters and investor Wagner Limited, a subsidiary of private equity firm TA Associates.