RateGain Travel IPO Listing: RateGain Travel Technologies shares made a subdued debut on Dalal Street, listing at a discount to its issue price of Rs 425.
RateGain Travel Technologies shares made a subdued debut in the secondary market on Friday. The stock of the software as a service (SaaS) company debuted at Rs 364.8 on BSE, a discount of 14.2 percent to its issue price of Rs 425. On NSE, RateGain Travel shares opened at Rs 360, a discount of 15.3 percent.
The weak listing came on an overall negative day on Dalal Street, and at a time when most IPOs have received a robust response from investors.
Prior to the weak debut on BSE and NSE, RateGain Travel Tech commanded a premium in the grey market, an unofficial market for unlisted securities. Dealers said the RateGain grey market premium (GMP) stood at Rs 45 ahead of the listing on stock exchanges.
RateGain Travel Technologies is a software as a service (SaaS) company in the hospitality and travel industry.
Under the RateGain Travel IPO, shares were available for bidding in a price band of Rs 405-425 in multiples of 35. At the upper end of the price band, one lot is worth Rs 14,875.
RateGain Travel's IPO, which was available for bidding from December 7 to December 9, saw an overall subscription of 17.4 times.
The portion reserved for non-institutional investors was subscribed 8.4 times and that for qualified institutional buyers (QIBs) 42 times. The quota meant for retail investors saw a booking of 8.1 times.
As much a 75 percent of the total RateGain issue was reserved for QIBs, 15 percent for non-institutional investors and 10 percent for retail investors.
First Published: IST