Shares of RateGain Travel Technologies made a weak debut on Dalal Street as the stock listed at a 15 per cent discount in comparison to its issue price of Rs 425.
On the National Stock Exchange (NSE), the shares of RateGain Travel Technologies listed at Rs 360 apiece, down 15.29 per cent compared to its issue price. On the Bombay Stock Exchange (BSE), the stock was listed at Rs 364.80, marking a discount of 14.16 per cent compared to the issue price.
As of 11 am, the shares of the company continued to trade a discount of over 15 per cent on both stock exchanges. The company’s weak listing on the stock exchanges was in line with the grey market, where the shares of the travel and hospitality technology services provider were trading at a discounted price.
However, the shares of the company were still trading at a premium of Rs 15 per share on the grey market. Some experts believe that the listing price has been impacted by several reasons, including high market volatility and expensive valuations.
The company’sRs 1,335 crore IPO was open for subscription from December 7 to December 9, and its initial share sell saw a strong response from investors. The issue got subscribed 17.41 times on the last day. It is worth mentioning that all categories were oversubscribed, signaling strong demand.
RateGain Travel Technologies had set its IPO price band at Rs 405-425 per share. The IPO comprises a fresh issue of up to Rs 375 crore and an offer for sale (OFS) of up to 2,26,05,530 equity shares. In addition, the company had raised Rs 599 crore from anchor investors ahead of the IPO.
It may be noted that RateGain Travel Technologies is among the leading distribution technologies companies globally and the largest Software as a Service (SaaS) company in the hospitality and travel industry in India.