RateGain Travel Technologies Ltd. will launch its three-day initial public issue on Tuesday to raise fresh equity and allow partial exit to promoters and selling shareholder Wagner Ltd.
The IPO amounts to Rs 1,335.70 crore at the upper end of the price band Rs 405-425 apiece, the service provider to global travel and hospitality industry said in its red herring prospectus.
The issue constitutes 29.44% of the post paid-up equity share capital. The promoters will hold 56.2% in the company after the share sale.
Issue Details
Issue date: Dec. 7-9.
Fresh issue: Rs 375 crore
Offer for sale: Rs 960.70 crore.
Market value at the upper end of the price band: Rs 4,536.7 crore
Face value: Re 1 apiece
Lot size: 35 shares and multiples
Listing: NSE and BSE
Lead managers: Kotak Investment Banking, IIFL Securities, Nomura
In August last year, the company had issued options to employees at a fair value of Rs 136.89 apiece and share price on grant date of Rs 147.63 apiece. That’s prior to a stock split of Rs 10 face value to Re 1 each, and a bonus issue of 11 shares for every one held.
Adjusted for the stock split and bonus, the fair value and share price on grant date stands at Rs 1.14 and Rs 1.23 apiece. Shares offered in the IPO at Rs 405-425 apiece is adjusted for the stock split and bonus.
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