RateGain Travel Technologies IPO
RateGain Travel Technologies Limited (RATEGAIN) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 17 December 2021.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +4.1% (likely range -19% to +10%), day's high +8.4%, chance of a gain 51%. Actual: -15.3% at the open, -9.9% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 93,93,424 | 7,90,84,950 | 8.42x | |
| NII (HNI) total | 46,96,711 | 19,74,52,290 | 42.0x | |
| Retail | 31,31,141 | 2,52,90,125 | 8.08x | |
| Employees | 1,29,870 | 1,77,415 | 1.37x | |
| Total | 1,73,51,146 | 30,20,04,780 | 17.4x |
Bids on NSE and BSE together, as published by NSE. Shares offered exclude the anchor portion. 6% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to RateGain Travel Technologies's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Dilip BuildconAug 2016 | 9.76x | 79.6x | 2.35x | 20.9x | ₹672 Cr | +9.6% | +16.4% |
| Stove KraftJan 2021 | 8.02x | 32.7x | 26.0x | 18.0x | ₹413 Cr | +29.4% | +29.4% |
| HPL Electric and PowerSep 2016 | 5.77x | 22.2x | 3.31x | 8.06x | ₹417 Cr | -5.9% | -2.0% |
| Larsen & Toubro InfotechJul 2016 | 19.9x | 10.8x | 7.39x | 11.7x | ₹1,242 Cr | -6.1% | 0.0% |
| Fine Organic IndustriesJun 2018 | 12.9x | 21.0x | 1.62x | 8.99x | ₹600 Cr | +4.1% | +6.5% |
| CarTrade TechAug 2021 | 35.4x | 41.0x | 2.75x | 20.3x | ₹2,999 Cr | -1.1% | 0.0% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Kotak Mahindra Capital Company | 83 | +20.8% | 76% |
| IIFL Securities | 94 | +19.3% | 71% |
| Nomura Financial Advisory and Securities (India) | 27 | +16.0% | 56% |
Offer documents (NSE)
Frequently asked
What is the RateGain Travel Technologies IPO price band and lot size? ₹405–425 per share, with a lot of 35 shares, so the smallest retail bid is ₹14,875.
How many times has it been subscribed? 17.4x overall: QIB 8.42x, NII 42.0x, retail 8.08x, employees 1.37x.
How did it list? It opened at ₹360, -15.3% against the issue price of ₹425, and closed its first day -20.0%.
