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.

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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.

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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.

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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.

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First Published:Dec 17, 2021 10:00 AM IST