RateGain Travel Technologies Ltd made a weak debut on the bourses on Friday, listing at over 14 per cent discount over its issue price of ₹425.

On the BSE, the stock listed at ₹364.80, a discount of 14.16 per cent over the IPO price. It recorded a high of ₹379.80 and a low of ₹342.30.

At 10:03 am, it was trading at ₹364.00, down ₹61.00 or 14.35 per cent on its issue price. On the NSE, it listed at ₹360, down ₹65 or 15.29 per cent from its issue price.

The company fixed the IPO price at ₹425 at the upper end of the price band ₹405-425.

The initial public offering (IPO) of travel tech startup RateGain was subscribed 17.41 times, with healthy demand across investor categories. While the retail portion was subscribed 8.08 times, the QIB and HNI quota saw a subscription of 8.42 times and 42 times. The employee portion, too, was subscribed fully at 1.37 times.

Ahead of the issue, RateGain had raised ₹598.83 crore in anchor investment from 34 anchor investors at the upper price band of ₹425 a share. Some of the key anchor investors included the government of Singapore, the Monetary Authority of Singapore, Nomura, ICICI Prudential Mutual Fund, SBI Life Insurance, Nippon Mutual Fund, Pinebridge, Axis Mutual Fund, Birla Mutual Fund and ICICI Prudential Life Insurance.

Santosh Meena, Head of Research at Swastika Investmart Ltd said, "The timing of RateGain IPO doesn't fit despite most of the IPOs witnessing a handsome return because Covid is hurting its business in the near term, while worry over the Omicron variant is another challenge. The long-term outlook of the company is promising."

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