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* RateGain Travel Technologies is one of the leading distribution technology companies globally and the largest Software as a Service (SaaS) provider in the travel and hospitality industry in India.

* The firm offers travel and hospitality services across different verticals like hotels, airlines, online travel agents, meta-search companies, package providers.

* Strengths: 1) Strong customer base with including Fortune 500 Companies 2) Innovative Al-driven industry-relevant SaaS solution provider. 3) Comprehensive product portfolio.

* Risk:1) Adverse effect of covid 19 2) A significant portion of their revenue is generated by a small number of marketplaces.

* Objects of the Issue: 1) For debt repayment 2) To meet CAPEX requirement.

* IPO comprises an OFS amounting to 960.74 cr and a fresh issue amounting to %375 cr. The issue will open on Dec 7, 2021, and close on Dec 9, 2021. The issue is priced at %405 to 7425 per equity share. The minimum order quantity is 35 shares.

* The company's financials have been uneven during the last three years, with revenue rising to Rs.457.61 crore in FY20 and falling to Rs.264 crore in FY21. The company has suffered a loss in recent years on the back of COVID where the company reported a loss of Rs. (20.1) cr in FY20 which even increased to Rs. (28.57) cr in FY21.

* RateGain is the largest SaaS company in the travel and hospitality industry. The company suffered losses in the last two years. However, as things will normalize postCovid, we see bright prospects for the company. The company has an asset-light business model with a strong management team. The company is valued at a P/BV multiple of 16x on its NAV of INR 26 for FY21. Being a first-mover in the industry we assign a "SUBSCRIBE" rating for moderate listing gain and long term.

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