Hotel technology provider RateGain has filed documents with Indian regulators for its forthcoming initial public offering.
The company is hoping to raise $54 million via a fresh issue of shares, while equity shares from existing investor Wagner Limited, an affiliate of private equity firm TA Associates, and the company’s founders are also being sold.
In a statement the company says the proceeds will be used for repayment of debt for RateGain U.K., deferred payment related to the acquisition of DHISCO and strategic investments.
RateGain acquired DHISCO three years ago for an undisclosed sum to boost its distribution presence.
The company bought in Harmeet Singh as CEO in October 2019 to oversee a strategy of multiple acquisitions on an annual basis.
Earlier in 2019 the company acquired guest engagement platform BCV.
The proceeds of the share issue will also go towards technology innovation, the purchase of equipment for its data center and general corporate purposes.
RateGain reported total revenue for the year ending March 31, 2021 of $34 million compared to the $54 million for the previous year.
The company’s shares will be traded on the National Stock Exchange of India as well as the BSE.