TBO Tek, one of the leading global travel distribution platform, with its initial public offering (IPO) worth Rs 1,551 crore. The IPO has been receiving strong investor responses since it opened on May 8.
On the third and final day of the IPO, the issue was oversubscribed by nearly 24 times, with investors bidding for 22 crore equity shares as against 92.85 lakh shares on offer.
The IPO has attracted maximum interest from Non-Institutional Investors (NIIs), who have bid for nearly 33 times their allotted quota, followed by Qualified Institutional Buyers (QIBs) who have picked up 21 times the portion reserved for them. Retail investors have also shown great enthusiasm, purchasing 18.24 times the portion set aside for them.
Before the IPO, TBO Tek mobilised Rs 696.51 crore through the anchor book, which saw participation from several global investors such as Abu Dhabi Investment Authority, Government Pension Fund Global, Neuberger Berman Investment Funds, Nomura Funds, Blackrock Global Funds, Fidelity Funds, Goldman Sachs, HSBC Global, and Eastspring Investments.
The IPO price band has been established at Rs 875 to Rs 920 per share, and the company plans to allocate 75,70,807 equity shares to anchor investors at a price band of Rs 920 per equity share.
TBO Tek has been a notable figure in the global travel and tourism sector, demonstrating robust figures in FY23.
The company witnessed impressive financial growth, with profits skyrocketing by 340% year-on-year to Rs 148.5 crore, while revenue from operations surged by 120.3% to Rs 1,064.6 crore.
With such strong financials and overwhelming investor response, TBO Tek is poised to make a successful debut in the public markets.
TBO Tek, previously known as Tek Travels, is a platform for travel distribution that caters to customers’ specific travel requirements. Their services support multiple currencies and also assist with foreign currency exchange.
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TBO Tek, one of the leading global travel distribution platform, with its initial public offering (IPO) worth Rs 1,551 crore. The IPO has been receiving strong investor responses since it opened on May 8. On the third and final day of the IPO, the issue was oversubscribed by nearly 24…
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