TBO Tek IPO allotment expected today; Here's how to check

13 May 2024 , 08:51 AM

Following an overwhelming response to its IPO, TBO Tek is poised to finalize share allotments on Monday. The issue garnered an astonishing demand, oversubscribed over 80 times at close, fueled by robust interest from non-institutional investors.

Investors eager to check the status of their share allotment can do so via the BSE or by accessing the registrar’s website, KFin Technologies Limited.

Prior to the opening of the issue, the company successfully raised approximately Rs 697 crore from anchor investors.

The proceeds from the fresh issue are earmarked for bolstering the company’s platform, focusing on expanding its network of buyers and suppliers, pursuing potential inorganic acquisitions, and fulfilling general corporate objectives.

TBO simplifies travel-related operations for a wide array of stakeholders, including suppliers like hotels and airlines, as well as retail buyers such as travel agencies, tour operators, and travel management companies. Its innovative two-sided technology platform facilitates seamless transactions between suppliers and buyers.

As of June 2023, the platform has connected over 147,000 buyers across more than 100 countries with over one million suppliers. Notably, prominent investment firm General Atlantic recently acquired a minority stake in the company.

Axis Capital, Goldman Sachs (India) Securities, JM Financial, and Jefferies India are serving as the book-running lead managers for the issue, overseeing the IPO process.