TBO Tek IPO receives 0.74 times subscription on the 1st day

8 May 2024 , 03:38 PM

TBO Tek’s IPO opened today and will close on 10th May, 2024. The price band of its IPO ₹875 to ₹920 per equity share.

At the time of writing on the opening day of subscription, the book build issue garnered a subscription of 0.74 times, with the retail portion oversubscribed at 2.17 times and the NII portion at 1.05 times.

This IPO encompasses a blend of fresh shares and Offer for Sale (OFS), with the company aiming to raise ₹400 crore from fresh shares and ₹1,150.81 crore through the OFS route.

The proposed listing of the mainboard IPO is intended on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), indicating the company’s broader market ambitions.

The IPO lot size is standardized at 16 shares per lot, facilitating bidders to apply in multiples of this lot size. Share allocation is anticipated to be finalized on May 13, 2024, the subsequent Monday post the closure of the subscription period.

KFin Technologies is designated as the official registrar for the TBO Tek IPO, responsible for managing various IPO-related activities. The IPO aims to enhance the company’s capital base and facilitate its growth trajectory, positioning itself for a successful listing on the stock exchanges.

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