TBO Tek raises Rs 696.5 crore from anchor investors

8 May 2024 , 06:25 AM

TBO Tek, a travel distribution platform, successfully raised ₹696.51 Crore from anchor investors. The company’s initial share sale, valued at ₹1,551 Crore, is set to commence on May 8 and conclude on May 10.

In its filing to the exchanges, the company disclosed the allocation of 75,70,807 equity shares to anchor investors at ₹920 per share.

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 acquired stakes in the company through the anchor book.

Furthermore, domestic mutual fund houses, including ICICI Prudential Mutual Fund, Kotak Mahindra Trustee, Nippon Life India, SBI Mutual Fund, Axis Mutual Fund, Franklin India, Mirae Asset, Whiteoak Capital, Bandhan Mutual Fund, Canara Robeco Mutual Fund, and DSP Multicap Fund, participated in the anchor book.

Leading insurance companies such as ICICI Prudential Life Insurance, SBI Life Insurance, Aditya Birla Sun Life Insurance, Kotak Mahindra Life Insurance, and Max Life Insurance also acquired stakes in the company.

“Out of the total allocation of 75,70,807 equity shares to the anchor investors, 31,55,236 equity shares were allocated to 14 domestic mutual funds through a total of 26 schemes,” the company stated.

TBO Tek aims to raise ₹1,550.81 Crore through its IPO, priced at the upper end of the price band of ₹875-920 per share. The IPO comprises a fresh issue of shares worth ₹400 Crore by the company and an offer-for-sale (OFS) of 1.25 Crore shares worth ₹1,150.81 Crore by promoters and investors.

The New Delhi-based company plans to utilize ₹260 Crore from the net fresh issue proceeds for growth and strengthening of the platform by adding new buyers and suppliers, and ₹40 Crore for unidentified inorganic acquisitions and general corporate purposes.