TBO Tek gets listed at 55% premium

15 May 2024 , 09:57 AM

Following robust demand for TBO Tek’s initial public offering (IPO), the company’s shares made a remarkable debut on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), listing at significant premiums.

On the NSE, TBO Tek’s shares opened at ₹1426, representing a premium of 55% over the issue price of ₹920. Similarly, on BSE, the shares opened at ₹1380, marking a premium of 50%.

TBO Tek’s IPO, amounting to ₹1,551 Crore, garnered strong investor interest during the third and final day of subscription. Investors bid for 80.50 Crore equity shares against the 80.50 lakh shares on offer, showcasing robust oversubscription.

Non-Institutional Investors (NIIs) demonstrated exceptional interest, subscribing nearly 50.60 times their allotted quota, while Qualified Institutional Buyers (QIBs) subscribed over 125 times the portion reserved for them. Retail investors also participated actively, booking nearly 26 times the portion set aside for them.

The IPO comprised a combination of fresh equity worth ₹400 Crore and an offer for sale (OFS) of up to 1.25 crore shares by promoters and investors.

The capital raised from the fresh issue is earmarked for various growth initiatives, including bolstering the platform by onboarding new buyers and suppliers, exploring unidentified inorganic acquisitions, and addressing general corporate requirements.

TBO Tek specializes in providing tailored travel inventory to meet customer needs and offers comprehensive support for a wide range of currencies, including forex assistance. The company empowers sellers to showcase and market their inventory while allowing buyers to access diverse offerings at competitive prices.

Headquartered in New Delhi, TBO Tek caters to a diverse clientele, including hotels, airlines, car rentals, transfers, cruises, insurance, and rail companies. Additionally, it extends its services to retail customers such as travel agencies, independent travel consultants, and corporate clients, highlighting its commitment to serving various segments within the travel industry.

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