Mr. Rahul Choudhary – Director, Equity Capital Markets, JM Financial Limited at the TBO TEK IPO Launch – Photo By TGN
The initial public offering of TBO Tek will open for bidding on Wednesday, May 8, 2024. The company will be offering its shares in the range of Rs 875-920 a piece. Investors can bid for a minimum of 16 equity shares and in multiples thereafter. The IPO will conclude on Friday, May 10.
Established in 2006, TBO Tek, formerly known as Tek Travels, is a travel distribution platform that offers travel inventory according to the needs of its customers and supports a wide range of currencies along with forex help. The company’s platform enables sellers to show and market their inventory and set prices for buyers.
The TBO Tek IPO includes a fresh share sale of Rs 400 and offer-for-sale (OFS) of up to 1,25,08,797 equity shares amounting to Rs 1,150.80 crore by its promoters and existing shareholders. At the upper end of the issue price, the company is looking to raise a total of Rs 1,550.80 crore via IPO. Anchor book for the issue will open on Tuesday, May 9, 2024.
The company intends to utilise the net proceeds from the issue towards expansion of the supplier and buyer base; amplification of value platform by adding new lines of businesses; inorganic growth through selective acquisitions and building synergies with existing platform. Besides, it is looking to leverage data procured to offer bespoke travel solutions to buyers and suppliers.
The New Delhi-based company offers services to hotels, airlines, car rentals, transfers, cruises, insurance and rail companies. It also offers services to retail customers such as travel agencies and independent travel consultants, and corporate customers.
TBO Tek’s platform enables sellers to show and market their inventory and set prices for buyers. For buyers, the platform is an integrated, multi-currency, and multilingual, one-stop solution that helps them discover and book travel to destinations around the world, across various travel segments. TBO Tek offers services on 7,500 destinations in over 100 countries as of December 31, 2023.
For the nine-months ended on March 31, 2023, TBO Tek reported a net profit of Rs 154.18 crore with a revenue of Rs 1,039.56 crore. The company’s bottomline came in at Rs 148.49 crore with a revenue of Rs 1,085.77 crore for the financial year ending March 31, 2023.
TBO Tek has reserved shares worth Rs 3 crore for its eligible employees. A total of 75 per cent of the net offer is reserved for qualified institutional bidders (QIBs), 15 per cent for non-institutional investors (NIIs) and 10 per cent for retail investors.
Axis Capital, Goldman Sachs (India) Securities, JM Financial and Jefferies India are the book running lead managers, while Kfin Technologies is the registrar to the issue. Shares of the company would be listed on both BSE and NSE with May 15, Wednesday as the tentative listing date. ENDS (TGN)
RHP LINK: https://www.tbo.com/investor-relations
