TBO Tek IPO Opens May 8: Price Band Rs 875-920/share
May 03, 2024 16:03
TBO Tek, a leading travel distribution platform, announces its Rs 1,550 crore IPO opening on May 8 with a price band of Rs 875-920 per share. Learn more about the offer details and company's growth plans.
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Mumbai, May 3 (PTI) Travel distribution platform TBO Tek on Friday said its Rs 1,550-crore Initial Public offering (IPO) will open for subscription on May 8, and it has fixed a price band of Rs 875-920 per equity share.
The offer comprises fresh issue of equity shares aggregating to Rs 400 crore and an offer-for-sale by certain shareholders of up to 12,508,797 equity shares, the company said.
The offer will open on May 8 and close on May 10. The anchor investor bidding date was fixed at May 7, it said.
Bids can be made for a minimum of 16 equity shares and in multiples of 16 equity shares thereafter, the company said.
The company said it proposes to utilize the net proceeds of the fresh issue portion of the offer for growth and strengthening of its platform by adding new buyers and suppliers.
This will include Rs 135 crore towards investment in technology and data solutions by the company, and Rs 100 crore towards investment in its material subsidiary, Tek Travels DMCC, for onboarding platform users, among others.
The offer for sale consist of up to 2,033,944 equity shares by Gaurav Bhatnagar, up to 572,056 equity shares by Manish Dhingra, up to 2,606,000 equity shares by LAP Travel Pvt Ltd -- the promoters and up to 2,637,040 equity shares by TBO Korea Holdings Ltd and up to 4,659,757 equity shares by Augusta TBO (Singapore) Pte. Ltd, it said.
TBO Tek is a leading travel distribution platform and provides services to buyers and suppliers in over 100 countries as of June 30, 2023. The company offers over 7,500 destinations and facilitates 33,000 bookings per day through their platform.
In October 2023, investment firm General Atlantic announced that it would acquire a minority stake in TBO.
Axis Capital Ltd, Goldman Sachs (India) Securities Private Ltd, Jefferies India Private Ltd and JM Financial Ltd are the book-running lead managers of the issue.
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