TBO Tek IPO Subscribed 4.15 Times on Day 2

New Delhi, May 9 (PTI) The initial public offer of travel distribution firm TBO Tek got subscribed 4.15 times on the second day of subscription on Thursday.

The Rs 1,551-crore IPO received bids for 3,85,31,952 shares against 92,85,816 shares on offer, as per NSE data.

The quota for Retail Individual Investors (RIIs) fetched 10 times subscription while the portion for non-institutional investors got subscribed 8.18 times. The category for Qualified Institutional Buyers (QIBs) received 17 per cent subscription.

The Initial Public Offer (IPO) has a fresh issue of up to Rs 400 crore and an offer for sale of up to 1,25,08,797 equity shares.

Those selling shares in the OFS are promoters Gaurav Bhatnagar, Manish Dhingra and LAP Travel, and investors TBO Korea and Augusta TBO.

Price range for the offer is Rs 875-920 per share. The IPO will close on Friday.

TBO Tek on Tuesday said it has collected a little over Rs 696 crore from anchor investors.

Proceeds from the fresh issue will be used for growth and strengthening of the platform by adding new buyers and suppliers, and unidentified inorganic acquisitions, besides, a portion will be used for general corporate purposes.

TBO Tek is a leading travel distribution platform in the global travel and tourism industry providing 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 its platform.

In October 2023, investment firm General Atlantic announced that it would acquire a minority stake in TBO.

Axis Capital, Goldman Sachs (India) Securities, JM Financial and Jefferies India are the managers to the offer.

Shares of the company will be listed on the BSE and NSE.