TBO Tek IPO OverSubscribed 86.70 Times

New Delhi, May 10 (PTI) The initial public offer of travel distribution firm TBO Tek was subscribed 86.70 times on the closing day of subscription on Friday.

The Rs 1,551-crore IPO received bids for 80,50,71,440 shares against 92,85,816 shares on offer, as per NSE data.

The portion for qualified institutional buyers (QIBs) got subscribed a whopping 125.51 times, while the category for non-institutional investors received 50.60 times subscriptions. The retail individual investors (RIIs) part got subscribed 25.74 times.

The initial public offer (IPO) had a fresh issue of up to Rs 400 crore and an offer for sale of up to 1,25,08,797 equity shares.

The price range for the offer is Rs 875-920 per share.

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 the 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.