TBO Tek gets SEBI nod to raise funds via IPO; check details
Upstox
2 min read • Updated: April 23, 2024, 1:04 PM
Summary
TBO Tek IPO: The proposed offer comprises fresh shares worth ₹400 crore and an offer-for-sale of 1.56 crore shares by promoters - Manish Dhingra, Gaurav Bhatnagar, and LAP Travel- and investors such as Augusta TBO and TBO Korea.
Online travel distribution platform TBO Tek Limited has received Securities Exchange Board of India's (SEBI's) nod to raise funds via initial public offering (IPO), as per an update from the capital markets regulator.
The proposed offer comprises fresh shares worth ₹400 crore and an offer-for-sale of 1.56 crore shares by promoters - Manish Dhingra, Gaurav Bhatnagar, and LAP Travel- and investors such as Augusta TBO and TBO Korea.
The Gurgaon-based company, which filed IPO papers with SEBI in November 2023, obtained its observations on April 15. In SEBI's parlance, receiving observations means the approval to launch a public issue.
The company said that funds generated from the IPO will be used to invest in technology and data solutions, sales, marketing and infrastructure to support the organisation's growth plans. The firm will also invest in its material subsidiary, Tek Travels DMCC, to onboard platform users through marketing and promotional activities.
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The book-running lead managers for the issue are Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JM Financial and KFin Technologies.
About TBO Tek
TBO Tek Limited is one of the leading travel distribution platforms in India. The company provides various travel solutions for travel agents and tour operators nationwide, including metro cities like Mumbai, Delhi, Kolkata and Chennai.
The company's services include white-label solutions, dynamic packages, and hotel and flight booking APIs. "In recent years, we took a strong hold on the mobile app development sector," the firm said.
As per the draft red herring prospectus (DRHP), TBO Tek has global presence and serviced buyers and suppliers in more than 100 countries.
The TBO platform connects 147,000 buyers across more than 100 nations with over one million suppliers, as of June 30, 2023. They offer access to over 7,500 destinations and facilitate 33,000 daily bookings through their platform. The company also supports a wide range of currencies and assists with forex.
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