TBO Tek IPO subscribed over 86 times on day 3, QIBs show strong demand

The initial public offering of B2B travel distribution platform TBO Tek Ltd was booked more than 86 times on the final day of subscription on Friday, May 10.

TBO Tek IPO saw a strong demand across all categories on the final day of bidding. According to the NSE data, the initial public offer received bids for 80.5 crore shares against 92.85 lakh shares on offer, reflecting a total subscription of 86.70 times.

The qualified institutional buyers’ (QIBs) category was booked 125.51 times with biddings for 63.34 crore shares against 50.47 lakh shares on offer.

The retail individual investors’ portion was subscribed 25.74 times at the close of the bidding on Friday. Retail investors placed bid for more than 4.33 crore shares against 16.82 lakh shares on offer. The Non-Institutional Investors’ (NIIs) portion was booked 50.6 times, the exchange data showed. NIIs placed bids for 12.77 crore shares against 25,23,602 shares on offer for them.

Earlier, TBO Tek raised around ₹696 crore from anchor investors ahead of the launch of public subscription. The company allotted 75,70,807 shares to anchor investors.

TBO Tek IPO allotment status and listing

After the successful subscription, TBO Tek IPO share allotment status is expected to be finalised on May 13. The company will transfer the shares into the Demat accounts of the successful bidders on May 14 and refunds for non-allottees will also be initiated the same day.

TBO Tek IPO shares are expected to make the market debut with a tentative listing date fixed at May 15. TBO Tek shares will be listed on both BSE and NSE.

TBO Tek IPO details

TBO Tek Ltd launched the public offer on May 8 to raise a total of ₹1,550.81 crore from public investors. The IPO comprised a fresh issue of 43 lakh shares worth ₹400 crore and an offer for sale of 1.25 crore shares worth ₹1,150.81 crore.

TBO Tek Ltd IPO price band was fixed at ₹875 to ₹920 per share. The minimum lot size was 16 Shares for retail investors. The minimum amount of investment was ₹14,720.

Kfin Technologies is the IPO registrar.

TBO Tek IPO objects

TBO Tek Ltd is a leading travel distribution platform in the global travel and tourism industry. It is an asset-light organisation and usually does not require substantial investments into fixed assets. The company has used a combination of sales and marketing efforts to increase its buyer and supplier base on the platform.

The company has proposed to utilise IPO proceeds of ₹400 crore from the fresh issue for the expansion of the supplier and buyer base.

The company also looks to add new lines of businesses to add value to the platform and fund inorganic growth through selective acquisitions and building synergies with our existing platform.