TBO Tek IPO open for subscription: Check subscription date, price band, lot size and other key details
Upstox
3 min read • Updated: May 8, 2024, 11:30 AM
Summary
TBO Tek IPO is open for subscription, with a book-build issue of ₹1,550.81 crore, the IPO will be open between 8 to 10 May. TBO Tek plans to utilize the net proceeds for expanding its supplier and buyer base, enhancing platform value, and pursuing inorganic growth activities like acquisitions.
TBO Tek IPO, a book-build issue of ₹1,550.81 crore, is all set to open for public subscription on Wednesday, May 8. The initial public offer will close on May 10.
The mainboard public offer by the travel business company is a mix of a fresh issue of 43 lakh shares worth ₹400 crore and offer-for-sale (OFS) of 1.25 crore shares of ₹1,150.81 crore.
TBO Tek has reserved not less than 75% of the net issue for qualified institutional buyers (QIBs), not more than 15% of the offer for non-institutional investors (NIIs) and not more than 10% of the total IPO size for retail buyers. There is neither an anchor portion nor a market maker portion in the IPO.
Axis Capital, Jefferies India, Goldman Sachs (India) Securities and JM Financial are the book-running lead managers of the public offer. Kfin Technologies has been appointed as the registrar for the IPO.
TBO Tek IPO price band
The company has fixed the price band for shares at ₹875 to ₹920 per unit and the minimum lot size for an application at 16 shares. At the upper price band, retail buyers would require a minimum investment of ₹14,720 to bid for one lot. For small non-institutional investors (sNIIs), the minimum lot size is fixed at 14, requiring an investment of ₹2,06,080.
To know more and apply for TBO Tek IPO, click here
TBO Tek IPO share allotment and listing
The IPO shares are likely to be allotted to successful applicants on May 13, once the company finalizes the basis of allotment. Investors can check the allotment status of shares through BSE and NSE websites, as well as on the registrar's portal. Successful bidders can also check how many shares they are allotted against the number they actually bid for.
The company will list its shares on the BSE and NSE with a tentative listing date being fixed as Wednesday, May 15, 2024.
TBO Tek IPO objective
TBO Tek plans to use the net IPO proceeds for the expansion of the supplier and buyer base. Among many things, the funds will be used for amplification of the platform value by adding new lines of business. The company has plans to use the proceeds from the IPO for inorganic growth activities like selective acquisitions and building synergies with the company's existing platform.
About TBO Tek Ltd
Started in 2006, TBO Tek was formerly known as Tek Travels. The company, a travel distribution platform, offers its travel inventory as per the preferences of its customers and provides comprehensive support for a wide range of currencies, along with forex assistance.
TBO Tek's platform allows sellers to showcase and promote their inventory and also enable them to set prices for potential buyers. For buyers, the platform serves as an integrated, multi-currency, and multilingual one-stop solution. The platform facilitates the exploration and booking of travel to destinations worldwide across various segments, including leisure, business, and religious travel.
In the fiscal year 2022-23, the company's revenue rose to ₹1,085.77 crore from ₹511.93 crore in the previous fiscal year 2021-22. Profit after tax (PAT) grew in FY23, reaching ₹148.5 crore compared to ₹33.7 crore in FY22.
For the fiscal year 2023-24, for the nine months ending in December, TBO Tek reported a revenue of ₹1,039.5 crore and a PAT of ₹154.18 crore.