IPO screener: TBO Tek issue subscribed fully on Day 1

The ₹1,550.80-crore initial public offering of travel distribution platform TBO Tek that opened on Wednesday was subscribed fully on Day 1 itself, thanks to retail investors and non-institutional investors. The issue closes on May 10. The IPO comes with a price band of ₹875-920, and market lot of 16 shares.

The ₹1,550.80-crore initial public offering of travel distribution platform TBO Tek that opened on Wednesday was subscribed fully on Day 1 itself, thanks to retail investors and non-institutional investors. The issue closes on May 10. The IPO comes with a price band of ₹875-920, and market lot of 16 shares.

The IPO received bids for 1.06 crore shares against 92,85,816 shares on offer (net off anchor portion).

The offer comprises fresh issue of equity shares aggregating to ₹400 crore and an offer-for-sale by certain shareholders of up to 1.25 crore shares, the company said. The offer-for-sale consists of up to 20,33,944 shares by Gaurav Bhatnagar, up to 5,72,056 shares by Manish Dhingra, up to 26,06,000 shares by LAP Travel Pvt Ltd – the promoters – and up to 26,37,040 shares by TBO Korea Holdings Ltd and up to 46,59,757 shares by Augusta TBO (Singapore) Pte. Ltd, it said.

The IPO has reserved not less than 75 per cent of the net offer for QIBs, up to 15 per cent for NIIs, and up to 10 per cent for retail investors. Employees, who have been reserved shares aggregating up to ₹3 crore, subscribed 2.23 times their quota.

The quota for retail investors was subscribed 3.13 times, while the portion for NIIs received bids for 2.08 times. However, QIBs remained muted.

The company said it proposes to utilise the net proceeds of the fresh issue portion of the offer for growth and to strengthen its platform by adding new buyers and suppliers. This will include ₹135 crore towards investment in technology and data solutions by the company, and ₹100 crore towards investment in its material subsidiary, Tek Travels DMCC, for on-boarding platform users, among others.

As part of the issue, TBO Tek on Tuesday raised ₹696.5 crore from 47 anchor investors by allotting 75,70,807 shares at ₹920 each.

Key marquee investors include Abu Dhabi Investment Authority, Government Pension Fund Global (Norges), ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Neuberger Berman, Nippon Mutual Fund, Nomura, SBI Mutual Fund.

Besides, Blackrock Global Fund, Axis Mutual Fund, Eastspring Investments, Fidelity Funds, Franklin India, Goldman Sachs, HSBC Global Investments, Invesco, Mirae Asset, SBI General and SBI Life Insurance, Tata Digital India Fund, White Oak Capital Fund, Aditya Birla Sun Life, Bandhan Large Cap, CANARA Robeco, Carmignac Portfolio, Dsp Multicap Fund, Edelweiss Mutual Fund, Kotak Mahindra Life, Max Life Insurance, Motilal Oswal, RBC Asia Pacific, Optimix Wholesale, and The Prudential Assurance also participated in the anchor book.

TBO Tek is a travel distribution platform that provides services to buyers and suppliers in over 100 countries. 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 Ltd, Goldman Sachs (India) Securities Private Ltd, Jefferies India Private Ltd and JM Financial Ltd are the book-running lead managers of the issue. 

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