Among the companies that participated in the anchor round were ADIA, ICICI Prudential, the Government Pension Fund of Norway, Kotak Mahindra, Neuberger Berman, and Tata Digital. A total of 31.55 lakh (42%) shares worth INR 290 crore were allocated to 14 domestic mutual funds under 26 schemes. TBO Tek is hoping to generate roughly INR 1,551 crore through its public offering, which will start on May 8 and close on May 10.
Travel Boutique Online (TBO), an online B2B travel distribution network, has offered anchor investors Rs 696 crore in shares as part of its IPO.
TBO Tek’s board of directors has approved the issuance of 75,70,807 equity shares to anchor investors at an issue price of Rs 920 apiece, according to a regulatory filing obtained from the BSE (Bombay Stock Exchange).
TBO Tek, established in 2006, provides travel solutions to travel agencies and tour operators. It provides white-label solutions, hotel and airfare booking APIs, dynamic packages, and more.
Axis Mutual Fund, Goldman Sachs, Aditya Birla, Nippon Life, ICICI Prudential, Kotak Mahindra Securities, ABU Dhabi Investment, SBI Technology Opportunities, and Invesco India are a few of the company’s major anchor investors.
The report said that 3,155,236 stock shares were allocated to 14 domestic mutual funds through a total of 26 schemes, out of a total allocation of 7,570,807 equity shares to anchor investors.
TBO’s public offering begins today (8th May-10th May) 2024 with a price band of Rs 875-920 and a minimum bid amount of 16 shares.
In the DRHP, the Gurugram-based company proposed raising money through the issuance of equity shares with a face value of Rs 1 apiece, which included a fresh issue of equity shares worth up to Rs 400 crore and an offer for sale of up to 12,508,797 equity shares.
According to the DRHP, Lap Travel has the largest share in the company at 25%, followed by Augusta TBO at 24.32%. Bhatnagar and Dhingra hold 20% and 5.63% stakes, respectively.
TBO Tek reported a consolidated revenue of Rs 1,023 crore and a profit of Rs 154 crore for the nine months (March 23-December 23) of FY24. Importantly, hotel and package income accounted for 72% of overall revenue, while flight ticket sales accounted for 25%.
In addition, another INR 100 crore will be invested in its material subsidiary, Tek Travels DMCC, to onboard platform users through marketing and promotional activities, as well as employment. In addition, the new capital will be utilized for unnamed inorganic acquisitions and general company objectives.
