TBO Tek Ltd announces IPO opening, sets price band at ₹875-₹920 per share
TBO Tek Ltd. announces IPO with price band of ₹875 to ₹920 per share
IPO opens on May 8, 2024, and closes on May 10, 2024
Proceeds to support platform growth and operations
Book-built issue of ₹1,550.81 crores, including fresh issue and offer for sale
Minimum bid of 16 shares, with retail investors requiring ₹14,720 minimum investment
BILKULONLINE
Ahmedabad, May 5: TBO Tek Ltd. has announced its initial public offering (IPO) of equity shares, with a price band set at ₹875 to ₹920 per share, open for subscription from May 8 to May 10, 2024. The IPO comprises a fresh issue of shares aggregating to ₹400 crore and an Offer for Sale by certain shareholders of up to 12,508,797 shares.
The proceeds from the IPO will support platform growth and operations, with plans to invest in technology and data solutions, expand the Supplier and Buyer base outside India, and strengthen the organization’s growth plans in India. The IPO is a book-built issue of ₹1,550.81 crores, with the allotment expected to be finalized on May 13, 2024. The listing on BSE and NSE is tentatively set for May 15, 2024.
TBO Tek Ltd., founded in 2006, is a travel distribution platform with a team of 280 tech members. The company offers a wide range of travel solutions for travel agents and tour operators across India, including metro cities like New Delhi, Mumbai, Chennai, and Kolkata. Services include White Label Solutions, Hotel and Flight Booking APIs, Dynamic Packages, and Mobile App Development.
The platform, which connects more than 159,000 buyers in over 100 countries with over one million suppliers, consists of two portals: TBO Holidays, a global travel distribution platform, and Travel Boutique Online, catering specifically to travel buyers in India. TBO Tek’s proprietary technology platform relies heavily on AI/ML to offer unique listings and travel products, meeting specific requirements put forth by customers.
Key figures in TBO Tek Ltd. include Gaurav Bhatnagar and Ankush Nijhawan, Co-Founders and Joint Managing Directors, Vikas Jain, Chief Financial Officer, Martin Jones, Chief Supply Officer located in Dubai, and Ravinder Dehriwal, Chairman of the company
Dilip Kumar Deube, the vice president of J M Finance briefed the detials of the company’s IPO.
Gaurav Bhatnagar expressed excitement about the IPO and highlighted the company’s commitment to growth and excellence in the travel distribution industry. He also mentioned the strategic importance of welcoming Book a Bed to the TBO family, which allows TBO’s entry into the Irish market and strengthens its UK presence. Under Karl’s continued leadership, they look forward to strengthening BookaBed’s business.
