TBO Tek IPO Closes With 86.7X Subscription, QIBs Place Maximum Bids

B2B travel portal Travel Boutique Online or TBO Tek received an overwhelming response for its initial public offering (IPO), with the public issue subscribed 86.7X on the final day for bidding on Friday (May 10).

According to the BSE data, the public issue received bids for 80.5 Cr shares as against 92.85 Lakh shares on offer. 

After a muted response from qualified institutional buyers (QIBs) on the first two days, the portion reserved for QIBs was oversubscribed 125.1X. They placed bids for 63.34 Cr shares against the 50.47 Lakh shares reserved for them. 

Similarly, non-institutional investors’ (NIIs) quota was oversubscribed 50.6X, receiving bids for 12.77 Cr shares versus 25.23 Lakh shares allotted for them. 

Meanwhile, retail individual investors (RIIs) bid for 4.33 Cr shares against 16.82 Lakh shares on offer, resulting in 25.74X subscription.

The portion reserved for employees was subscribed 17.82X. TBO Tek’s workforce placed bids for 5.81 Lakh shares versus 32,608 reserved for them. 

TBO Tek’s shares will list on the BSE as well as the NSE. The company received SEBI’s approval for the public issue in April this year. 

The public offer comprised a fresh issue of shares of up to INR 400 Cr and an offer for sale (OFS) component of 1.25 Cr equity shares. The price band for the IPO was set at INR 875-INR 920 per equity share. The company will raise INR 1,551 Cr from the IPO at the upper end of the price band. 

Founded in 2006, TBO Tek provides travel solutions to travel agents and tour operators. It offers white-label solutions, hotel and flight booking APIs, and dynamic packages, among others. It counts Gaurav Bhatnagar, Manish Dhingra, and LAP Travel as its promoters and TBO Korea and Augusta TBO as its investors. 

Ahead of its public issue, the B2B travel portal raised INR 696.5 Cr from 47 anchor investors.