TBO Tek Makes A Strong Market Debut, Lists At Over 55% Premium On NSE

Global Expansion Push: TBO Tek Sets Up New Subsidiary In Canary Island

SUMMARY

TBO Tek’s shares were listed at INR 1,380 on BSE, a 50% premium from an issue price of INR 920

The company received an overwhelming response with the public issue subscribing 86.7X on the final day of the bidding

The company’s IPO 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.

B2B travel portal Travel Boutique Online or TBO made a strong entry on the public market on Wednesday (May 15) as it listed at INR 1,426, a 55% premium over the issue price of INR 920 in NSE. Similarly, in BSE, the stock price was listed at INR 1,380, a 50% premium of the similar issue price.

The IPO bidding which started on May 8, 2024, received an overwhelming response with the public issue subscribing 86.7X on the final day of the bidding.

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

This came on the back of two days of muted response from qualified institutional buyers (QIBs), 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.

The non-institutional investors quota (NIIs), received bids for 12.77 Cr shares as against 25.33 Lakhs shares earmarked for them, showcasing a 50.6X oversubscription.

While only 16.82 Lakh shares were kept for the retail investors, it received a bid for 4.33 Cr shares, resulting in 25.74X subscription.

Even the portion kept for the employees was oversubscribed 17.82X. The employees bid for 5.81 Lakh shares as against 32,808 shares earmarked for them.

The Gurugram-based company received a green nod for the public listing in April by the market regulator SEBI. Its IPO 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 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.

With TBO Tek now being listed, it joins the likes of EaseMyTrip, MakeMyTrip and Yatra, who are listed in the public market.

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