TBO Tek IPO Day 2: GMP Jumps, Subscription At 2.32x

TBO Tek, a leading travel distribution platform, has launched its IPO, aiming to raise ₹1,550.81 crores. The IPO, which opened for subscription on May 8 and will close on May 10, is a combination of a fresh issue of 0.43 crore shares aggregating to ₹400 crore and an offer for sale of 1.25 crore shares aggregating to ₹1,150.81 crore.

TBO IPO Subscription Status

As of 12:51 pm on May 9, the TBO Tek IPO has seen a subscription status of 2.32 times. The retail individual investors (RIIs) portion has been oversubscribed by 6.66 times, while the non-institutional investors (NII) portion has seen an oversubscription of 3.97 times. However, the Qualified Institutional Buyers (QIBs) portion has only been subscribed 0.03 times.

The IPO reserves 29.94% of the shares for QIBs, 14.97% for NIIs, and 9.98% for RIIs and the remaining was allotted to anchor investors.

TBO IPO GMP

The TBO Tek IPO GMP is currently reported at ₹550. It is a slight jump from the ₹540 reported on Wednesday, when the IPO opened for bidding. Taking the upper price band of ₹920 per share, the IPO is estimated to be listed at ₹1,470, around 60% premium over the issue price. However, it’s important to remember that while IPO GMPs can provide some insight into market sentiment towards an IPO, they are not always a reliable predictor of the stock’s performance upon listing.

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TBO Tek IPO Details

TBO Tek intends to use the net proceeds from the offering for expansion of the supplier and buyer base, amplification of the value of their platform by adding new lines of businesses, inorganic growth through selective acquisitions and building synergies with their existing platform and leveraging data procured to offer bespoke travel solutions to their buyers and suppliers.

Prior to the IPO launch, the company successfully secured ₹696.51 crores from anchor investors, including global investors such as Abu Dhabi Investment Authority, Government Pension Fund Global, Neuberger Berman Investment Funds, Nomura Funds, Blackrock Global Funds, Fidelity Funds, Goldman Sachs, HSBC Global, and Eastspring Investments.

TBO Tek Company Details

Established in 2006, TBO Tek, formerly known as Tek Travels Private Limited, is a travel distribution platform that offers travel inventory according to the needs of its customers. The company’s platform enables sellers to show and market their inventory and set prices for buyers. For buyers, the platform is an integrated, multi-currency, multi-lingual, one-stop solution that helps them discover and book travel to destinations around the world, across various travel segments such as leisure, business and religious travel.

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