The initial public offering (IPO) of TBO Tek Limited is set to begin on May 8, providing investors with an opportunity to subscribe to the public issues until May 10.
Following this period, the basis of allotment will be decided by May 13, with the company making its stock exchange debut on May 15.
The IPO‘s price band is fixed at Rs 875-920 per share, with retail investors required to invest in a minimum of 16 shares.
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TBO Tek’s IPO is a book-built issue valued at Rs 1,550.81 crore, comprising a fresh issue of Rs 400 crore and an offer for sale of 1.25 crore shares.
Allocation of shares within the IPO is set at 75% for qualified institutional buyers, 15% for non-institutional investors, and the remaining 10% for retail investors.
The lead managers for the TBO Tek IPO are Axis Capital Limited and Jefferies India Private Limited, with Kfin Technologies Limited acting as the registrar for the issue.
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TBO Tek latest GMP
The IPO’s grey market premium (GMP) stands at Rs 530 as of May 7th, 2024, at 11:57 AM.
Based on the upper price band of Rs 920 per share, the estimated listing price is projected to be Rs 1450, indicating a potential gain of 57.61% per share.
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IPO overview
The primary objective behind the TBO Tek IPO is to raise capital for specific purposes.
Proceeds from the fresh issue will be directed towards enhancing platform growth and operational strength by expanding the network with new buyers and suppliers, exploring potential acquisitions, and attending to general corporate requirements.
As part of the Offer for Sale (OFS), promoters Gaurav Bhatnagar, Manish Dhingra, LAP Travel, along with other selling shareholders such as TBO Korea and Augusta TBO, will sell their shares.
The company submitted its draft prospectus papers in November last year and received approval for them earlier this month.
Established in 2006 as Tek Travels Private Limited, TBO Tek Limited has evolved into a comprehensive travel distribution platform supporting a wide range of customer needs and currencies, including forex assistance.
