The IPO of TBO Tek Limited saw strong investor response, achieving full subscription on its first day. It received an overall subscription of 1.17 times, with retail investors showing significant interest at 3.23 times and non-institutional investors at 2.09 times. However, the Qualified Institutional Buyer (QIB) category saw minimal subscriptions at 0.01 times. Despite offering 92,85,816 shares, bids were received for 1,08,37,808 shares.
Interested investors have until May 10 to participate, with bidding starting at 16 shares in one lot and multiples thereafter. The IPO's price band is set between Rs 875 and Rs 920 per share. Allotment results are expected by May 13, with trading anticipated to commence on May 15.
The IPO's grey market premium (GMP) stands at Rs 540 as of May 8, 2024. At the upper price band of Rs 920 per share, the estimated listing price could reach Rs 1460, suggesting a potential gain of 58.70% per share.
The IPO, valued at Rs 1,550.81 crore, includes a fresh issue of Rs 400 crore and an offer for sale of 1.25 crore shares. Allocation follows a distribution of 75% for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail investors. Axis Capital Limited and Jefferies India Private Limited are the lead managers, with Kfin Technologies Limited serving as registrar.
The IPO aims to raise funds for platform expansion, potential acquisitions, and general corporate needs. Established in 2006 as Tek Travels Private Limited, TBO Tek Limited has become a comprehensive travel distribution platform catering to diverse customer requirements, including forex assistance.
