The IPO of TBO Tek Limited witnessed robust subscriptions, particularly in the Qualified Institutional Buyer (QIB) category, leading to an overall subscription of 86.44 times. The retail category saw a subscription of 24.63 times, while the QIB category was subscribed 125.51 times, and the Non-Institutional Investor (NII) category was subscribed 50.39 times.
Offering 92,85,816 shares for subscription, the IPO received bids for 80,26,33,440 shares. With a price band of Rs 875-920 per share, the basis of allotment is expected to be decided by May 13, and the company is slated to debut on the stock exchange on May 15.
As of May 10, 2024, the IPO's grey market premium (GMP) stands at Rs 535. Based on the upper price band of Rs 920 per share, the estimated listing price is projected to be Rs 1455, indicating a potential gain of 58.15% per share.
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. Axis Capital Limited and Jefferies India Private Limited are the lead managers for the IPO, with Kfin Technologies Limited serving as the registrar for the issue.
The primary objective behind the TBO Tek IPO is to raise capital for specific purposes, including enhancing platform growth and operational strength by expanding the network with new buyers and suppliers, exploring potential acquisitions, and attending to general corporate requirements.
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.
