TBO Tek IPO Makes A Bumper Debut; Lists At 55% Premium
Travel distributor attempts to raise over Rs 1,550 crore with its combination of fresh issue and offer-for-sale component
TBO Tek, a B2B travel distribution company got its initial public offering (IPO) with a massive premium of 55 per cent at Rs 1,426 against its issue price of Rs 920.
The retail investors had keen interest in the issue as the subscription stood 24.70 times. While, the final subscription stood at 86.45 times, as per data by chittorgarh.
Travel distributor attempted to raise over Rs 1,550 crore with its combination of fresh issue and offer-for-sale component (OFS).
TBO Tek Rs 1,550.81 book-built issue consisted of fresh issuance worth Rs 400 crore and OFS worth Rs 1,150 crore with a price band of Rs 875 to 920.
Axis Capital, Jefferies India, Goldman Sachs Securities, JM Financial were the book running lead managers, while Kfin Technologies was the registrar to the issue.
IPO Objectives
The company proposed to utilise net proceeds of Rs 400 crore for the expansion of supplier and buyer base and amplification of value to its platform by adding new lines of businesses.
Additionally, the firm will also aim for inorganic growth though selective acquisitions and building synergies with its existing platform along with general corporate purposes.
Firm’s Financials
The firm registered revenue of Rs 1,085.77 crore in FY23, compared to Rs 511.93 crore in FY22. The firm’s profit after tax (PAT) increased to Rs 148.49 crore in FY23 compared to Rs 33.72 crore in FY22. Overall, revenue and PAT increased by 112.09 per cent and 340.4 per cent respectively.
