Ahead of the debut, the company’s shares traded at a GMP of Rs 375.
The issue was booked over 80 times at close on strong interest from non-institutional investors. Ahead of the IPO opening, the company raised nearly Rs 697 crore from anchor investors.
TBO Tek’s appeal stems from its robust technological foundation. The company leverages a modular and scalable proprietary platform, enabling them to generate and utilize valuable data assets. This, coupled with a capital-efficient business model, positions TBO Tek for continued growth in the online travel sector.
Also Read: Go Digit Insurance IPO. 10 things to know before subscribing to the issue”Despite the potential risks and the slight moderation in GMP, TBO Tek’s strong fundamentals, innovative technology platform, and financial turnaround position it well,” said Shivani Nyati, Head of Wealth, Swastika Investmart.The funds raised through the fresh issue would be used for the growth and strengthening of the company platform by adding new buyers and suppliers and towards unidentified inorganic acquisitions along with general corporate purposes.TBO simplifies the business of travel for suppliers such as hotels, airlines and retail buyers such as travel agencies and enterprise buyers that include tour operators, travel management companies through the two-sided technology platform that enables suppliers and buyers to transact seamlessly with each other.
The platform connects over 147,000 buyers across more than 100 countries with over one million suppliers, as of June 2023. Recently, leading investment firm General Atlantic had acquired a minority stake in TBO.
In 2023 the travel and tourism industry is estimated to recover at pace, growing 18% year-on-year from 2022 to reach $1.9 trillion, and is expected to grow at a CAGR of 8.2% to reach $2.6 trillion in 2027.
Axis Capital, Goldman Sachs (India) Securities, JM Financial and Jefferies India acted as the book-running lead managers to the issue.
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