Ahead of the listing, the company’s shares were trading with a 20% premium to the issue price.
The IPO, which was completely a fresh equity sale of 30.6 lakh shares, received bumper investor response with a subscription of over 600 times at close.
Net proceeds from the public offer will be used for working capital requirements and general corporate purposes.
Travels and Rentals has been a franchisee of Lufthansa City Center International GmbH (LCCI) since 2010 and has been granted the right to operate under Business Plus Lufthansa City Center in India in the year 2013.LCCI has a worldwide travel agency franchise network in around 580 locations in 105 countries. Being a franchisee of Lufthansa City Center, the company is authorized to use the brand name of Lufthansa City Center for its business activities.Recently this year, the company has entered into a sales and marketing agreement with Group Voyagers Inc. for the sale of Globus family of brands travel products in India.Travels and Rentals offers a comprehensive range of travel-related products and services for end-to-end travel solutions, including airline tickets, hotels and tour packages, rail tickets as well as ancillary value-added services such as travel insurance, passport & visa processing and tickets for activities and attractions.
The company is bestowed with more than 25 years of experience and presents India in a distinct manner by designing personalised tour packages.
The business is completely dependent on geographical changes. The company believes that it offers best services to all its customers by understanding the client’s needs and striving to deliver beyond their expectations.
“We are always committed to fulfil the requirements of our clientele according to their needs. In order to meet these requirements, we have adapted to the best measures in the industry,” it said.