TBO Tek Rakes in Rs 696 Crore from Anchor Investors Ahead of IPO Launch

TBO Tek raised Rs 696 crore from anchor investors before its IPO, with 75.7 lakh shares allotted at Rs 920 each. Anchor investors include Abu Dhabi Investment Authority, ICICI Prudential Mutual Fund, and Goldman Sachs. The IPO, priced between Rs 875-920, will open on May 8 and includes a fresh issue and an OFS by promoters and investors. The company plans to use the fresh issue proceeds for growth, acquisitions, and general corporate purposes. TBO Tek is a leading travel distribution platform providing services in over 100 countries, offering over 7,500 destinations and facilitating 33,000 bookings daily.

Travel distribution firm TBO Tek on Tuesday said it has collected a little over Rs 696 crore from anchor investors ahead of its initial public offering (IPO).

The company has allotted 75.7 lakh equity shares to 47 funds at Rs 920 apiece, aggregating the transaction size to Rs 696.5 crore, according to a circular uploaded on BSE's website.

Key investors include Abu Dhabi Investment Authority, Government Pension Fund Global (Norges), ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Neuberger Berman, Nomura, SBI Mutual Fund, Blackrock Global Fund, Eastspring Investments, Fidelity Funds and Goldman Sachs.

The issue, with a price band of Rs 875 to Rs 920 per share, will open for public subscription on May 8 and conclude on May 10.

TBO Tek's Rs 1,551-crore maiden public issue is a mix of a fresh issue of equity shares aggregating up to Rs 400 crore and an OFS of up to 1.25 crore equity shares worth Rs 1,151 crore by promoters and investors.

Those selling shares in the OFS are promoters -- Gaurav Bhatnagar, Manish Dhingra and LAP Travel -- and investors-- TBO Korea and Augusta TBO.

Proceeds from the fresh issue will be used for the growth and strengthening of the platform by adding new buyers and suppliers, and unidentified inorganic acquisitions, besides, a portion will be used for general corporate purposes.

TBO Tek is a leading travel distribution platform in the global travel and tourism industry providing services to buyers and suppliers in over 100 countries as of June 30, 2023. The company offers over 7,500 destinations and facilitates 33,000 bookings per day through their platform.

In October 2023, investment firm General Atlantic announced that it would acquire a minority stake in TBO.

Axis Capital Ltd, Goldman Sachs (India) Securities Private Ltd, Jefferies India Private Ltd and JM Financial Ltd are the book-running lead managers of the issue. The equity shares will be listed on the BSE and NSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)