Leading travel distribution platform in the global travel and tourism industry, TBO Tek has received final approval from the Securities and Exchange Board of India (SEBI for their proposed IPO. The company which provides services in over 100 countries had filed Draft Red Herring Prospectus (DRHP) for IPO last year in November.
The IPO comprises a fresh issue of equity shares totalling up to INR 400 Crore (The Fresh Issue) and an offer for sale of up to 15,635,996 Equity Shares (The Offer for Sale).
The company informed that it has received final SEBI Observations for their proposed IPO. The regulatory body issued its observations on April 15, 2024.
The Offer for Sale includes equity shares by Gaurav Bhatnagar, Manish Dhingra, LAP Travel (Promoter Selling Shareholders), TBO Korea, and Augusta TBO (Investor Selling Shareholders). The company’s total income has exhibited significant growth, reaching INR 1085.77 crore in FY23 and INR 347.88 crore in Q1 FY24.
With the proposed IPO, TBO aims to expand its network by adding new buyers and suppliers, engaging in unidentified inorganic acquisitions, and supporting general corporate purposes.
The IPO of roughly 44 million shares will see the company selling 11 million shares and existing shareholders the rest. Viking is targeting a range between USD 21 and USD 25 apiece to raise up to USD 1.1 billion, according to a regulatory filing. Norges Bank Investment Management, which manages the Norwegian Government Pension Fund, has indicated that it wants to buy up to USD 100 million in ordinary shares in the offering, Viking said in the filing.
Founded in 2006, TBO Tek through TBO.com offers 7,500+ destinations and facilitates 33,000 bookings per day through their platform. TBO supports a wide range of currencies (55+) along with forex assistances.TBO simplifies the business of travel for suppliers such as hotels, airlines, car rentals, transfers, cruises, insurance, rail and others, and retail buyers such as travel agencies and independent travel advisors; and enterprise buyers that include tour operators, travel management companies, online travel companies, super-apps and loyalty apps , together with Retail Buyers.
Book Running Lead Managers for TBO Tek IPO issue are Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited and JM Financial Limited.
