TBO Tek IPO: Travel company garners ₹696.5 crore from anchor investors ahead of IPO

According to the company’s filing to the exchanges, it has allocated 75,70,807 equity shares to 61 anchor investors at a price of ₹920 per equity share.

“The company has allotted 7,570,807 Equity Shares to Anchor Investors at the Anchor Investor Allocation Price of ₹920 per Equity Share (including share premium of ₹919 per Equity Share) of face value of ₹ 1 each,” the company said in its filing.

Global investors, including Abu Dhabi Investment Authority, Government Pension Fund Global, Neuberger Berman Investment Funds, Nomura Funds, Blackrock Global Funds, Fidelity Funds, Goldman Sachs, HSBC Global, and Eastspring Investments, acquired shares of the company through investment in the anchor book.

Additionally, domestic mutual fund houses such as ICICI Prudential Mutual Fund, Kotak Mahindra Trustee, Nippon Life India, SBI Mutual Fund, Axis Mutual Fund, Franklin India, Mirae Asset, Whiteoak Capital, Bandhan Mutual Fund, Canara Robeco Mutual Fund, and DSP Multicap Fund also participated in purchasing shares of the company.

Insurance giants ICICI Prudential Life Insurance, SBI Life Insurance, Aditya Birla Sun Life Insurance, Kotak Mahindra Life Insurance, and Max Life Insurance also acquired a share in the company.

“Out of the total allocation of 75,70,807 equity shares to the anchor investors, 31,55,236 equity shares were allocated to 14 domestic mutual funds through a total of 26 schemes,” the company added.

TBO Tek IPO details

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TBO Tek IPO aims to raise ₹1,550.81 crore through its initial public offering, with the upper price band set at ₹875-920 per share. The IPO consists of a fresh issue of shares worth ₹400 crore by the company and an offer-for-sale (OFS) of 1.25 crore shares valued at ₹1,150.81 crore by promoters and investors.

Based in New Delhi, the company plans to allocate ₹260 crore from the net proceeds of the fresh issue towards expanding and fortifying the platform, including the addition of new buyers and suppliers. Additionally, ₹40 crore will be earmarked for undisclosed inorganic acquisitions and general corporate purposes.

Founded in 2006, TBO Tek Limited, previously named Tek Travels Private Limited, operates as a travel distribution platform. The company offers a wide selection of currencies and currency assistance services, in addition to providing travel inventory tailored to the needs of its clients.

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Published: 07 May 2024, 11:02 PM IST