New Delhi, Travel distribution firm TBO Tech on Tuesday said it has collected a little over Rs 696 crore from anchor investors ahead of its initial public offering (IPO).
According to the circular uploaded on the BSE website, the company has allotted 75.7 lakh equity shares at Rs 920 per share to 47 funds, taking the transaction size to Rs 696.5 crore.
Major investors include Abu Dhabi Investment Authority, Government Pension Fun 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.
With a price band of Rs 875 to Rs 920 per share, the issue will open for public subscription on May 8 and will end on May 10.
TBO Tech's Rs 1,551 crore maiden public offering is a mix of fresh issue of equity shares worth up to Rs 400 crore and OFS of 1.25 crore equity shares worth Rs 1,151 crore by promoters and investors.Those selling shares in the OFS include promoters – Gaurav Bhatnagar, Manis Dhingra and LAP Travel – and investors – TBO Korea and Augusta TBO.
The proceeds from the fresh issue will be used for the development and strengthening of the platform by adding new buyers and suppliers and undisclosed inorganic acquisitions, in addition, a portion will be used for general corporate purposes.
TBO Tech is a leading travel distribution platform in the global travel tourism industry serving buyers and suppliers in more than 10 countries as of June 30, 2023. The company offers over 7,500 destinations and facilitates 33,000 bookings per day through its 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 Pvt. Ltd., Jefferies Indi Pvt. Ltd. and JM Financial Ltd. are the book-running lead managers to the issue. The equity shares will be listed on BSE and NSE.
According to the circular uploaded on the BSE website, the company has allotted 75.7 lakh equity shares at Rs 920 per share to 47 funds, taking the transaction size to Rs 696.5 crore.
Major investors include Abu Dhabi Investment Authority, Government Pension Fun 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.
With a price band of Rs 875 to Rs 920 per share, the issue will open for public subscription on May 8 and will end on May 10.
TBO Tech's Rs 1,551 crore maiden public offering is a mix of fresh issue of equity shares worth up to Rs 400 crore and OFS of 1.25 crore equity shares worth Rs 1,151 crore by promoters and investors.Those selling shares in the OFS include promoters – Gaurav Bhatnagar, Manis Dhingra and LAP Travel – and investors – TBO Korea and Augusta TBO.
The proceeds from the fresh issue will be used for the development and strengthening of the platform by adding new buyers and suppliers and undisclosed inorganic acquisitions, in addition, a portion will be used for general corporate purposes.
TBO Tech is a leading travel distribution platform in the global travel tourism industry serving buyers and suppliers in more than 10 countries as of June 30, 2023. The company offers over 7,500 destinations and facilitates 33,000 bookings per day through its 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 Pvt. Ltd., Jefferies Indi Pvt. Ltd. and JM Financial Ltd. are the book-running lead managers to the issue. The equity shares will be listed on BSE and NSE.
