General Atlantic-backed TBO Tek IPO opens next week. GMP, price, size, review, other details of upcoming IPO
- TBO Tek IPO will open on 8th May 2024 and it will remain open till 10th May 2024
TBO Tek IPO: The initial public offering of TBO Tek Ltd is going to hit the Indian primary market on 8th May 2024 and it will remain open till 10th May 2024 from Wednesday to Friday next week. The online travel distribution company is yet to declare the TBO Tek IPO price band. The online travel distribution company, which has investments from global growth equity investor General Atlantic, has proposed to list its shares on BSE and NSE. The upcoming IPO will be a mix of both fresh shares and OFS. However, the size of the public offer can't ascertained till the price band is announced. However, the company aims to raise ₹400 crore from the issuance of fresh shares.
The anchor book of the General Atlantic-backed TBO Tek IPO will open on 7th May 2024 i.e. on Tuesday next week.
TBO Tek IPO comprises a fresh issuance of shares worth ₹400 crore whereas the company has made it clear to keep1,25,08,797 equity shares by promoters and investors reserved for the OFS (offer for sale).
General Atlantic-backed company
Company promoters Gaurav Bhatnagar, Manish Dhingra, and LAP Travel have announced to offloading 52.12 lakh company shares via OFS. The company's other investors TBO Korea and Augusta TBO, which owns 11.06 percent and 19.53 percent stake in the company, are going to offload 72.96 lakh shares.
As per the Red Herring Prospectus of TBO Tek IPO, company promoters own 51.26 percent stake in this online travel distributor company whereas public shareholders own 46.43 percent stake in the company.
Augusta TBO is the largest public shareholder in this company as it owns a 19.53 percent stake in the company. General Atlantic owns 15,635,994 company shares, which is 15 percent of the total paid-up capital of the company. TBO Korea owns 11,523,854 shares or 11.06 percent stake in the company. Promoters and public shareholders own 98.54 percent of the company whereas the TBO ESOP Trust, which is a non-promoter and non-public shareholder entity, owns a 2.31 percent stake in the company.
TBO Tek IPO review
While reviewing the RHP of TBO Tek IPO, Anand Rathi's report says, 'The company’s business solution solves discovery, reliability, transaction & service woes by aggregating global travel supply and demand on one platform. The platform enables buyers and suppliers to transact seamlessly. The landscape for suppliers and buyers is highly fragmented. Beyond hotels and airlines, the fragmentation is even more prevalent in ancillary segments such as car transfers and sightseeing, with only a few large chains and several individual suppliers. Similarly, on the Buyer side, there are ~1.5/2m estimated number of Buyers (Travel agencies, independent travel advisors, etc) to whom customers reach out depending upon their needs. We reckon fragmentation in the travel market would persist, and the resulting market friction would increase further."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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