TBO Tek files draft paper for ₹2100 crore IPO
TBO Tek DRHP: Travel service provider company plans to raise fund via Initial public offer aggregating to up to ₹2,100 crore
TBO Tek DRHP: Travel services provider TBO Tek Limited has submitted draft papers at Securities and Exchange Board of India (SEBI), seeking the approval from the market regulator to raise ₹2100 crore through an initial public offering (IPO) of shares.
According to TBO Tek DRHP (Draft Red Herring Prospectus) , India's travel service provider company plans to raise fund via Initial public offer aggregating to up to ₹2,100 crore comprising a fresh issue of equity shares of face value ₹1 aggregating up to ₹900 crore and an Offer for Sale (OFS) aggregating up to ₹1,200 crore by the Promoter Selling Shareholder and Investor Selling Shareholders.
Founders and investors will sell shares worth 12 billion rupees, while the company plans to raise 9 billion rupees through the sale of new stock. It also plans to raise 1.8 billion rupees through a pre-IPO placement.
Company proposes to utilize net proceed from IPO towards (i) Growth and strengthening of its platform by adding new Buyers and Suppliers amounting to Rs. 570 crore; (ii) Strategic acquisitions and investments towards inorganic growth amounting to Rs. 90 crore and balance towards general corporate purpose.
TBO designs and produces travel applications that allow users to search and book tickets, make online reservations including for hotel rooms through the internet.
Axis Capital, Credit Suisse, Jefferies India and JM Financial Ltd. are lead managers of the issue.
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