Strong Debut: Travels & Rentals shares list at ₹55 on BSE SME, up 37.5% from IPO price

Travels & Rentals IPO listing: Shares of Travels & Rentals made a strong debut on the bourses today. It listed at ₹55 on BSE SME, a premium of 37.5 percent from its IPO price of ₹40.

The ₹12.24 crore SME initial public offering (IPO) was open for subscription from August 29, 2024, to September 2, 2024, with a price set at ₹40 per share.

During the 3 days of bidding the IPO received overwhelming subscription and was bid 608.46 times overall. The issue received bids for 176.87 crore equity shares against 29.07 lakh shares on offer. The retail category saw a subscription of 429.90 times, while 'others' quota was subscribed 754.64 times.

About the IPO

The Travels & Rentals IPO involved a fresh issuance of 30.6 lakh shares, raising ₹12.24 crore. The funds from the IPO are earmarked for working capital requirements and general corporate expenses.

Retail investors were required to apply for a minimum lot size of 3,000 shares, which amounted to ₹120,000. For High Net-Worth Individuals (HNIs), the minimum investment was set at two lots, or 6,000 shares, totaling ₹240,000.

Finshore Management Services Limited served as the book-running lead manager for the IPO, with Cameo Corporate Services Limited acting as the registrar. Black Fox Financial was the market maker for the Premier Energies IPO.

About the firm

Incorporated in 1996, Travels & Rentals Limited provides a comprehensive range of travel-related products and services, offering complete travel solutions. The company caters to various travel needs, including airline tickets, hotel bookings, tour packages, rail tickets, and specialized services such as travel insurance, passport and visa processing, and tickets for activities and attractions.

Their service portfolio includes domestic and international air ticketing, customized inbound and outbound tours, worldwide hotel reservations, and specialized services for visa, passport, and insurance needs. With a robust network of travel agents across Europe, the USA, South and Southeast Asia, the Middle East, Africa, and Australia, the company has expanded its global presence.

Between March 31, 2023, and March 31, 2024, Travels & Rentals Limited saw its revenue grow by 39 percent, while its profit after tax (PAT) surged by 97 percent, reflecting significant business growth during the period.