TBO Tek IPO: Firm files DRHP with SEBI to raise ₹400 crore via fresh issue and an offer for sale for 1.56 crore shares
- IPO -TBO Tek Limited Files DHRP (draft red herring prospectus) with Securities and Exchange Board of India for fresh Issue Rs. 400 Crore & Offer for sale of 15.64 Million equity shares
TBO Tek Ltd has filed its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to raise ₹ 400 crore through an initial public offering (IPO). The company's IPO comprises a fresh issue of up to ₹400 crore. Additionally, there is an offer-for-sale (OFS) of 1.564 Crore equity shares by a promoter and investors, according to the draft papers.
TBO proposes to utilize the Net Proceeds from the Fresh Issue towards growth and strengthening of the platform by adding new buyers and Suppliers, Unidentified inorganic acquisitions and general corporate purposes.
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TBO Tek Limited, a leading travel distribution platform in the global travel and tourism industry providing services to Buyers and Suppliers in over 100 countries (as of June 30, 2023) with a comprehensive travel inventory,
The Offer for Sale up to 15,635,996 equity shares comprises of up to 2,033,944 equity shares by Gaurav Bhatnagar; up to 572,056 equity shares by Manish Dhingra; up to 2,606,000 equity shares by LAP Travel collectively referred to as “Promoter Selling Shareholders”(The “Promoter Selling Shareholders”) and up to 3,767,200 equity shares by TBO Korea and upto 6,656,796 equity shares by Augusta TBO referred to as “Investor Selling Shareholders”( The Investor Selling Shareholders”).
Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited and JM Financial Limited are the Book Running Lead Managers of the issue.
TBO proposes to utilize the net proceeds from the Fresh Issue towards Growth and strengthening of the platform by adding new Buyers and Suppliers, Unidentified inorganic acquisitions and general corporate purposes.
TBO platform connects over 147,000 Buyers across more than 100 countries with over one million Suppliers, as of June 30, 2023. TBO offers 7,500+ destinations and facilitates 33,000 bookings per day through their platform. TBO supports a wide range of currencies along with forex assistances. TBO simplifies the business of travel for suppliers such as hotels, airlines, car rentals, transfers, cruises, insurance, rail and others (collectively, “Suppliers”), and retail buyers such as travel agencies and independent travel advisors (“Retail Buyers”); and enterprise buyers that include tour operators, travel management companies, online travel companies, super-apps and loyalty apps (“Enterprise Buyers”, together with Retail Buyers, “Buyers”) through the two-sided technology platform that enables Suppliers and Buyers to transact seamlessly with each other.
TBO operates in the global travel and tourism market that stood at US$ 1.7 trillion in 2017. In 2023 the travel and tourism industry is estimated to recover at pace, growing 18.2% year-on-year from 2022 to reach US$ 1.9 trillion, and expected to grow at a CAGR of 8.2% to reach $ 2.6 trillion in 2027.
TBO’s total income has increased to Rs. 1085.77 Crore in FY23 and Rs. 347.88 Crore in Q1 FY24, from Rs. 511.93 Crore in FY22 and Rs. 176.55 Crore in FY 21. The restated profit was Rs. 148.49 Crore in FY23 and Rs. 47.3 Crore in Q1 FY 24 vis-a-vis Rs. 33.72 Crore in FY22 and a loss of Rs.34.14 Crore in FY21. The Adjusted EBITDA margin was 18.69% for FY 23 and 20.03% for Q1 FY24.
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