TBO Tek IPO: Issue subscribed 30% on Day 1, retail portion fully booked
TBO Tek’sRs 1,551-crore initial public offer (IPO) received healthy subscription on May 8, the first day of bidding, with 30 percent subscription during initial hours. Investors bid for 28.15 lakh shares as against 92.85 lakh equity shares on offer, exchange data showed.
Retail portion was fully booked after investors purchased 1.01 times their allotted quota. Non-institutional investors ( high net worth individuals) also showed interest after picking up 48 percent of the portion set aside for them. QIBs or qualified institutional buyers were yet to participate in the offer.
TBO Tek is a prominent player in the global travel and tourism sector, boasting substantial gross transaction value (GTV) and revenue from operations in FY23. The company recorded healthy growth in its financials, with profit growing 340 percent year-on-year to Rs 148.5 crore and revenue from operations rose 120.3 percent to Rs 1,064.6 crore.
The IPO’s price band has been fixed at Rs 875 to Rs 920 per share.
Global investors including Abu Dhabi Investment Authority, Government Pension Fund Global, Neuberger Berman Investment Funds, Nomura Funds, Blackrock Global Funds, Fidelity Funds, Goldman Sachs, HSBC Global, and Eastspring Investments participated.
TBO Tek IPO Subscription Status (Bidding Detail)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 0.00 | 50,47,204 | 11,392 |
| NII | 0.78 | 25,23,602 | 19,63,616 |
| bNII (bids above ₹10L) | 0.73 | 16,82,401 | 12,22,736 |
| sNII (bids below ₹10L) | 0.88 | 8,41,201 | 7,40,880 |
| Retail | 1.53 | 16,82,401 | 25,67,440 |
| Employee | 1.20 | 32,609 | 39,184 |
| Total | 0.49 | 92,85,816 | 45,81,632 |
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