TBO Tek IPO booked nearly 25x on Day 3. Check subscription, GMP, and other details

The initial public offering (IPO) of TBO Tek was subscribed 24.91 times so far on the third day of the bidding process. The categories reserved for retail and NII investors were booked 18 and 34 times, respectively. The part reserved for QIBs was subscribed just 22.41%.

Ahead of the issue opening, the company raised nearly Rs 697 crore from anchor investors.

The IPO comprises a fresh equity issue worth up to Rs 400 crore and an offer for sale (OFS) of up to 1.25 crore shares by existing investors.


Gaurav Bhatnagar, Manish Dhingra, LAP Travel, TBO Korea, and Augusta TBO will offload shares under the OFS.

TBO Tek IPO GMP

In the unlisted market, the company's shares are trading with a premium of Rs 550.

TBO Tek IPO Review

Analysts advised investors to subscribe to the issue over consistent growth shown in the last two fiscal years.

“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.

TBO Tek IPO Price Band

TBO has fixed a price band of Rs 875-920 for its maiden public offer.

Other Details

TBO simplifies the business of travel for suppliers such as hotels, airlines, and retail buyers such as travel agencies and enterprise buyers that include tour operators, and travel management companies through the two-sided technology platform that enables suppliers and buyers to transact seamlessly with each other.

The platform connects over 147,000 buyers across more than 100 countries with over one million suppliers, as of June 2023. Recently, leading investment firm General Atlantic acquired a minority stake in TBO.

In 2023 the travel and tourism industry is estimated to recover at pace, growing 18% YoY from 2022 to reach $1.9 trillion, and is expected to grow at a CAGR of 8.2% to reach $2.6 trillion in 2027.

Axis Capital, Goldman Sachs (India) Securities, JM Financial, and Jefferies India are the book-running lead managers to the issue.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)