TBO Tek gets Sebi approval to raise funds through an IPO

economictimes.indiatimes.com:

TBO Tek received regulatory nod from Sebi to raise funds through an IPO. The issue includes fresh equity of Rs 400 crore and an offer for sale of up to 1.56 crore shares.

The company had filed a draft prospectus in November last year.

Under the OFS, promoters Gaurav Bhatnagar, Manish Dhingra, LAP Travel and other selling shareholders TBO Korea, Augusta TBO will offload the shares.

TBO simplifies the travel business for suppliers such as hotels, airlines and retail buyers such as travel agencies and enterprise buyers that include tour operators, 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 had acquired a minority stake in TBO.

In 2023 the travel and tourism industry is estimated to recover at pace, growing 18% year-on-year 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.

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For the three months ended June, its revenue from operations fell 68% year-on-year to Rs 345 crore and profit after tax declined 68% year-on-year to Rs 47 crore.

The company and the selling shareholders may, in consultation with the book-running lead managers, consider a private placement for a cash consideration under the pre-IPO