TBO Tek IPO sails through on Day 2. Check subscription, GMP, and other details
IPO) of TBO Tek sailed through on the second day of the bidding process, driven by strong interest from retail and non-institutional investors. The issue closes on Friday.
The categories reserved for retail and NII investors were fully booked, while that of QIBs was subscribed only 3%.
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.
The funds raised through the fresh issue would be used for the growth and strengthening of the company platform by adding new buyers and suppliers and towards unidentified inorganic acquisitions along with general corporate purposes.
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.
«While the P/E valuation of 64x appears fully priced, the lack of direct peers makes a definitive comparison challenging. Considering TBO Tek's growth potential and potential listing gains, we recommend a subscribe rating for this IPO,» said Swastika Investmart.
“The company’s business solution solves discovery, reliability, transaction & service woes by aggregating global travel supply and demand on one platform. The platform
