TBO Tek IPO to open for subscription on May 8. Check details
IPO) of TBO Tek will open for subscription on May 8 and will close on May 10. The price band for the issue will be announced soon.
The company had filed its draft prospectus papers in November last year and received approval for the same earlier this month.
The issue includes fresh equity of Rs 400 crore and an offer for sale of up to 1.25 crore shares. 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 business of travel for suppliers such as hotels, airlines, retail buyers such as travel agencies, and enterprise buyers that include tour operators, travel management companies. Its two-sided technology platform enables suppliers and buyers to transact seamlessly.
The platform connects over 147,000 buyers across over 100 countries with over 1 million suppliers, as of June 2023. Recently, leading investment firm General Atlantic had acquired a minority stake in TBO.
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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
