The much-anticipated listing of TBO Tek IPO is set for tomorrow, Wednesday, May 15, following the finalization of IPO allotment. For those fortunate to secure shares, the crediting to demat accounts is scheduled for today, May 14. Additionally, refunds for those awaiting shares are expected to be completed today as well. Kfin Technologies Ltd is the appointed registrar for TBO Tek IPO.
The IPO received overwhelming response from investors, with a subscription rate of 86.70 times on the final day of subscriptions, as per NSE data. Notably, the segment for qualified institutional buyers (QIBs) saw a subscription rate of 125.51 times, while non-institutional investors (NIIs) and retail individual investors (RIIs) registered subscription rates of 50.60 times and 25.74 times, respectively.
TBO Tek offered its IPO in the price band of ₹875 to ₹920 per equity share, with each lot comprising 16 equity shares. The IPO allocated 75% of the net offer for QIBs, 15% for NIIs, and 10% for retail investors, with reserved equity shares worth up to ₹3 crore for employees.
The company specializes in simplifying the travel sector for a wide range of providers and clients, offering a comprehensive platform that connects suppliers and buyers seamlessly.
Given the upper end of the IPO price band and the current grey market premium of ₹350, the estimated listing price for TBO Tek IPO is ₹1,270 per share, indicating a significant increase of 38.04% from the IPO price.
The IPO, valued at ₹1,550.81 crore, comprises a fresh issue of ₹400 crore and an offer-for-sale (OFS) of up to 12,508,797 equity shares by promoters and other investors.
TBO Tek intends to utilize the net proceeds from the IPO to expand its network, introduce new business categories, offer customized travel solutions, and pursue strategic acquisitions to enhance its platform.
Axis Capital Limited, Jefferies India Private Limited, Goldman Sachs (India) Securities Private Limited, and JM Financial Limited are the book running lead managers for the IPO, with Kfin Technologies Limited serving as the registrar.
Disclaimer: Investors are advised to seek advice from certified experts before making investment decisions.
