Online B2B travel distribution platform TBO raised Rs 696 Cr from anchor investors
As part of its initial public offering, online B2B travel distribution platform Travel Boutique Online (TBO) has made shares valued at Rs 696 crore available to anchor investors.
According to a regulatory filing obtained from the Bombay Stock Exchange, TBO Tek’s board has decided to offer 75,70,807 equity shares at an issue price of Rs 920 apiece to its anchor investors.
Among the company’s major anchor investors are ABU Dhabi Investment, ICICI Prudential, Kotak Mahindra Securities, Nippon Life, SBI Technology Opportunities, Axis Mutual Fund, Goldman Sachs, Aditya Birla, and Invesco India.
The filing also stated that 3,155,236 equity shares of the 7,570,807 equity shares allotted to the anchor investors were distributed among 26 schemes and 14 domestic mutual funds.
May 8–10, 2024, TBO will hold its public offering. The minimum bid quantity will be 16 shares, and the price range will be between Rs. 875 and Rs. 920.
The Gurugram-based company had proposed in the DRHP to raise money by issuing equity shares with a face value of Rs 1 each. This would involve issuing new equity shares up to Rs 400 crore and offering up to 12,508,797 equity shares for sale.
According to the DRHP, Augusta TBO holds a 24.32% stake in the company, trailed by Lap Travel, which holds the largest holding at 25%. Dhingra and Bhatnagar hold 5.63% and 20% of the shares, respectively.
TBO Tek reported a consolidated revenue of Rs 1,023 crore and a profit of Rs 154 crore for the nine months (March 23–Dec 23) of FY24. Remarkably, 72% of its total revenue came from hotel and package sales, with air ticket sales making up the remaining 25%.
