09th May 2024 – Travel Boutique Online (TBO) has initiated its initial public offering (IPO) by offering shares worth Rs 696 crore to anchor investors. The board at TBO Tek has approved the offering of 75,70,807 equity shares at an issue price of Rs 920 each.
Key anchor investors for TBO include ABU Dhabi Investment, ICICI Prudential, Kotak Mahindra Securities, and others. Domestic mutual funds have also been allocated a portion of the shares.
The public offering, which commenced on May 8th and runs until May 10th, 2024, has a price band of Rs 875-920 per share with a minimum bid quantity of 16 shares.
According to the Draft Red Herring Prospectus (DRHP), TBO aims to raise funds through a mix of fresh issue of equity shares and an offer for sale. Lap Travel holds the largest stake in the company at 25%, followed by Augusta TBO with a 24.32% stake.
During FY24, TBO Tek recorded a consolidated revenue of Rs 1,023 crore and a profit of Rs 154 crore. The majority of its revenue came from income generated from hotels and packages, while air ticketing contributed significantly as well.
Conclusion
TBO’s IPO marks a significant step in its growth journey, aiming to raise capital to further expand its operations and strengthen its position in the B2B travel distribution market.
Source:Link
