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Travel distribution firm TBO Tek eyes Rs 1K cr via IPO; issue to open May 8
Travel distribution firm TBO Tek Ltd is looking to raise Rs 1,000 crore through its initial share sale, which will open for public subscription on May 8.
The Initial Public Offering (IPO) will conclude on May 10 and the bidding for anchor investors will open for a day on May 7, according to the Red Herring Prospectus (RHP).
The company's maiden public issue comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer-for-Sale (0FS) of up to 1.25 crore equity shares by promoters and investors.
According to market sources, OFS size could be around Rs 600 crore, taking the total IPO size to Rs 1,000 crore.
Those selling shares in the OFS are promoters -- Gaurav Bhatnagar, Manish Dhingra and LAP Travel -- and investors-- TBO Korea and Augusta TBO.
Proceeds from the fresh issue will be used for the growth and strengthening of the platform by adding new buyers and suppliers, and unidentified inorganic acquisitions, besides, a portion will be used for general ...