Travel distribution company TBO Tek Ltd has filed fresh preliminary papers with capital markets regulator SEBI to raise funds through an initial public offering.
The maiden public issue comprises a fresh issue of shares aggregating up to Rs 400 crore and an offer for sale of up to 15,635,996 shares by promoters and investors, according to the draft Red Herring prospectus filed on Wednesday.
Those selling shares in OFS are promoters – Gaurav Bhatnagar, Manish Dhingra and LAP Travel – and investors – TBO Korea and Augusta TBO.
Proceeds from the new issue will be used to grow and strengthen the platform through the addition of new buyers and suppliers, as well as unidentified inorganic acquisitions. In addition, a portion is used for general corporate purposes.
Previously, the company had filed draft papers with SEBI in December 2021 to conduct an initial share sale worth Rs 2,100 crore. However, the company did not launch the IPO.
TBO Tek is a leading travel distribution platform in the global travel and tourism industry, providing services to buyers and suppliers in over 100 countries (as of June 30, 2023).
The company offers over 7,500 destinations and facilitates 33,000 bookings per day through its platform.
In October, investment firm General Atlantic announced it would acquire a minority stake in TBO.
Axis Capital Ltd, Goldman Sachs (India) Securities Private Ltd, Jefferies India Private Ltd and JM Financial Ltd are the underwriters of the issue.
The shares will be listed on the BSE and NSE.
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