TBO Tek Limited, a major player in the global travel and tourism industry, recently completed its public listing on the National Stock Exchange of India Limited (NSE) and the BSE Limited (BSE), raising approximately $186 million. The overwhelming response to the initial public offering saw the issue being oversubscribed 86.70 times, with various categories of investors showing strong interest. The Qualified Institutional Buyers (QIB) portion was oversubscribed 125.51 times, while the non-institutional investors (NII) portion received a subscription of 50.60 times. The retail individual investors portion saw a subscription of 25.74 times, and the employees’ portion was subscribed 17.82 times.
The company’s listing saw a premium of over 50 per cent above the issue price, reflecting the strong investor appetite and confidence in TBO Tek Limited. Known for its innovative Business to Travel Agents (B2A) strategy in the Middle East, TBO aims to empower agents in the tourism industry to cater to travelers seeking customized and convenient services. With a significant presence in the Middle East, TBO connects over 159,000 buyers from more than 100 countries with over a million suppliers.
Anchors attracted before the IPO included notable investors such as the Abu Dhabi Investment Authority and institutional investors from countries like Norway, Japan, and India, showcasing TBO’s global impact and reach. Gaurav Bhatnagar, Co-Founder and Joint MD of TBO Tek Limited, expressed his delight at the successful listing, highlighting the milestone achieved and the new opportunities it brings for innovation, expansion, and value creation for shareholders and customers. The company is poised for sustained growth and success in the future.
Sameh Fouad, VP Sales, Middle East at TBO Tek Limited, emphasized the excitement surrounding the investments and their strategic use in fueling further innovation in the region. The funds will be utilized to enhance technology and services, as well as to expand into new markets in the Middle East. The investments signify a commitment to driving growth and success in the region, enabling TBO to continue its path of innovation and expansion in the travel and tourism industry.
