TBO Tek shares zoom nearly 53% in debut trade

Shares of travel distribution firm TBO Tek on Wednesday ended with a huge premium of nearly 53% against the issue price of Rs 920.

The stock listed at Rs 1,380, rallying 50% from the issue price on the BSE. During the day, it zoomed 58.25% to Rs 1,455.95 apiece. Shares of the company ended at Rs 1,404.85, higher by 52.70%.

On the NSE, the stock made the market debut at Rs 1,426, a jump of 55% from the issue price. It ended at Rs 1,404, up 52.60%.

The company's market valuation stood at Rs 15,254.96 crore.

In traded volume terms, 6.87 lakh shares of the company were traded on the BSE and 119.96 lakh shares on the NSE during the day.

The initial public offering (IPO) of TBO Tek was subscribed 86.70 times on the closing day of subscription on Friday.

The Rs 1,551-crore IPO had a fresh issue of up to Rs 400 crore and an offer-for-sale of up to 1,25,08,797 equity shares.

The price range for the offer was Rs 875-920 per share.

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 corporate purposes.

TBO Tek is a 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 says it offers over 7,500 destinations and facilitates 33,000 bookings per day through its platform.

In October 2023, investment firm General Atlantic announced that it would acquire a minority stake in TBO.