TBO Tek IPO Day 2: Check latest subscription, GMP

TBO Tek IPO Day 2: Check latest subscription, GMP

The initial public offering (IPO) of TBO Tek Limited was subscribed over four times on Thursday, with the retail category leading the public issue.

The IPO recieved an overall subscription of 4.17 times. The retail category saw a subscription of 10.28 times, while the Qualified Institutional Buyer (QIB) category was subscribed only 0.17 times, and the Non-Institutional Investor (NII) category was subscribed 8.20 times as of 5:47 PM.

The public issue offered 92,85,816 shares for subscription but received bids for 3,87,14,832 on its second day.

Potential investors can subscribe to the issue until May 10 and will need to bid for 16 shares in one lot and in multiples thereafter.

The IPO’s price band is fixed at Rs 875-920 per share. The basis of allotment will be decided by May 13, with the company making its stock exchange debut on May 15.

TBO Tek IPO latest GMP

The IPO’s grey market premium (GMP) stands at Rs 540 as of May 9, 2024, at 5:27 PM.

Based on the upper price band of Rs 920 per share, the estimated listing price is projected to be Rs 1460, indicating a potential gain of 58.70% per share.

TBO Tek IPO details

TBO Tek’s IPO is a book-built issue valued at Rs 1,550.81 crore, comprising a fresh issue of Rs 400 crore and an offer for sale of 1.25 crore shares.

Allocation of shares within the IPO is set at 75% for qualified institutional buyers, 15% for non-institutional investors, and the remaining 10% for retail investors.

The lead managers for the TBO Tek IPO are Axis Capital Limited and Jefferies India Private Limited, with Kfin Technologies Limited acting as the registrar for the issue.

The primary objective behind the TBO Tek IPO is to raise capital for specific purposes.

Proceeds from the fresh issue will be directed towards enhancing platform growth and operational strength by expanding the network with new buyers and suppliers, exploring potential acquisitions, and attending to general corporate requirements.

Established in 2006 as Tek Travels Private Limited, TBO Tek Limited has evolved into a comprehensive travel distribution platform supporting a wide range of customer needs and currencies, including forex assistance.