TBO, a prominent online B2B travel distribution platform, co-founded by Gaurav Bhatnagar and Ankush Nijhawan has successfully garnered Rs 696 crore through its offering of shares to anchor investors, marking a significant stride in its initial public offering.
According to regulatory filings accessed from the Bombay Stock Exchange (BSE), TBO Tek’s board has greenlit the offering of 75,70,807 equity shares at an issue price of Rs 920 each to anchor investors.
Among the notable anchor investors are ABU Dhabi Investment, ICICI Prudential, Kotak Mahindra Securities, Nippon Life, SBI Technology Opportunities, Axis Mutual Fund, Goldman Sachs, Aditya Birla, and Invesco India.
Of the total allocation to anchor investors, amounting to 7,570,807 equity shares, 3,155,236 equity shares have been assigned to 14 domestic mutual funds across 26 schemes, as outlined in the filing.
In its Draft Red Herring Prospectus (DRHP), the Gurugram-based company proposed to raise funds through the issuance of equity shares with a face value of Rs 1 each, comprising a fresh issue of equity shares aggregating up to Rs 400 crore and an offer for sale of up to 12,508,797 equity shares.
According to the DRHP, Lap Travel holds the largest stake in the firm at 25%, followed by Augusta TBO with a 24.32% stake. Bhatnagar and Dhingra control stakes of 20% and 5.63%, respectively.
For the nine-month period from March 2023 to December 2023 of FY24, TBO Tek recorded a consolidated revenue of Rs 1,023 crore, with a profit of Rs 154 crore. Notably, revenue from hotels and packages accounted for 72% of its total revenue, while collections from air ticketing contributed 25% to its revenue stream.