Shares of TBO Tek Ltd made a strong debut at the Dalal Street on Wednesday as the stock was listed at a Rs 1,426, a premium of 55 per cent over its issue price of Rs 920 apiece on NSE. Similarly, the stock kicked off its maiden session at a premium of 50 per cent over the same issue price at Rs 1,380 on NSE.
The listing of TBO Tke is in line with the expectations. Ahead of its listing, shares of TBO Tek were commanding a grey market premium of Rs 350 apiece over the given issue price, suggesting a listing pop of 48 per cent for the investors. However, the premium in the unofficial market stood at Rs 560 on the last day of the bidding process.
The IPO of TBO Tek kicked off-for bidding on May 8 as the New Delhi-based company had offered its shares in the fixed price band of Rs 875-920 per share with a lot size of 16 shares. The company raised a little more than Rs 1,550.81 crore via IPO route, including a fresh share sale of Rs 400 crore and an offer-for-sale (OFS) of up to 1,25,08,797 shares.
The issue saw a solid bidding and was overall subscribed 86.70 times. The quota for qualified institutional bidders (QIBs) was booked a whopping 125.51 times The quota for non-institutional investors was subscribed 50.60 times. The portions reserved for retail investors and employees saw bidding for 25.74 times and 17.82 times, respectively during the three-day bidding process.
Established in 2006, TBO Tek, formerly known as Tek Travels, is a travel distribution platform that offers travel inventory according to the needs of its customers and supports a wide range of currencies along with forex help. The company's platform enables sellers to show and market their inventory and set prices for buyers.
Axis Capital, Goldman Sachs (India) Securities, JM Financial and Jefferies India are the book running lead managers of the TBO Tek IPO, while Kfin Technologies is the registrar for the issue.