TBO Tek is scheduled to finalize the basis of allotment of its shares on Monday, May 13. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate either over the weekend or latest by Tuesday May 14. The travel distribution platform had received a stellar response from the investors.
The IPO of TBO Tek was open for bidding May 8 and May 10. 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 its primary offering, which included a fresh share sale of Rs 400 crore and an offer-for-sale (OFS) of up to 1,25,08,797 equity 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.
Grey market premium (GMP) of TBO Tek has surged sharply following the closure of the bidding process. Last heard, the company was commanding a premium of Rs 550 per share, suggesting a listing pop of around 60 per cent for the investors. However, it was around Rs 460 apiece, when the issue kicked-off for bidding.
TBO Tek operates in a niche business model, it is a travel technology platform specializing in outbound travel. Serving as an intermediary between online travel agents and a diverse array of suppliers, including airline service providers, hotel services, car rentals, and transfer services, TBO Tek Limited has developed proprietary software in-house, said Canara Bank.
Brokerage firms are mostly positive on the issue, suggesting investors to subscribe to it on a niche business model, rising demand of traveling across the world and limited competition in the sector. However, some analysts are skeptical over rich valuations and a big chunk of OFS in the issue.
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. Shares of the company shall be listed on both BSE and NSE with May 15, Wednesday as the tentative date of listing.
Investors, who had bid for the issue of TBO Tek, can check the allotment status on the Bombay Stock Exchange (BSE) website: 1) Visit https://www.bseindia.com/investors/appli_check.aspx 2) Under the issue type, click Equity 3) Under the issue name, select TBO Tek Ltd in the dropbox 4) Write the application number 5) Add the PAN card ID 6) Click on 'I am not a Robot' and hit submit
Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.
1) Go to the web portal of KFin Technologies Limited 2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized 3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID 4) In application type, select between ASBA and non-ASBA 5) Enter the details of the mode you selected in Step 2 6) For security purposes, fill the captcha accurately 7) Hit submit.
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