TBO raises Rs 696 Cr from anchor investors

Online B2B travel distribution platform Travel Boutique Online (TBO) has offered Rs 696 crore worth of shares to anchor investors as part of its initial public offering.

The board at TBO Tek has passed a resolution to offer 75,70,807 equity shares at an issue price of Rs 920 each to its anchor investors, its regulatory filing accessed from BSE (Bombay Stock Exchange) shows.

ABU Dhabi Investment, ICICI Prudential, Kotak Mahindra Securities, Nippon Life, SBI Technology Opportunities, Axis Mutual Fund, Goldman Sachs, Aditya Birla, and Invesco India are some key anchor investors for the company.

Out of the total allocation of 7,570,807 equity shares to the anchor investors, 3,155,236 equity shares were allocated to 14 domestic mutual funds through a total of 26 schemes, the filing further added.

TBO has initiated its public offering from today (8th May-10th May) 2024 with a price band of Rs 875-920 with the minimum bid quantity of 16 shares.

In the DRHP, the Gurugram-based firm had proposed to raise funds through the issue of equity shares of face value of Rs 1 each consisting of 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.

As per the DRHP, Lap Travel controls the largest holding in the firm with a 25% stake followed by Augusta TBO which has a 24.32% stake in the company. Bhatnagar and Dhingra control 20% and 5.63% stake respectively.

During the nine months (March 23- Dec 23) of FY24, TBO Tek recorded a consolidated revenue of Rs 1,023 crore with a profit of Rs 154 crore. Importantly, income from hotels and packages comprised 72% of its total revenue while collections from air ticketing contributed 25% of its revenue.