TBO Tek IPO Oversubscribed: Retail Demand Surges

TBO Tek IPO Oversubscribed: Retail Demand Surges/Mint

VoM News Desk | May 8, 2024 | 01:36 PM IST | Breaking News | Follow on Google News

TBO Tek IPO Oversubscribed: Retail Demand Surges

TBO Tek IPO Oversubscribed: Retail Demand Surges

Key Highlights:

1. Retail and employee portions oversubscribed; NII and QIB yet to fill.
2. IPO subscription status: 37% at 12:42 IST, with robust retail response.
3. Augusta TBO emerges as largest public stakeholder with 19.53% ownership.

TBO Tek’s IPO witnesses fervent retail investor interest, with subscription soaring within hours of launch, reports indicate. The IPO, backed by positive feedback from employees and non-institutional investors, records a 37% subscription rate as of 12:42 IST, as per BSE data.

Retail investors lead the charge, oversubscribing their category by 1.18 times, followed closely by a remarkable 99% subscription in the employee segment. Meanwhile, non-institutional investors show significant interest with a 55% subscription rate.

TBO Tek Limited operates an online B2B travel portal connecting buyers and suppliers, particularly in the hotel and airline sectors. Despite challenges, including a negative working capital cycle, the company is expanding its product line, offering potential for long-term growth.

The IPO, open from May 8 to May 10, features a price band of ₹875 to ₹920 per equity share. With a strong response from anchor investors, including Abu Dhabi Investment Authority and Neuberger Berman, TBO Tek anticipates robust listing performance.

Source: Mint

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