Travel Boutique Online (TBO), a prominent B2B travel distribution platform, has secured Rs 696 crore from anchor investors ahead of its initial public offering (IPO). The move marks a significant milestone for the company as it prepares to debut on the stock market.
According to regulatory filings accessed from the Bombay Stock Exchange (BSE), TBO offered 75,70,807 equity shares to anchor investors at an issue price of Rs 920 each. 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.
As detailed in the filing, 3,155,236 equity shares were allotted to 14 domestic mutual funds across 26 schemes out of the total shares allocated to anchor investors.
TBO has commenced its public offering from May 8th to May 10th, 2024, with a price band set between Rs 875 and Rs 920 per share and a minimum bid quantity of 16 shares.
In its Draft Red Herring Prospectus (DRHP), the Gurugram-based firm outlined its plans to raise funds through the issuance of equity shares, consisting of a fresh issue 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 most significant stake in the company, 25%, followed by Augusta TBO, which has a 24.32% stake. Bhatnagar and Dhingra hold stakes of 20% and 5.63%, respectively.
As part of the OFS, promoters Gaurav Bhatnagar, Manish Dhingra and LAP Travel, and investors TBO Korea and Augusta TBO will offload some of their stakes.
During the nine months of FY24 (March 23 – Dec 23), TBO Tek recorded a consolidated revenue of Rs 1,023 crore, with a profit of Rs 154 crore. Notably, 72% of its total revenue came from income from hotels and packages, while collections from air ticketing contributed 25%.
The successful fundraising from anchor investors underscores the confidence in TBO’s business model and growth prospects within the travel and tourism sector. As it gears up for its IPO, TBO aims to leverage these funds to expand its operations further and solidify its position in the market.
