Stocks

TBO Tek seeks regulatory approval for $280 IPO

Bloomberg | Updated on: Dec 26, 2021

TBO designs and produces travel applications that allow users to search, book tickets and make online reservations

Travel services provider TBO Tek Ltd. is seeking the approval of India’s market regulator to raise as much as $280 million (Rs 2,100 crore) through an initial public offering (IPO) of shares, according to its draft prospectus.

Founders and investors will sell shares worth 12 billion rupees, while the company plans to raise Rs 900 crore through the sale of new stock. It also plans to raise Rs 180 crore through a pre-IPO placement.

TBO designs and produces travel applications that allow users to search and book tickets, make online reservations including for hotel rooms through the internet.

Axis Capital, Credit Suisse, Jefferies India and JM Financial Ltd are managing the issue.

Published on December 26, 2021
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