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TBO Tek Ltd has filed draft red herring prospectus with SEBI to launch initial public offering.
The public issue comprises a fresh issue of shares worth ₹400 crore and an offer-for-sale component of up to 1.563 crore shares by promoters and investors. Gaurav Bhatnagar, Manish Dhingra and LAP Travel (promoters) and TBO Korea and Augusta TBO (investors) will be sellers in the offer-for-share.
Funds’ dual usage
Proceeds from the fresh issue will be used for growth and strengthening of the platform by adding new buyers and suppliers, unidentified inorganic acquisitions, besides, a portion will be used for general corporate purposes, the DRHP said.
Also read: After major buzz, Shilpa Shetty-backed Mamaearth makes quiet listing
TBO Tek, a travel distribution platform in the global travel and tourism industry, provides services to buyers and suppliers in over 100 countries as of June 30. The company offers over 7,500 destinations and facilitates 33,000 bookings per day through their platform. In October, investment firm General Atlantic acquired a minority stake in TBO.
Axis Capital Ltd, Goldman Sachs (India) Securities Private Ltd, Jefferies India Private Ltd and JM Financial Ltd are the book-running lead managers of the issue.
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