TBO Tek Limited, a leading travel distribution platform, has completed its public listing on the National Stock Exchange of India Limited (NSE) and the BSE Limited (BSE) and has an eye on expanding in APAC.
Locally, TBO is known for its B2A strategy, an acronym for Business to Travel Agents, a first-of-its-kind strategy in the region aimed at empowering agents to maximise earnings by catering to travellers seeking customised, hassle-free and convenience-oriented tourism services.
The company raised approximately US$186 million ($280m) from an Initial Public Offer. The issue received an overwhelming response across all categories of investors, being oversubscribed 86.70 times overall. The Qualified Institutional Buyers (QIB) portion was subscribed 125.51 times, while the Non-Institutional Investors (NII) portion received a subscription of 50.60 times.
The Retail Individual Investors portion received 25.74 times, while the portion reserved for employees received 17.82 times subscription.
The company was offcially listed on May 15, 2024, on the Indian stock exchanges with a premium of 50 per cent plus over the issue price.
TBO Tek Limited co-founders and joint MDs, Gaurav Bhatnagar and Ankush Nijhawan said they were delighted to announce the successful listing of the company.
“TBO’s listing on the Indian stock exchanges marks a significant milestone in our company’s journey. This accomplishment paves the way for new opportunities, enabling us to drive innovation, expand our reach, and enhance value for our shareholders and customers. We are poised for a future of sustained growth and success,” Gaurav Bhatnagar said.
TBO Tek Limited APAC commercial director Vijayeta James said the investments would be used to expand existing operations in the region.
“We at TBO are very excited about this development,” Vijayeta said. “The investments will be used to further enhance our technology and services as well as expand into new markets in the region.”
The TBO platform has a significant presence in the APAC, connecting more than 159,000 buyers across more than 100 countries with more than a million suppliers.
Their global impact was exemplified by the anchors attracted before the IPO, which included the Abu Dhabi Investment Authority, and institutional investors from countries like Norway, Japan and India.
TBO simplifies the business of travel for suppliers such as hotels, airlines, car rentals, transfers, cruises, insurance, rail, and others, and retail buyers such as travel agencies and independent travel advisors. It also caters to enterprise buyers that include tour operators, travel management companies, online travel companies, super-apps, and loyalty apps.
TBO’s two-sided technology platform enables suppliers and buyers to transact seamlessly with each other. For buyers, the platform is an integrated, multi-currency, and multi-lingual one-stop solution that helps them discover and book travel for destinations worldwide, across various travel segments such as leisure, corporate, and religious travel.
