Travel distribution firm TBO Tek shares caught the eye of large foreign investors on its listing day. Goldman Sachs, Nomura Funds, Norges Bank and Valuequest Investment picked shares worth Rs 383.83 crore in the company on its debut.
Norges Bank picked up 8.68 lakh shares for Rs 123.7 crore at Rs 1,424.61 per share.
Goldman Sachs purchased 6.53 lakh shares worth Rs 92.2 crore at Rs 1,411.35 apiece, while Valuequest Investment paid Rs 1,425.37 for 5.93 shares, totalling Rs 84.5 crore.
Nomura Funds shelled out Rs 83.5 crore for 6 lakh shares, paying the least per share at around Rs 1,391.06 for every share.
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Shares of travel distribution firm TBO Tek on May 15 ended with a huge premium of nearly 53 percent against the issue price of Rs 920.
The stock listed at Rs 1,380, rallying 50 percent from the issue price on the BSE.
The initial public offering (IPO) of TBO Tek was subscribed 86.70 times on the closing day of subscription on Friday. The price range for the offer was Rs 875-920 per share.
The Rs 1,551-crore IPO had a fresh issue of up to Rs 400 crore and an offer-for-sale of up to 1,25,08,797 equity shares.
Proceeds from the fresh issue will be used for the growth and strengthening of the platform by adding new buyers and suppliers, and unidentified inorganic acquisitions. Besides, a portion will be used for general corporate purposes.
TBO Tek is a leading travel distribution platform in the global travel and tourism industry, providing services to buyers and suppliers in over 100 countries as of June 30, 2023. The company offers over 7,500 destinations and facilitates 33,000 bookings per day through its platform.
In October 2023, investment firm General Atlantic announced that it would acquire a minority stake in TBO.
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