Shares of Travels & Rentals made a solid stock market debut on September 5 after listing at Rs 55, commanding a premium of 37.5 percent over the issue price of Rs 40 per share on the BSE SME platform.
The listing gains, however, miss grey market estimates where shares were trading at a premium of about 50 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
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The Rs 12.24-crore public offer, which is a fresh issue of 30.6 lakh shares, received superb subscription figures after the issue was subscribed a massive 608 times over three days. Non-institutional investors were at the forefront, buying over 750 times their allotted quota. Retail individuals followed thereafter, mopping up 429 times the portion reserved for them. QIBs didn't subscribe to the issue.
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Founded in 1996, Travels & Rentals Limited offers a varied range of travel-related products and services, providing complete travel solutions. The company’s offerings include airline tickets, hotel bookings, tour packages, and rail tickets, along with additional services such as travel insurance, passport and visa processing, and tickets for activities and attractions.
The proceeds from the issue will be earmarked for general corporate purposes and working capital requirements.
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