TBO Tek Ltd, a leading travel distribution firm, has taken steps toward going public filing preliminary papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The IPO will consist of a fresh issue of equity shares worth up to Rs 400 crore, as well as an offer-for-sale of up to 15,635,996 equity shares the company’s promoters and investors, according to the draft red herring prospectus (DRHP) filed on Wednesday.
The proposed sellers of shares in the IPO are promoters Gaurav Bhatnagar, Manish Dhingra, and LAP Travel, along with investors TBO Korea and Augusta TBO. The fresh issue proceeds will be used for expansion, platform strengthening, and other corporate purposes.
TBO Tek previously filed draft papers for a Rs 2,100 crore initial share sale in December 2021 but did not proceed with the IPO. The company is a top travel distribution platform serving buyers and suppliers in over 100 countries, with over 7,500 destinations and 33,000 bookings facilitated daily.
In October, General Atlantic investment firm announced its plan to acquire 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 IPO. The equity shares generated from the IPO will be listed on the BSE and NSE.