TBO Tek, a travel distribution company, made a remarkable stock market debut with a 55 per cent premium over its issue price of Rs 920.
The trading activity started at Rs 1,380 price level on BSE, marking a surge of 50 per cent from its issue price. At the NSE, it made the market debut at Rs 1,426, a jump of 55 per cent from the issue price.
TBO Tek (previously Tek Travels) was founded in 2006. It operates as a travel distribution platform, catering to the diverse travel inventory requirements of its clientele.
At 12:10 pm, the shares of the company were trading at Rs 1,373 price level, up by nearly 49 per cent on the Bombay Stock Exchange.
The company's market valuation stood at Rs 14,950.37 crore.
The initial public offer of TBO Tek was subscribed 86.70 times on the closing day of subscription on Friday.
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.
The price range for the offer was Rs 875-920 per share.
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 among the 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.
(With inputs from PTI)
