Retail investors left devastated, this IPO was completely filled on the first day, GMP also jumped

New Delhi. The IPO of travel distribution platform, TBO Tek, opened on Wednesday. This IPO got an excellent response from investors on the very first day and the issue was completely filled. Investors can bid for shares of this IPO worth Rs 1,550.80 crore till May 10. The company had raised Rs 696.51 crore from anchor investors on May 7 before the opening of the IPO. The price band for IPO (TBO Tek IPO Price Band) has been kept at Rs 875-920 per share and the lot size has been kept at 16 shares. The unlisted shares of this IPO are making waves in the gray market also. TBO Tech shares are trading at 57 percent premium (TBO Tek IPO GMP).

On Wednesday, TBO Tech IPO was subscribed 1.15 times. It has received bids for a total of 1.06 crore shares, while there are 92.85 lakh shares on offer. 43 lakh new shares worth Rs 400 crore have been issued in the public issue. Also, there is an offer for sale of 1.25 crore shares worth Rs 1,150.81 crore. The reserve portion for qualified institutional buyers was filled 0.01 times on the first day. Similarly, the portion reserved for non-institutional investors was filled 2.08 times and the portion reserved for retail investors was filled 3.14 times. At the same time, the portion reserved for employees received 2.23 times the bids.

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10 percent share reserved for retail investors
In TBO Tek IPO, 29.94 percent share is reserved for qualified institutional buyers, 14.97 percent share for non-institutional investors, 9.98 percent share for retail investors and 0.19 percent share for company employees. There are 16 shares in one lot of this IPO. According to the upper price band of Rs 920, a retail investor will have to invest at least Rs 14,720.

financial situation
TBO Tek was established in 2006. It was earlier known as Tech Travels Private Limited. The company offers travel inventory as per customer needs and supports multiple currencies along with Forex help. This Delhi based company will use the funds received from this IPO to increase its supplier and buyer base.

TBO Tek’s profit had increased by 340 percent on an annual basis to Rs 148.5 crore in FY 2023. Revenue from operations increased by 120.3 percent to Rs 1,064.6 crore. In the April-December 2023 period, the company’s net profit increased by 28.2 percent on an annual basis to Rs 154.2 crore. Whereas revenue increased by 30.7 percent to Rs 1,023.8 crore.

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