Travel scheduling website submits draft documents to raise Rs 2,100 crore through IPO

Representative Image

Representative Image B2B travel scheduling site’s moms and dad company TBO Teck Ltd has filed draft documents with capital markets regulator Sebi to raise Rs 2,100 crore through a going public (IPO).

The IPO includes a fresh issue of Rs 900 crore and an offer for sale (OFS) of Rs 1,200 crore by its existing investors and promoters.The OFS comprises up

to Rs 78.05 crore by Gaurav Bhatnagar, Rs 100 crore by LAP Travel Pvt Ltd, up to Rs 21.95 crore by Manish Dhingra, approximately Rs 361.40 crore by TBO Korea Holdings Ltd, and approximately Rs 638.60 crore by Augusta TBO Singapore Pte Ltd.Currently, Gaurav Bhatnagar holds a 20% stake in the company while Manish Dhingra has a 5.63 %stake. Lap Travel has a 25 %stake, TBO Korea Holdings 16.67% stake while Augusta TBO Singapore Pte holds a 29.45% stake in the firm.The follows the fresh issue worth Rs 570 crore will be used for the business’s development and strengthening of its platform by including new purchasers and providers. The company will likewise use Rs 90 crore for tactical acquisitions and financial investments towards inorganic growth.Axis Capital, Credit Suisse Securities India, Jefferies India, and JM Financial are the book running lead supervisors to the issue.Founded by Gaurav Bhatnagar and Ankush Nijhawan in 2006, TBO is an international travel technology company focused on offering a range

of travel services to take a trip representatives and tour operators across the world.Due to COVID, the online travel platform experienced a decrease in traffic in FY21, with a reduction in monthly negotiating buyers and gross deal worth(GTV )to 14,382 and Rs 3,396.41 crore from 18,344 and Rs 12,166.54 crore a year ago.Revenue also dropped 75%to Rs 141.81 crore from Rs 570.08 crore a year back. The firm reported a loss of Rs 34.14 crore against a net earnings of Rs 72.93 crore last year.The firm states on its platform, suppliers get

immediate access to more than 1,00,000 purchasers throughout over 100 countries. As of October, its platform supports 11 languages. Published at Sat, 25 Dec 2021 05:17:47 -0600