TBO Tek makes stellar debut on D-Street, slips after early trade

Mumbai, May 15 Travel company TBO Tek made a stellar debut on D-Street on Wednesday. The stock was listed with a 55 per cent premium at Rs 1,426 per share on NSE against the issue price of Rs 920 per share.

After early trade at 11:30 a.m., shares were up 46 per cent at Rs 1,352 per share, slightly lower than the listing price.

TBO Tech's IPO received a bumper subscription. The issue was subscribed 86.70 times.

The highest bids were placed by Qualified Institutional Buyers (QIBs).

The QIB quota in the IPO was subscribed 125 times. The quota of non-institutional investors was subscribed 50.60 times and the quota of retail investors was subscribed 26 times.

The issue size of TBO Tech IPO was Rs 1,550 crore. The issue was a mix of a fresh issue of Rs 400 crore and an offer for sale worth Rs 1,150 crore.

IPO funds will be used by the company for growth and the acquisition of other companies.

The company had raised Rs 696 crore from anchor investors.

This included the names of investors like Abu Dhabi Investment Authority, Government Pension Fund Global, Nomura Funds, BlackRock Global Funds, Fidelity Funds, Goldman Sachs, HSBC Global, ICICI Prudential MF, Kotak Mahindra Trustee, Nippon Life India, SBI MF and Axis MF.

Source: IANS
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