TBO Tek Files DHRP, Aims To Raise Rs 400 Via IPO


As per media reports, Travel Boutique Online, or TBO Tek, has filed its draft red herring prospectus (DRHP) with the markets regulator and watchdog Securities and Exchange Board of India (SEBI).

The company’s initial public offering (IPO) will comprise a fresh issue of shares up to Rs 400 crore and an offer-for-sale (OFS) component of 1.56 crore equity shares. Promoters Gaurav Bhatnagar, Manish Dhingra and LAP Travel, along with investors TBO Korea and Augusta TBO, will be selling their stakes in the company via the OFS.

TBO is a business-to-business travel portal founded in 2006. It claims to connect over 147,000 buyers across 100 countries with more than one million suppliers. It offer white label solutions, hotel and flight booking APIs, dynamic packages and more.

The company aims to use the proceeds from the fresh issue to enhance their platform, add new buyers and suppliers, make acquisitions and for general corporate purposes. They claim to offer over 7,500 destinations and process 33,000 bookings per day.

As mentioned in the DRHP, TBO’s profit increased to Rs 148.49 crore in FY23 from Rs 33.72 crore in FY22. The company’s total income also rose to Rs 1,085.77 crore in FY23 from Rs 511.93 crore in FY22.

In Q1 FY24, TBO achieved a total income of Rs 347.88 crore and a profit of Rs 47.3 crore.

This is TBO’s second attempt to go public. It initially filed the DRHP in December 2021, received approval for an Rs 2,100 crore IPO, but did not launch it.

This new filing from TBO comes at a time when the market for IPOs of technology companies is seeing some improvement, although the response from investors has been mostly subdued for the five new-age tech companies that went public this year. The exception was ideaForge, which listed at a 94 per cent premium to its issue price.

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