Travel Tech Platform TBO Goes Public to Boost Middle East Travel Agencies
TBO Tek recently completed the public listing of its equity shares in India via the National Stock Exchange of India Limited (NSE) and the BSE Limited (BSE). The company raised approximately 186 million USD (Rs. 1,550 crore) from this Initial Public Offer.
The issue received an overwhelming response across all categories of investors, being oversubscribed 86.70 times overall. The Qualified Institutional Buyers (QIB) portion was subscribed 125.51 times, while the Non-Institutional Investors (NII) portion received a subscription of 50.60 times. The Retail Individual Investors portion received 25.74 times, while the portion reserved for employees received 17.82 times subscription.
The company was listed on May 15, 2024 on the aforementioned Indian stock exchanges with a premium of 50% plus over the issue price.
Gaurav Bhatnagar, Co-Founder and Joint MD, TBO Tek Limited said, “Ankush Nijhawan (Co-Founder, Joint MD, TBO Tek) and myself are delighted to announce the successful listing of our company on the stock exchanges. TBO’s listing on the Indian stock exchanges marks a significant milestone in our company’s journey. This accomplishment paves the way for new opportunities, enabling us to drive innovation, expand our reach, and enhance value for our shareholders and customers. We are poised for a future of sustained growth and success.”
In the Middle East, TBO is known for its pathbreaking B2A strategy – an acronym for Business to Travel Agents – in the tourism industry. B2A is a first-of-its-kind strategy in the region aimed at empowering agents to maximize earnings by meaningfully catering to travelers seeking customized, hassle-free, and convenience-oriented tourism services. Sameh Fouad, VP Sales, Middle East, TBO Tek Limited suggested that the investments would be used to continue fueling their innovative endeavors in the region. “We at TBO are very excited about this development,” Fouad said. “The investments will be used to further enhance our technology and services as well as expand into new markets in the region.”
