Travel distribution platform TBO.com has completed the public listing of its equity shares in India via the National Stock Exchange of India and the BSE Limited, raising approximately US$186 million.
The investments will be used to further enhance the TBO.com’s technology and services as well as expand into new markets in the region.
The public issue received an overwhelming response across all categories of investors, being oversubscribed 86.70 times overall. The Qualified Institutional Buyers portion was subscribed 125.51 times, while the Non-Institutional Investors 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 this year on the aforementioned Indian stock exchanges with a premium of 50 per cent plus over the issue price.
TBO’s two-sided technology platform enables suppliers and buyers to transact seamlessly with each other. For buyers, the platform is an integrated, multi-currency, and multi-lingual one-stop solution that helps them discover and book travel for destinations worldwide, across various travel segments such as leisure, corporate, and religious travel.
The TBO platform has a strong presence in Asia-Pacific and connects over 159,000 buyers across more than 100 countries with over a million suppliers. Their global impact was exemplified by the anchors attracted before the initial public offering, which included the Abu Dhabi Investment Authority, and institutional investors from countries like Norway, Japan and India.
“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,” said Gaurav Bhatnagar, co-founder and joint managing director, TBO.com.