TBO Goes Public To Accelerate Growth Of Travel Agencies In The Middle East
Date
5/26/2024 2:55:38 PM
(MENAFN- Khaleej Times) TBO Tek Limited, a leading travel distribution platform in the global travel and tourism industry, 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 (Rs15.5 billion) from this initial public offering.
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 with a premium of more than 50 per cent over the issue price.
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 maximise earnings by catering to travellers seeking customized and convenience-oriented tourism services.
The TBO platform has a significant presence in the Middle East 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 IPO, which included the Abu Dhabi Investment Authority, and institutional investors from countries like Norway, Japan and India.
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.”
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.”
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