TBO Tek's IPO Is Coming: What We Know About Its Business
Skift Take
India's TBO Tek will start lining up buyers for its IPO this week and shares should start trading on May 15. In all, it hopes to raise INR 15.5 billion ($180 million).
The IPO also comprises a fresh issue of INR 4 billion ($48 million) and an offer for sale of up to 15.6 million shares by its promoters Gaurav Bhatnagar, Manish Dhingra, LAP Travel, and investors TBO Korea and Augusta TBO. Post-issue, promoter stake is expected to reduce from 51% to 44%.
As a private company, TBO had in the past only revealed so much about its business. But the IPO prospectus tell us a lot. Here's what we learned reading it:
What TBO DoesTBO Tek (formerly known as Tek Travels) was established in 2006 with the aim of simplifying airline ticket bookings for travel agents. Now it's a global B2B travel platform: It does not sell directly to travelers – it's a hub where travel agents can book flights, hotels, car rentals, transfers, cruises, insurance, cargo, marine, rail, and sightseeing.
TBO's prospectus says there are over 750 airlines accessible through its platform and over a million hotels worldwide.
It's global: TBO Tek has serviced over 159,000 buyers across 100 countries, and the platform makes it easy for agents to pay in their own currency while
