TBO Tek Ltd, a leading travel distribution company, has received approval from the Securities and Exchange Board of India (Sebi) to raise funds through an Initial Public Offering (IPO).
The company, which filed its preliminary IPO papers in November 2023, received the regulator’s observations during April 15-16, indicating that it can proceed with the public issue.
In SEBI’s parlance, its observations mean it’s going ahead to float the public issue. TBO Tek’s maiden public issue comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer For Sale (OFS) of up to 15,635,996 equity shares by promoters and investors, according to the Draft Red Herring Prospectus (DRHP).
Those selling shares in the OFS are promoters Gaurav Bhatnagar, Manish Dhingra and LAP Travel, and investors TBO Korea and Augusta TBO.
Funds raised from the fresh issue will be used for the growth and strengthening of the platform by adding new buyers and suppliers, and unidentified inorganic acquisitions, besides, a portion will be used for general corporate purposes.
