Foreign Investors Show Strong Interest in TBO Tek on Listing Day

On the listing day of travel distribution firm TBO Tek attracted major attention from large foreign investors. Leading financial institutions including Goldman Sachs, Nomura Funds, Norges Bank and Valuequest Investment collectively acquired shares worth ₹383.83 crore.

• Norges Bank: Acquired 8.68 lakh shares for ₹123.7 crore at ₹1,424.61 per share.
• Goldman Sachs: Purchased 6.53 lakh shares valued at ₹92.2 crore at price of ₹1,411.35 per share.
• Valuequest Investment: Bought 5.93 lakh shares for ₹84.5 crore paying ₹1,425.37 per share.
• Nomura Funds: Invested ₹83.5 crore in 6 lakh shares at lowest price of ₹1,391.06 per share.

Listing Day Performance

TBO Tek's shares debuted with huge premium. The stock opened at ₹1,380 on the BSE marking 50% rise from its issue price of ₹920. By the end of the day shares had surged nearly 53% against the issue price.

Company's initial public offering saw strong demand being subscribed 86.70 times by closing day of subscription. The price range for IPO was set between ₹875 and ₹920 per share. The total IPO size was ₹1,551 crore which included fresh issue of up to ₹400 crore and OFS of up to 1,25,08,797 equity shares.

TBO Tek plans to utilize funds from fresh issue to improve and expand its platform which includes adding new buyers and suppliers, pursuing unidentified inorganic acquisitions and general corporate purposes. In October 2023 investment firm General Atlantic announced its intention to acquire minority stake in TBO Tek, signalling further growth and expansion potential for company.

TBO Tek is leading player in global travel and tourism industry offering strong travel distribution platform. They serves buyers and suppliers across over 100 countries providing services in more than 7,500 destinations and facilitating around 33,000 bookings daily as of June 30, 2023.

Final Words

TBO Tek's stock market debut was a hit and drawing attention from big-name investors like Goldman Sachs, Nomura Funds, Norges Bank and Valuequest Investment, the company is well equipped to leverage the funds raised from its highly successful IPO. As TBO Tek continues to expand its platform and enhance its offerings, support from these major financial institutions indicates bright future. The involvement of General Atlantic further strengthens company's prospects by positioning TBO Tek for sustained growth and innovation in travel distribution sector.