TBO Tek IPO oversubscribed 3.57 times so far on Day 2

9 May 2024 , 04:12 PM

On the second day of the bidding process, investors responded well to TBO Tek's initial public offering (IPO). Following its initial day of full subscription, investors from the retail, high net worth, and employee categories continued to show interest in the issue.

TBO Tek, a company situated in New Delhi, is offering its shares for sale for between ₹ 875 and ₹ 920 each. Investors may submit applications for up to 16 shares, plus their multiples of that number. Through an initial public offering (IPO) that consists of an offer-for-sale (OFS) of 1,25,08,797 equity shares and a new share sale of ₹400 Crore, it hopes to raise ₹1,550.81 Crore.

Based on the data, bids were placed by investors for 3,31,29,840 equity shares, or 3.57 times, more than the 92,85,816 equity shares that were made available for subscription by Thursday, May 09, at 4:00 p.m. On Friday, May 10, the issue's three-day bidding period will come to an end.

The portion designated for non-institutional investors saw a subscription of 6.57 times, and the allocation for retail investors got a subscription of 9.24 times. On the other hand, just 16% of the qualified institutional bidders (QIBs) quota was booked as of the same time as the employee quota, which drew offers for 5.99 times its reservation.

TBO Tek, formerly known as Tek Travels, is a travel distribution platform that provides travel inventory based on client needs and supports a variety of currencies in addition to offering forex assistance.  A new share sale of ₹400 and an offer-for-sale (OFS) of up to 1,25,08,797 equity shares by the company's promoters and current shareholders are part of TBO Tek's ₹1,550.80 Crore initial public offering (IPO).

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