The Securities and Exchange Board of India (SEBI) has given the go-ahead for an initial public offering to TBO Tek Limited (TBO).
This B2B travel distribution company connects buyers and suppliers in 100 countries for products such as air, hotel, rail, car rental, cruise, and packages.
The company plans to launch its IPO from Wednesday to Friday and begin trading on May 15th.
Based on the price range stated in the prospectus, TBO expects to generate approximately $180 million from the IPO.
Subscribe to our newsletter below
The company said it will use the proceeds to invest in technology and data solutions, add new buyers and suppliers, and pursue acquisitions.
Founded in 2006 by Gaurav Bhatnagar and Ankush Nijhawan, TBO provides access to content from over 750 airlines and over 1 million hotels. Its platform supports payments in his 55 currencies.
TBO announced sales of $122 million and adjusted EBITDA of $24 million for the nine months ended December, both increases of more than 30% from the same period last year. His total TBO transactions during this period were nearly $2.3 million, split almost evenly between airline reservations and hotel and ancillary reservations.
TBO provides a distribution system as well as an online training platform for travel agents and partners. The solution, known as TBO Academy, provides education on destinations, hotels, and activities.
In December, TBO subsidiary Tek Travels acquired Spanish distribution company Jumbonline for €25 million, and in February 2023 it acquired B2B lodging wholesaler Bookabed.
Meanwhile, in October last year, General Atlantic acquired a minority stake in TBO.
