B2B travel services provider TBO Tek Limited has submitted Draft Red Herring Prospectus (DRHP) to Securities and Exchange Board of India (SEBI) seeking the approval to raise RS 2100 crore through an initial public offering (IPO) of shares.
According to DRHP, the company plans to raise fund via IPO up to Rs 2,100 crore comprising a fresh issue of equity shares of face value Rs 1 aggregating up to Rs900 crore and an Offer for Sale (OFS) aggregating up to Rs 1,200 crore by the promoter selling shareholder and investor selling shareholders.
Founders and investors will sell shares worth Rs 1200 crore while the company plans to raise Rs 900 crore through the sale of new stock.
TBO Tek proposes to utilize net proceed from IPO towards growth and strengthening of its platform by adding new buyers and suppliers amounting to Rs. 570 crore and strategic acquisitions and investments towards inorganic growth amounting to Rs. 90 crore and balance towards general corporate purpose.
Axis Capital, Credit Suisse, Jefferies India and JM Financial Ltd. are lead managers of the issue.