India’s TBO Tek Seeks Regulatory Approval for $280 Million IPO
(Bloomberg) -- Travel services provider TBO Tek Ltd. is seeking the approval of India’s market regulator to raise as much as 21 billion rupees ($280 million) through an initial public offering of shares, according to its draft prospectus.
Founders and investors will sell shares worth 12 billion rupees, while the company plans to raise 9 billion rupees through the sale of new stock. It also plans to raise 1.8 billion rupees through a pre-IPO placement.
TBO designs and produces travel applications that allow users to search and book tickets, make online reservations including for hotel rooms through the internet.
Axis Capital, Credit Suisse, Jefferies India and JM Financial Ltd. are managing the issue.
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