TBO Tek files for IPO papers

New Delhi: Travel distribution firm TBO Tek Ltd has filed fresh preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The maiden public issue comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an offer-for-sale of up to 15,635,996 equity shares by promoters and investors, according to the draft red herring prospectus (DRHP) filed on Wednesday.

Those selling shares in the OFS are promoters -- Gaurav Bhatnagar, Manish Dhingra and LAP Travel -- and investors -- TBO Korea and Augusta TBO. Proceeds from the fresh issue will be used for growth and strengthening of the platform by adding new buyers and suppliers, unidentified inorganic acquisitions, besides, a portion will be used for general corporate purposes.