Travel distribution platform TBO Tek made a remarkable debut on the Indian stock exchanges, with its shares listing at a significant premium over its IPO issue price. The positive investor sentiment towards the travel and tourism segment was evident as the company’s shares saw a strong start on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Despite experiencing a slight dip in the first hour of trading, TBO Tek’s shares stabilized and closed at a premium of 53% on both exchanges. The company, which operates in six verticals and has international operations in the Middle East and Europe, received approval for its IPO three weeks ago.
With plans to invest the proceeds from the IPO towards strategic acquisitions and investments, TBO Tek is looking to further expand its overseas operations. Co-founder and joint managing director Gaurav Bhatnagar expressed the company’s active evaluation of potential acquisitions, emphasizing the importance of maintaining a pipeline for future growth.
In other news from the travel industry, budget carrier IndiGo is in talks to purchase up to 100 small planes from manufacturers such as ATR and Embraer. This move comes after the airline placed its first-ever order for widebody aircraft with Airbus last month, as part of its expansion plans to double its capacity in the coming years.
Additionally, Radisson Hotel Group has opened Mandrem Beach Resort in Goa, marking its sixth property in the coastal state. With a focus on providing premium experiences in India’s hidden gems, the hotel chain has been accelerating its growth in the country, with nine brands currently in its portfolio.
Cambodia’s flag carrier Angkor Air is also set to begin direct flights between Cambodia and India from June 16, aiming to enhance travel opportunities between the two countries and promote Cambodia’s rich spiritual heritage. With four weekly flights between Delhi and Phnom Penh, the new route is expected to further strengthen the ties between the two nations.
