TBO Tek Makes Strong Stock Market Debut

Travel distribution platform TBO Tek made a strong debut on the Indian stock market on Wednesday. Its shares were listed at 50% premium over its IPO issue price on the Bombay Stock Exchange (BSE) in the morning and at 55% premium on the National Stock Exchange (NSE). 

The company reached its lowest point within the first hour of trading, but stabilized as the day progressed and closed at a premium of 53% on both exchanges. 

What we know about TBO’s business: TBO Tek received the regulator’s approval for its IPO three weeks ago. From the prospectus filed with Securities Exchange Board of India (SEBI), Skift found that the company has two main revenue streams: B2B rates – special rates negotiated with suppliers and then offered to buyers after a markup; and commissions that TBO earns when suppliers set their own prices. 

The company has six verticals, and has international operations in the Middle East and Europe. 

Plans post IPO: The company is planning to invest some of the proceeds from the IPO towards strategic acquisitions and investments. TBO management will be undertaking the deployment of funds after taking into account factors such as timing, size, and the nature of acquisitions. 

“It’s important to always maintain a pipeline. However, acquisitions can be a huge hit and miss, so it’s very hard to say. But we are actively evaluating,” Gaurav Bhatnagar, co-founder and joint managing director of TBO told Skift in an interview.

A portion of the proceeds will also be used to support the growth of TBO’s overseas operations. 

IndiGo Planning to Buy 100 Small Planes

Budget carrier IndiGo is planning to purchase up to 100 small planes and is in discussions with manufacturers including ATR and Embraer, according to a PTI report. This comes after IndiGo placed its first-ever order for widebody aircraft with Airbus last month. 

The plan is to place an order for 50 aircraft, with the option to buy 50 more, the report cites sources as saying. IndiGo currently operates 45 ATRs in its fleet. 

The budget airline, which holds the largest market share in India, has been expanding its fleet in order to scale its operations. Last year, IndiGo placed the largest-ever single order in commercial aviation with 500 Airbus aircraft. It is planning to double its capacity over the next few years. 

Radisson Opens Mandrem Beach Resort in Goa

Radisson Hotel Group has opened Mandrem Beach Resort, a member of Radisson Individuals Retreats. This marks the group’s sixth property in the coastal state of Goa. With 41 keys, the property furthers Radisson’s strategy to cater to the demand for premium experiences across India’s hidden gems, said area senior vice president for South Asia Nikhil Sharma. 

The hotel chain currently has more than 165 operating and developing hotels in its portfolio. It has been accelerating its growth in India and signed 21 properties in 2023. The company currently has nine brands in India. 

It has been strategically focusing on tier-2 and tier-3 cities in the country for its growth, where more than half of its portfolio is located. 

Cambodia Angkor Air to Begin Direct Flights to India

Cambodia’s flag carrier Angkor Air is set to commence direct flights between Cambodia and India from June 16. The airline will operate four weekly flights between Delhi and Phnom Penh, a report by WION said. 

The move is aimed at enhancing the travel opportunities between the two countries, particularly promoting the rich spiritual heritage of Cambodia, the report cited Cambodian Ambassador Kuong Koy as saying. 

Photo Credit: Listing of TBO Tek on National Stock Exchange on Wednesday.