Stephenson Harwood advises TBO Tek Limited on IPO

Stephenson Harwood LLP has advised TBO Tek Limited (‘TBO’), one of the leading global travel distribution platforms, on the initial public offering (‘IPO’) of its equity shares.

The IPO, valued at INR1,551 crore, opened at 55 per cent premium. This is significant in the Indian market, highlighting strong investor confidence in TBO and marking a notable achievement in the travel distribution sector.

TBO connects over 164,000 buyers in 100+ countries with  more than a million suppliers, including hotels, airlines, cruises, car rentals and other service providers. Through its innovative, data-driven technology, TBO streamlines transactions between suppliers and buyers, supporting various currencies and forex assistance. The platform serves retail buyers such as travel agencies and enterprise buyers including tour operators and online travel companies, offering seamless travel services worldwide.

The transaction involved significant cross-border elements, requiring a comprehensive understanding of UAE laws and a familiarity with the public offering process in India. The team conducted an in-depth due diligence and provided a detailed opinion on TBO’s UAE based material subsidiary, which constitutes a significant part of the group’s business.

“We are thrilled to have supported TBO Tek Limited in this milestone achievement,” said Diwakar Agarwal, partner at Stephenson Harwood. “This successful IPO reinforces TBO’s position as a leader in the travel distribution sector and also showcases our growing credentials in advising on public offerings in India, involving the UAE.”

The Stephenson Harwood team was led by partner Diwakar Agarwal, who was supported by associates Suditi Surana and Hajer El Moumni.