Stephenson Harwood with TBO Tek on its equity shares IPO

Stephenson Harwood has advised TBO Tek (‘TBO‘), a global travel distribution platform, on the initial public offering (‘IPO’) of its equity shares.

The IPO, valued at INR 1,551 crore, opened at 55% premium. This is significant in the Indian market, highlighting strong investor confidence in TBO and marking a notable achievement in the travel distribution sector.

Stephenson Harwood team

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

TBO

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.

Diwakar Agarwal commented on the transaction stating:

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.