New Delhi based global travel technology company TBO.com’s parent company TBO Teck Ltd has filed draft papers with capital markets regulator Sebi to raise Rs 2,100 crore via an initial public offering (IPO).

The IPO consists of a fresh issue of Rs 900 crore and an offer for sale (OFS) of Rs 1,200 crore by its existing shareholders and promoters.

Currently, Gaurav Bhatnagar holds a 20% stake in the firm while Manish Dhingra has a 5.63% stake. Lap Travel has a 25% stake, TBO Korea Holdings 16.67% stake while Augusta TBO Singapore Pte holds a 29.45% stake in the firm.

The proceeds from the fresh issue worth Rs 570 crore will be used for the company’s growth and strengthening of its platform by adding new buyers and suppliers. The firm will also use Rs 90 crore for strategic acquisitions and investments towards inorganic growth.

Axis Capital, Credit Suisse Securities India, Jefferies India, and JM Financial are the book running lead managers to the issue.

Founded by Gaurav Bhatnagar and Ankush Nijhawan in 2006, TBO is a global travel technology company focused on providing a range of travel services to travel agents and tour operators across the world.

Due to COVID, the online travel platform experienced a decline in traffic in FY21, with a decrease in monthly transacting buyers and gross transaction value (GTV) to 14,382 and Rs 3,396.41 crore from 18,344 and Rs 12,166.54 crore a year ago.