The Securities and Exchange Board of India (SEBI) has given
TBO Tek Limited (TBO) the go-ahead for its initial public offering.

The B2B travel distribution company connects buyers and
suppliers across 100 countries with products including air, hotel, rail, car
rental, cruise, packages and more. 

The company will open its IPO Wednesday through Friday and plans to begin trading on May 15.

Based on the price range outlined in its prospectus, TBO is
hoping to generate about $180 million from the IPO.

The company said it will use the proceeds to invest in its
technology and data solutions, to add new buyers and suppliers and to pursue
acquisitions. 

Founded in 2006 by Gaurav Bhatnagar and Ankush Nijhawan, TBO provides access to content from more
than 750 airlines and more than a million hotels. Its platform supports
payments in 55 currencies.

For the nine months ending in December, TBO said it had
revenue of $122 million and adjusted EBITDA of $24 million, both up just over
30% year over year. In that period, TBO’s gross transaction value was nearly
$2.3 million, split almost equally between air bookings and hotel and ancillary
bookings.

Along with its distribution system, TBO offers an online training platform for
travel agents and partners. Known as TBO Academy, the solution offers education
about destinations, hotels and things to do.

In December, TBO subsidiary Tek Travels
acquired Spanish distribution company Jumbonline for €25 million, and in February
2023 it acquired B2B accommodation wholesaler Bookabed.

Meanwhile last October General
Atlantic acquired a minority stake in TBO.