TBO Tek Ltd, the travel-tech company backed by private equity firms General Atlantic and Affirma Capital, surged on its stock market debut on Wednesday but Blackstone-backed Aadhar Housing Finance Ltd made a disappointing start.
Shares of TBO Tek listed at Rs 1,380 apiece on the BSE, up 50% from its issue price of Rs 920. The shares traded between Rs 1,455.95 and Rs 1,275.00 apiece before closing at Rs 1,404.85, a gain of 52.7%. This gives the company a market valuation of Rs 15,255 crore ($1.83 billion).
TBO Tek’s IPO was covered 86.70 times, with institutional investors bidding for 125 times the shares reserved for them. Non-institutional investors bid for 50 times their quota while retail investors placed bids for almost 26 times the portion set aside for them.
The IPO comprised a fresh issue of shares to raise Rs 400 crore and an offer of sale of 12.51 million shares by the company's promoters as well as Affirma. The PE firm sold about 7.3 million shares, after it tweaked its exit plan. It held a 30.59% stake in TBO Tek before the IPO.
Aadhar Housing
Shares of Aadhar Housing listed on the BSE at Rs 314.30 apiece, a tad below the issue price of Rs 315. The shares traded between Rs 343.20 and Rs 293.35 apiece before ending at Rs 329.55, recording a gain of 4.6% from its IPO price. The closing price gives the mortgage lender a market capitalisation of Rs 14,055.92 crore.
Aadhar Housing’s IPO comprised a Rs 1,000-crore fresh share issuance and a Rs 2,000-crore offer for sale by Blackstone, the world’s largest PE firm.
The mortgage lender’s IPO was covered almost 25.5 times. The institutional investors’ segment was covered almost 73 times while non-institutional investors bid for 16.5 times the portion set aside for them. Retail investors’ portion was covered less than 2.5 times.
Blackstone owned more than 98% of Aadhaar Housing before the IPO.
