Travels & Rentals Soars 37.5% on Market Debut, Shares List at ₹55 on BSE SME After IPO Success
Travels & Rentals made a strong debut on the stock market today, with its shares listing at ₹55 on the BSE SME exchange. This marks a 37.5% increase from its IPO price of ₹40 per share.
IPO Details
The Travels & Rentals IPO aimed to raise ₹12.24 crore through a public offering of SME shares. The subscription was open between August 29 and September 2, 2024, with shares priced at ₹40 each.
The IPO was met with huge interest, receiving bids 608.46 times the shares on offer. A total of 176.87 crore equity shares were bid for, while only 29.07 lakh shares were available. The retail portion of the IPO was subscribed 429.90 times, and the ‘others’ category was subscribed 754.64 times.
About the IPO
The company offered 30.6 lakh fresh shares, raising ₹12.24 crore in total. The funds raised are expected to be used for working capital and other general business expenses.
Retail investors had to apply for at least 3,000 shares, which required an investment of ₹120,000. High Net-Worth Individuals (HNIs) needed to apply for a minimum of 6,000 shares, which totaled ₹240,000.
The IPO was managed by Finshore Management Services Limited, with Cameo Corporate Services Limited as the registrar. Black Fox Financial served as the market maker for this IPO.
About the Company
Travels & Rentals Limited, founded in 1996, provides a wide range of travel services. The company helps with airline tickets, hotel bookings, travel packages, rail tickets, and specialized services like travel insurance and visa processing.
Their offerings include both domestic and international air ticketing, custom tours, hotel reservations around the world, and services like passports, visas, and travel insurance. With a growing network of travel agents, they now serve clients across Europe, the USA, South and Southeast Asia, the Middle East, Africa, and Australia.
Between March 2023 and March 2024, the company saw its revenue grow by 39%, while its profit after tax (PAT) jumped by 97%, showing strong business growth over the period.
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