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TBO Tek IPO Subscribed 1.15X On Day 1; Motilal Oswal Recommends Subscription

The initial public offering (IPO) of B2B travel portal TBO Tek was subscribed 1.15 times on the first day of bidding. The IPO received bids for 1.06 crore shares against the 92.85 lakh shares on offer. Retail investors showed the most interest, with bids for 52.75 lakh shares against the 16.82 lakh shares reserved for them. Non-institutional investors subscribed 2.08 times, while qualified institutional buyers (QIBs) subscribed only 0.01 times. The IPO is set to close on May 10. TBO Tek offers travel solutions to travel agents and tour operators.

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