Shares of online travel distribution platform TBO Tek and Aadhar Housing Finance made their debut on the stock exchanges on Wednesday. While TBO Tek shares listed at a premium of 55% over the initial public offering (IPO) price, the stock of Aadhar Housing Finance kicked off trading on flat note.
The shares of TBO Tek opened at ₹1,426 on the NSE, up 55% over the issue price of ₹920 apiece. On the BSE, the travel tech stock listed at ₹1,380, up 50% against the IPO price.
On the other hand, Aadhar Housing Finance shares debuted at ₹315 on the NSE, at par with the issue price. On the BSE, the housing finance stock made a gap-down opening at ₹314.3 against the IPO price of ₹315 per share.
Post listing, TBO Tek shares touched a high and low of ₹1,455.95 and ₹1,275, respectively, on the NSE, while the market capitalisation stood at ₹14,667 crore at the time of reporting.
Meanwhile, the share price of Aadhar Housing Finance hit a high and low of
₹329.90 and ₹292, respectively, with a market cap of ₹13,410 crore.
The listing of TBO Tek shares was better than Street estimates, while the debut of Aadhar Housing Finance was below expectations. Ahead of listing, TBO Tek was commanding a grey market premium (GMP) of ₹350, indicating a listing price at ₹1270, up 38.04%. On the other hand, Aadhar Housing Finance was holding a GMP of ₹48 in the grey market, signaling the listing price to be ₹363, up 15.24%.
“TBO Tek witnessed a stellar debut on the stock exchanges, exceeding pre-listing expectations by a significant margin…This strong performance underscores the immense investor confidence in TBO Tek's robust technological foundation and its potential for continued growth in the online travel sector,” says Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.
Nyati says that TBO Tek's strong listing signifies a promising future, suggesting investors to hold their position by keeping a stop loss at ₹1,290.
On listing of Aadhar Housing Finance, Nyati says that the debut of the company fell short of pre-listing expectations, which were fueled by strong investor interest and a grey market premium (GMP) suggesting a 15-20% gain. “While the IPO itself was oversubscribed a significant 27 times, the lackluster listing raises questions about investor sentiment and future prospects.”
“However, the strong financials, dominant market position, and extensive branch network remain attractive attributes, and investors may expect growth in the long term,” she adds.
Backed by global private equity firm General Atlantic, TBO Tek raised ₹1,550.81 crore via the IPO route, which was subscribed 86.69 times. The public issue, which opened for subscription between May 8-10, was subscribed 25.72 times in the retail category, 125.51 times in qualified institutional buyers (QIB), and 50.60 times in the non-institutional investors (NII) segment.
Meanwhile, Blackstone Group-backed Aadhar Housing Finance garnered ₹3,000 crore via IPO, which was booked 26.76 times, led by QIB. The quota reserved for QIB was subscribed 76.42 times, followed by 17.33 times in the NII category, and 2.58 times in the retail segment.
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