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Shares of TBO Tek debuted on NSE on Wednesday at a premium of 55%. The stock was listed at Rs 1,426 on NSE as against an issue price of Rs 920. On BSE, the stock debuted at Rs 1,380, a premium of 50%. Ahead of the debut, the company's shares traded at a GMP of Rs 375.The issue was booked over 80 times at close on strong interest from non-institutional investors. Ahead of the IPO opening, the company raised nearly Rs 697 crore from anchor investors.TBO Tek's appeal stems from its robust technological foundation. The company leverages a modular and scalable proprietary platform, enabling them to generate and utilize valuable data assets. This, coupled with a capital-efficient business model, positions TBO Tek for continued growth in the online travel sector.Also Read: Go Digit Insurance IPO. 10 things to know before subscribing to the issue"Despite the potential risks and the slight moderation in GMP, TBO Tek's strong fundamentals, innovative technology platform, and financial turnaround position it well," said Shivani Nyati, Head of Wealth, Swastika Investmart.The funds raised through the fresh issue would be used for the growth and strengthening of the company platform by adding new buyers and suppliers and towards unidentified inorganic acquisitions along with general corporate purposes.TBO simplifies the business of travel for suppliers such as hotels, airlines and retail buyers such as travel agencies and enterprise buyers that include tour operators, travel management companies through the two-sided technology platform that enables suppliers and buyers to transact seamlessly with each other.The platform connects over 147,000 buyers across more than 100 countries with over one million suppliers, as of June 2023. Recently, leading investment firm General Atlantic had acquired a minority stake in TBO.In 2023 the travel and tourism industry is estimated to recover at pace, growing 18% year-on-year from 2022 to reach $1.9 trillion, and is expected to grow at a CAGR of 8.2% to reach $2.6 trillion in 2027.Axis Capital, Goldman Sachs (India) Securities, JM Financial and Jefferies India acted as the book-running lead managers to the issue.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Delhi Capitals (DC) on Tuesday secured a 19-run victory over Lucknow Super Giants (LSG) in the Indian Premier League (IPL). This win propelled DC to the fifth position on the points table, concluding their season with seven wins, seven losses, and a total of 14 points. Conversely, LSG fell to seventh place, ending their campaign with six wins, seven losses, and 12 points. Both teams still have slim playoff hopes, which hinge on the outcomes of remaining matches involving other franchises. In this crucial match, DC amassed 208 for four, thanks to opener Abhishek Porel's 33-ball 58 and a late surge from Tristan Stubbs, who remained unbeaten on 57 off just 25 deliveries. In reply, LSG managed 189 for nine despite fighting half-centuries from Nicholas Pooran (61 off 27) and Arshad Khan (58 not out off 33). KKR and Rajasthan Royals have already qualified for the playoffs.According to IPL 2024's official broadcasters Star Sports here are chances of teams qualifying for the playoffs: SunRisers Hyderabad (87.3%), Chennai Super Kings 72.7%,, Royal Challengers Bengaluru (39.3%), DC (0.7%) and LSG (0.2%). — StarSportsIndia (@StarSportsIndia) IPL 2024 Playoff ChancesChennai Super Kings (CSK): CSK is currently positioned third on the points table, with 14 points from 13 matches and a net run rate of 0.528. Their playoff prospects are straightforward: a win against Royal Challengers Bangalore (RCB) on Saturday will secure their spot in the playoffs. If CSK loses but by a margin smaller than 18 runs (assuming they are chasing 200), their net run rate will still surpass RCB’s. A heavier defeat, however, would necessitate that Sunrisers Hyderabad (SRH) lose both their remaining matches, allowing CSK to qualify alongside RCB based on net run rate.Royal Challengers Bangalore (RCB): Currently sixth on the points table, RCB has 12 points from 13 matches and a net run rate of 0.387. RCB's playoff chances are contingent on SRH not earning more than one point from their remaining games. RCB needs to surpass CSK in the standings, which requires a victory over them by at least 18 runs if they score 200. If they chase 200, they must achieve the target in about 18.1 overs. If RCB wins by a smaller margin, they can only qualify if SRH loses both their matches, leaving them tied on points but ahead on net run rate. A loss or a washout against CSK will eliminate RCB from playoff contention.Delhi Capitals (DC): DC concluded their season with 14 points, but their net run rate of -0.377 severely hampers their playoff hopes. For DC to sneak into the top four, they need CSK to defeat RCB, leaving RCB at 12 points, and SRH to lose their last two matches by substantial margins to drop their net run rate below DC’s. Given the current net run rate disparities, DC’s chances of making the playoffs are almost nonexistent.Lucknow Super Giants (LSG): LSG, now sitting at 12 points, can still reach 14 points. However, even a significant victory in their final match against Mumbai Indians (MI) would only marginally improve their net run rate. Thus, like DC, LSG’s hopes are nearly extinguished, relying on a series of highly improbable results to advance.Sunrisers Hyderabad: Gujarat Titans and and Punjab Kings. SRH need just one more point to secure a playoff spot. If they lose both remaining matches, their qualification will depend on CSK defeating RCB, provided SRH maintains a better net run rate than DC. Should SRH lose both games and RCB triumph over CSK, SRH's qualification would then hinge on CSK's net run rate falling below theirs.

Mumbai: Sixteen domestic mutual funds, which held shares of ICICI Securities, voted in favour of parent ICICI Bank's proposal to delist the broking arm, according to data compiled by primeinfobase.com. Seven fund houses opposed the plan in the voting process held on March 27, the data showed.The terms of the proposal were controversial with a section of the shareholders opposing it. However, a majority of ICICI Securities' public shareholders favoured the delisting in the voting process.Mutual funds, including Kotak, Mahindra Manulife, Samco, Quantum, ITI, LIC and Baroda BNP, voted against the resolution. Asset management companies which voted in favour, were UTI, Axis, Aditya Birla, HDFC, ICICI Prudential, Nippon, Mirae Asset, DSP, SBI, Sundaram, Bandhan, and NJ, among others.110131385The reason cited by Kotak Mutual Fund for being against the proposal was that parent ICICI Bank did not give ICICI Securities' minority shareholders an "opportunity to participate in the price discovery process nor to continue their investment in the business". The fund house also said the proposed merger ratio is unfavourable to the company's shareholders.As part of the scheme of arrangement, ICICI Securities' shareholders will receive 67 shares of ICICI Bank for every 100 shares held.LIC Mutual also said the swap ratio is unfavourable to minority shareholders, as both the business environment and the company's performance have improved since the valuations conducted in June 2023.Taking into account the business model of ICICI Securities, which is characterised by higher fee revenues and lower capital requirements, along with the potential for growth in retail brokerage and wealth management business in India, the merger ratio could have been more favourable to ICICI Securities shareholders, said Mahindra Manulife, which voted against the proposal.Investors holding 71.89% of the brokerage shares favoured the proposal, while those owning 28.11% voted against it. As per the scheme of arrangements, ICICI Securities' shareholders will receive 67 shares of ICICI Bank for every 100 shares held.Following the shareholders' voting, a group of retail investors of ICICI Securities, led by Manu Rishi Gupta, a Bengaluru-based investment advisor, filed a class-action lawsuit in the NCLT last month. The lawsuit has been accepted and is scheduled for a hearing on July 3.ICICI Prudential Mutual Fund, part of the ICICI Group, supported the delisting proposal. "The arrangement will strengthen the competitive positioning of the business. The business is inherently cyclical, and the valuations for the transaction are justified," the fund house said. It added 1.33 million shares of ICICI Securities in March. According to sources, ICICI Prudential held over 20,000 shares across passive schemes as of February-end and the fresh purchases of ICICI Securities shares were made after the voting process on March 27.HDFC MF, while voting in favour of the scheme of arrangement, said the proposed merger would simplify the corporate structure and may result in synergy benefits.While UTI MF voted in favour of the scheme, the fund house also raised the same concerns as Kotak MF.