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The SME IPO of Travels & Rentals Ltd. opened today and will remain open for subscription until September 2.
Travels & Rentals IPO Details
The company is offering 30.6 lakh new shares at a fixed price of Rs 40 per share, amounting to a total issue size of Rs 12.24 crores.
Retail investors can apply for a minimum of 3000 shares, which translates to an investment of Rs 120,000. High Net-Worth Individuals are required to apply for a minimum of 6,000 shares, amounting to Rs 240,000. The allotment of shares will be finalized on September 3, 2024. Finshore Management Services Limited is the book-running lead manager for this IPO, with Cameo Corporate Services Limited serving as the registrar. Black Fox Financial is appointed as the market maker.
As per the company’s red herring prospectus, of the 30,60,000 shares offered – 47.5% are reserved for non-institutional investors, 47.5% for retail investors and 5% for market maker.
The shares will be listed on the BSE SME platform, with the tentative listing date set for September 5.
Travels & Rentals IPO: Day 1 Subcription Status
The IPO has been subscribed 3.97 times at 7:02 p.m. on Thursday
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Non-institutional investors: 0.92 times
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Retail investors: 7.01 times
About Travels & Rentals Ltd.
Established in 1996, Travels & Rentals Limited offers a comprehensive range of travel-related products and services. The company specialises in providing airline tickets, hotel bookings, tour packages, rail tickets, and additional services including travel insurance, passport and visa processing, and tickets for various activities and attractions. With decades of experience, the company is well-positioned to cater to diverse travel needs.
Travels & Rentals IPO: Use of Funds and Objectives
The proceeds from the Travels & Rentals IPO will be allocated towards working capital requirement ensuring sufficient liquidity to support the company's operations and growth. Funds will also be allocated to general corporate expenses
Financial Performance
For the fiscal year ending March 31, 2024, the company reported a 39% increase in revenue compared to the previous year. Additionally, its profit after tax surged by 97%, highlighting significant growth and profitability.
. Read more on IPOs by NDTV Profit.