TBO Tek had a successful debut on the Indian stock market, with its shares listing at a premium of 50% over its IPO issue price on the Bombay Stock Exchange and 55% on the National Stock Exchange. Despite a slight dip in the first hour of trading, the company saw stability throughout the day and closed with a 53% premium on both exchanges. TBO Tek operates with two main revenue streams – B2B rates and commissions earned from suppliers, and has international operations in the Middle East and Europe. The company plans to utilize the proceeds from the IPO for strategic acquisitions and investments, as well as to support the growth of its overseas operations.
In other news, budget carrier IndiGo is looking to purchase up to 100 small planes from manufacturers like ATR and Embraer, following their recent order for widebody aircraft with Airbus. With plans to order 50 planes initially and the option to acquire 50 more, IndiGo aims to scale up its operations and double its capacity over the next few years. The airline, which currently holds the largest market share in India, is expanding its fleet to support its growth strategy.
Radisson Hotel Group recently opened its sixth property in Goa, the Mandrem Beach Resort, as part of its Radisson Individuals Retreats collection. With 41 keys, the property aligns with Radisson’s strategy to cater to the demand for premium experiences in India’s hidden gems. The hotel chain has been focusing on growth in India, signing 21 properties in 2023 and currently operating more than 165 hotels in the country. Radisson’s strategic focus on tier-2 and tier-3 cities has been a key driver of its expansion in the country.
Cambodia’s flag carrier Angkor Air is set to start direct flights between Cambodia and India from June 16, operating four weekly flights between Delhi and Phnom Penh. This move aims to enhance travel opportunities between the two countries and promote Cambodia’s spiritual heritage. The direct flights are expected to facilitate more convenient travel options for passengers looking to explore both countries. Cambodia Angkor Air’s decision reflects the growing interest in strengthening air connectivity between Asian countries to boost tourism and economic ties.
Overall, these developments in the travel and tourism sector in India reflect a positive investor sentiment and industry growth. With companies like TBO Tek seeing a successful IPO debut, IndiGo expanding its fleet, Radisson opening new properties, and Cambodia Angkor Air initiating direct flights to India, the market shows signs of resilience and progress. These initiatives also indicate a focus on strategic growth, acquisitions, and international expansion, which are essential for companies looking to thrive in the evolving landscape of the travel industry.
