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India’s TBO Tek Seeks Regulatory Approval for $280 Million IPO

Travel services provider TBO Tek Ltd. is seeking the approval of India’s market regulator to raise as much as 21 billion rupees ($280 million) through an initial public offering of shares, according to its draft prospectus. 

Founders and investors will sell shares worth 12 billion rupees, while the company plans to raise 9 billion rupees through the sale of new stock. It also plans to raise 1.8 billion rupees through a pre-IPO placement.