Swastika noted that TBO Tek, a leading travel distribution platform, distinguishes itself with its modular and scalable proprietary technology platform, which enables the company to generate and utilize valuable data assets while maintaining a capital-efficient business model. The company has shown a strong financial recovery since FY21, with consistent growth over the past two fiscal years.
However, they cautioned that certain risks should be carefully considered. TBO Tek's reliance on a limited range of suppliers and third-party systems could create vulnerabilities, and the tourism industry is highly sensitive to external factors and marked by intense competition. Despite these challenges, Swastika gave the IPO a subscribe rating, citing the company's growth potential and the possibility of listing gains.
