Secondary Market:

  • The BSE Sensex closed at 73,961 down by 0.70% and the Nifty 50 closed at 22,531 down by 0.33% in May 2024 ending lower as US treasury yields climb.
  • Market sentiment was impacted by escalating tensions in West Asia and investor anxiety ahead of next week’s general election results.
  • Foreign portfolio investors (FPIs) turned net sellers in the cash segment but were bullish in the F&O segment, as indicated by the rising long-short ratio (LSR). Interestingly, the FIIs had taken bearish bets on the markets earlier this month, with the index long-short ratio dropping to a low of 0.36 on May 16. However, FIIs as the Nifty recovered and rallied to record highs, the FIIs were forced to cover shorts and turn bullish for a brief period, with the ratio shooting up to 1.17 on May 28, a study of the overall index long-short ratio in May showed.
  • After selling $1.04 Billion of equities in April 2024, the FPIs nearly tripled their selling in May to $3.06 Billion due to spike in Volatility index (VIS). 
  • Through the month of May, the Indian stock market has displayed remarkable strength and resilience. This resilience can be attributed to the robust participation of Domestic Institutional Investors (DIIs) and retail investors, who have provided substantial support amid the predominant selling pressure. Their active involvement effectively countered the impact of the substantial FPI withdrawals. In May alone, DIIs bought shares worth Rs 44,952.16 crore, while FIIs sold shares worth Rs 34,935.53 crore.

Primary Market Update:

There were 05 main board IPOs in May 2024 of Indegene Limited, TBO TEK Limited, Aadhar Housing Finance Limited, Go Digit General Insurance Limited and Awfis Space Solutions Limited as against 03 main board IPOs in April 2024. There were 07 SME IPOs in May 2024 as against 08 SME IPOs in April 2024.  


TBO TEK Limited:

About the Company

Established in 2006, TBO Tek Limited, formerly known as Tek Travels Private Limited is one of the leading global travel distribution platforms, simplifying the travel business for both service providers (Hotels & travel agencies) and individual travellers. Also, it has two portals: TBO Holidays, a global travel distribution platform and Travel Boutique Online, for travel buyers based in India. In FY 24, the revenue increased by 30.8% to Rs. 1,393 Crores and PAT increased by 35.81% to Rs. 201 Crores with adjusted EBITDA at Rs. 270 Crores.

Funds Utilization

Net proceeds from the IPO will be used for investment in technology and data solutions, sales, marketing and infrastructure to support organization’s growth, unidentified inorganic acquisitions and general corporate purposes.

IPO Performance

The Rs. 1,551 Crore IPO consisted of a fresh issue of Rs. 400 Crore and an offer for sale of Rs. 1,151 Crore. The issue was subscribed over 86.70 times by the end of the third day. QIB’S subscribed the most at 125.51 times to the issue. The price band was set at Rs. 875 to Rs. 920 per equity share. Shares of TBO Tek made a stellar entry on the bourses on May 15 as it listed at Rs 1,426 at NSE, a premium of 55 percent over the issue price of Rs 920.


Funds Mobilization by Corporates (Rs. In Crore)




I. Equity Issues



a. IPOs (i+ii)



i. Main Board



  ii. SME Platform



b. FPOs



c. Equity Rights Issues



d. QIPs/IPPs



e. Preferential Allotments



II. Debt Issues



a. Debt Public Issues



b. Private Placement of Debt






a.  REITs



b.  InvITs



Total Funds Mobilized (I+II)





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