Anupam Mittal-backed Travelstack Tech gets SEBI nod along with two other IPOs; 3 companies are withdrawing the offer plan

Capital markets regulator Sebi has cleared three companies to go ahead with their IPOs, including Goldman Sachs and Shaadi.com founder Anupam Mittal-backed travel technology firm Travelstack Tech. At the same time, three companies have chosen to withdraw their IPO proposals, reflecting uneven momentum in the primary market amid volatile market conditions.

Among the approved offerings, Travelstack Tech is expected to be the largest and most closely watched. The company, which operates the FabHotels platform, through a new issue of shares at Rs. plans to raise up to 250 crore, while existing promoters and investors will sell up to 26.85 crore shares through an offer for sale.

Anupam Mittal, Accel India IV (Mauritius), Global Private Opportunities Private Partners II, Panthera Growth Fund II, PGP India Growth Fund I, Qualcomm Asia and Qualcomm 1, Accel India IV (Mauritius), investors along with promoters Vaibhav Agarwal and Adarsh ​​Manpuria are among the selling shareholders in the offer for sale.

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The company raised Rs. 135 crore for working capital requirements and Rs. 45 crore is intended to be deposited for repayment or prepayment of the loan, while the remaining funds will be used for general corporate purposes. Travelstack Tech Rs. It may also consider a pre-IPO placement of up to 50 crores, which could reduce the size of the fresh issue.

Another company that has received regulatory approval is Tea Post, an organized tea cafe chain operating in the quick service restaurant segment. The IPO will consist of a fresh issue of up to 1.42 crore equity shares and an offer for sale of up to 1.42 crore shares, making it a fully book-built public issue.

The company plans to use these proceeds primarily for opening new company-operated tea cafes and for general corporate purposes. Tea Post operates a growing chain of tea cafes serving more than 15 varieties of tea along with snacks and is currently the largest organized tea retail chain in Gujarat by store count.

The third company to receive SEBI’s approval is LearnFluence Education, an education services provider that has floated a fresh issue of up to Rs 0.4 crore with a share sale offer. 246 crore planned to be raised.

The issue will be managed by Saffron Capital Advisors, while Cameo Corporate Services will act as registrar. The company plans to list its shares on both NSE and BSE.

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