SEBI IPO: India’s market regulator SEBI has allowed three companies to raise money through IPOs. These companies are Travelstack Tech, Learnfluence Education, and Tea Post. The update came on Monday.
Travelstack Tech works in travel technology. Learnfluence Education runs ‘Lakshya’ coaching centres. Tea Post is a chain of tea cafes. All three can now go ahead and collect funds from the public market.
At the same time, some other companies did not move forward. Rays Power Infra, Madhur Iron & Steel, and Arjun Jewellers had their papers “withdrawn or returned” between March 9 and March 13.
This news comes at a time when Indian stock markets are facing pressure because of the ongoing conflict in West Asia.
7 Big Income Tax Rule Changes from April 1: What Taxpayers Need to Know?
Details of Travelstack
Travelstack Tech plans to raise money in two ways. It will issue new shares worth ₹250 crore. Also, promoters Vaibhav Aggarwal and Adarssh Mnpuria will sell up to 26,852,969 shares.
Some big investors will also sell their shares. These include Anupam Mittal, Accel India IV (Mauritius) Ltd, Global Private Opportunities Partners II LP, Global Private Opportunities Partners II Offshore Holdings LP, Panthera Growth Fund II VCC, PGP India Growth Fund I, Panthera Growth II, XTO10X Mauritius Pte. Ltd, and Qualcomm Asia Pacific Pte. Ltd.
Out of the money raised, ₹135 crore will be used for daily business needs. Around ₹45 crore will go towards paying back loans. The rest will be used for general company purposes.
Learnfluence IPO plans
Learnfluence Education also plans to raise funds through fresh shares worth up to ₹246 crore. Along with this, up to 40 lakh shares will be sold in an offer for sale.
The company will use this money to open new campuses. It will also spend on marketing, repay loans, and pay lease costs for long-term campuses.
Tea Post IPO
Tea Post is also preparing its IPO. The company will issue up to 1.43 crore new shares. It will also have an offer for sale of up to 1.43 crore shares.
