Travelstack Tech files preliminary papers with SEBI for IPO
Travelstack Tech has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO), comprising a fresh issue of shares worth Rs 250 crore. Apart from fresh issues, there will be an offer for sale (OFS) of 26,852,969 shares by promoters -- Vaibhav Aggarwal and Adarssh Mnpuria -- and other shareholders.
Of the fresh issue, Rs 135 crore will be utilised for the company's working capital requirements, Rs 45 crore for payment of debt and the rest for general corporate purposes. Motilal Oswal Investment Advisors, IIFL Capital Services and Nuvama Wealth Management are the book-running lead managers to the public issue.
Travelstack Tech operates TravelPlus. Its platform enables employees and travel desks of enterprises to book travel, manage approvals, process expenses, and receive comprehensive support throughout the travel lifecycle--helping enterprises optimise travel spends, improve policy compliance, and drive convenience for all stakeholders.
