SEBI clears TravelPlus, Tea Post, Learnfluence Education IPOs; 3 companies withdraw draft papers

Upcoming IPOs

• SEBI clears Travelstack Tech, Tea Post, Learnfluence Education IPO papers
• Rays Power Infra, Arjun Jewellers, Madhur Iron & Steel withdraw draft papers

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Travelstack Tech, Tea Post, and Learnfluence Education have received approval from the Securities and Exchange Board of India to go ahead with their IPO plans. However, Rays Power Infra, Arjun Jewellers, and Madhur Iron & Steel India have withdrawn their draft papers.

The capital markets regulator has issued observations on draft document of Tea Post on March 10, while the observations on the preliminary papers of Travelstack Tech, and Learnfluence Education were issued on March 11, as per the processing status of draft offer documents published on March 16.

The issuance of observations on the draft document means the company can go ahead and raise funds via initial public offering (IPO) by filing Red Herring Prospectus with the Registrar of Companies within the next one year.

Global firms Accel, Goldman Sachs, Panthera, and Qualcomm-backed Travelstack Tech, the operator of business travel platform TravelPlus, has approached capital markets in December 2025 by filing Draft Red Herring Prospectus (DRHP) with SEBI to raise funds via initial public offering.

The parent firm of TravelPlus, FabHotels and Via brands proposed to raise Rs 250 crore by issuing fresh shares, while promoters and investors planned to sell up to 2.68 crore equity shares via offer-for-sale.

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Tea Post, the Gujarat-based tea cafe chain operator, filed draft papers with the regulator in June 2025 to raise funds via IPO for its expansion along with stake sale by investor IndiaNivesh Venture Capital Fund. The 2.85-crore shares IPO will be a mix of fresh issue and an offer-for-sale of 1.425 crore equity shares each.

Lakshya LMS parent Learnfluence Education tapped capital markets in September 2025 by filing preliminary papers with SEBI to raise funds for expansion and debt reduction.

The Kerala-based company that operates a network of digitally enabled coaching centers specialised in providing commerce and finance related coaching to students intends to raise Rs 246 crore by issuing new shares, while promoter Orwel Lionel will be selling up to 40 lakh shares via offer-for-sale.

However, Rays Power Infra, Arjun Jewellers, and Madhur Iron & Steel India have decided to withdraw their IPO papers in the last week.

Gurugram-based renewable energy solutions provider Rays Power Infra has refiled its preliminary papers with the SEBI in September 2025 to raise Rs 1,150 crore via initial public offering (IPO), while Rajkot-based jewellery retailer Arjun Jewellers also approched capital markets regulator in the same month by filing draft document to raise up to Rs 180 crore via initial share sale.

Chhattisgarh-based structural steel products manufacturer Madhur Iron & Steel (India) has filed its DRHP in January this year with the intention to raise funds for working capital, capital expenditure, and lowering debt burden. The IPO comprised of fresh issue of 1 crore equity shares with no offer-for-sale component.