Capital market regulator SEBI has cleared three initial public offerings of travel technology firm Travelstack Tech, Learnfluence Education and Tea Post to raise over ₹500 crore.
Incidentally, the companies, including Arjun Jewellers, Rays Power Infra and Madhur Iron & Steel India have withdrawn their application to go public.
The regulator has cleared the fresh fund raise through primary market at a time IPOs has almost dried up in the market. The war in West Asia has further added to the bearish sentiments forcing many companies to put-off their issues.
Currently, SEBI is considering 46 applications for fund raise through IPOs.
Travelstack Tech’s proposed IPO comprises of a fresh issue of shares worth ₹250 crore and an Offer For Sale of 2.69 crore shares by promoters and other shareholders. Of the fresh issue proceeds ₹135 crore will be used for working capital requirements, ₹45 crore for repayment of debt and the remaining amount for general corporate purposes.
Learnfluence Education’s plans to raise ₹246 crore through fresh equity share issue and an OFS of up to 40 lakh equity shares. The company plans to utilise the proceeds for setting up new physical campuses, sales and marketing initiatives, repayment of loans and lease payments for existing identified long-term campuses.
Tea Post’s IPO comprises a fresh issue of up to 1.43 crore equity shares and an OFS of up to 1.43 crore equity shares. The company intends to use the proceeds primarily to set up and open new company-operated tea cafes.