Upcoming IPO: Travelstack Tech files DRHP with SEBI for ₹250 crore IPO

Travelstack Tech, which operates TravelPlus, a travel management platform for enterprise clients, has filed its Draft Red Herring Prospectus (DRHP) with the capital markets regulator, the Securities and Exchange Board of India (SEBI), to raise funds through an Initial Public Offering (IPO).

The company is looking to raise ₹250 crore through a mix of both a fresh issue and an offer for sale of up to 26,852,969 shares by promoters Vaibhav Aggarwal and Adarssh Mnpuria.

The company proposes to use the proceeds from its fresh issuance worth ₹135 crore to partly fund the working capital requirements of the company, ₹45 crore for repayment and/or prepayment, in full or in part, of certain borrowings, and for general corporate purposes.

The issue is being made through the book-building process, in line with SEBI ICDR Regulations, with up to 75% reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and at least 10% for Retail Individual Investors (RIIs).

Motilal Oswal Investment Advisors Ltd, IIFL Capital Services Ltd, and Nuvama Wealth Management Ltd are the book-running lead managers, and MUFG Intime India Private Limited is the registrar to the issue. The shares are proposed to be listed on the BSE and NSE.

About Travelstack Tech

Travelstack Tech, earlier known as Casa2 Stays, operates TravelPlus, a hotel-focused corporate travel management platform for enterprise clients.

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 optimize travel spending, improve policy compliance, and drive convenience for all stakeholders.

In the six months ended September 30, 2025, and in fiscal years 2025, 2024, and 2023, hotels represented 92.71%, 94.18%, 95.92%, and 99.71% of its gross transaction value (GTV), respectively.

During the six months ended September 30, 2025, TravelPlus served 474 enterprise clients, including over 100 NSE-listed companies and over 50 multinational corporations, with clients such as AB InBev, Astral Limited, Comviva, Emcure Pharmaceuticals, Eternal, and more.

Its revenue from operations for the six months ended September 30, 2025, was ₹400 crore, and its net profit was ₹32 crore. Its revenue from operations was ₹716 crore during FY25, compared with ₹411 crore during FY23, as per the DRHP report.

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