Travelstack Tech (NEW IPO): GMP today, Price, Profit, Review

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Travelstack Tech Limited (formerly Casa2 Stays Private Limited) is the parent company of the prominent hospitality brand FabHotels and the corporate travel platform TravelPlus over 1.2 lakh corporate employees.

The IPO proceeds are primarily earmarked for working capital, debt repayment, and expansion of its automated TravelPlus platform. For FY25, the company reported a robust revenue of ₹ 716 Crore, reflecting its significant scale in the Indian hospitality sector.

Travelstack Tech Limited was incorporated on April 2, 2014 and is currently led by Mr. Vaibhav Aggarwal.

Travelstack Tech Limited operates a dual-model ecosystem: FabHotels provides standardized, budget-friendly accommodation across 1,300+ properties, while TravelPlus is a SaaS-driven corporate platform automating bookings, approvals, and expense management for over 450 enterprise clients nationwide.

Travelstack has filed for (DRHP) with SEBI to raise ₹ 250 Crore through a fresh issue of shares, along with an Offer for Sale (OFS) of ~2.69 Crore Equity Shares by promoters and investors.

Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.

Check DRHP
Check IPO Allotment
Visit Official Website
Issue Size:₹ 250 Cr fresh Issue + 2.69 Cr Equity shares
Fresh Issue:₹ 250 Cr
Offer for Sale:2.69 Cr Equity shares
Price Range:TBA
Lot Size:TBA
GMPPending

Travelstack Tech Limited Important data points

Revenue, PAT, EBITDA

YearFiscal 2025
Networth₹ 130.73 Cr
Revenue:₹ 716.34 Cr
EBITDA₹ 3.34 Cr
PAT₹ -6.27 Cr
EBITDA Margin:~0.46 %
PAT Margin~-0.87 %
Face Value:₹ 10 Per equity share

IPO important dates

Open Date:TBA
Close Date:TBA
Anchor Investor BiddingTBA
Allotment Date:TBA
Refunds & Demat CreditTBA
Tentative Listing Date:TBA

Use of Proceeds

PurposeAmount
Working capital requirement~ ₹ 135.0 Cr
Repayment/Prepayment of Borrowing~ ₹45 Cr
Capital expenditure NIL
General Corporate PurposeBalance

Travelstack Tech Limited Financial Data

202320242025
Revenue (₹ Cr)411.3₹ 547.8₹ 716.3
PAT (₹ Cr)₹-92.8₹-114.0₹ -6.3
Asset (₹ Cr)₹67.7₹ 199.1₹ 220.8
Net Worth (₹ Cr)₹ -468.4₹ -572.8₹130.7

Travelstack Tech Limited IPO Grey Market Premium

DateIPO PriceIPO GMPProfit per lot
12-Mar₹ –₹ –₹ –
11-Mar₹ –₹ –₹ –
10-Mar₹ –₹ –₹ –
09-Mar₹ –₹ –₹ –
08-Mar₹ –₹ –₹ –

Travelstack Tech Limited Pros & Cons

Strengths:

  • Rapid Revenue Growth: Revenue jumped 30% to ₹716 crore in FY25, showing strong momentum. Path to Profitability:
  • Drastically reduced net losses from ₹114 crore to just ₹6 crore.
  • Dominant Market Position: Largest hotel-focused corporate travel platform in India by FY25 revenue.
  • Strong Corporate Client Base: Serves 470+ enterprises, including 100+ NSE-listed companies and global MNCs.
  • Asset-Light Model: Operates via partnerships rather than owning hotels, allowing for faster scalability.

Risks:

  • History of Losses: The company has a track record of significant negative cash flows.
  • Intense Competition: Faces aggressive pressure from deep-pocketed rivals like OYO and Treebo.
  • High Revenue Concentration: Over 90% of transaction value relies solely on hotel bookings.
  • Dependency on Tech: Any major platform downtime could lead to immediate client dissatisfaction.
  • Corporate Travel Sensitivity: Revenue is highly vulnerable to economic downturns or corporate budget cuts.

Travelstack Tech Limited Promoters – Pre offer equity (Approx)

Promoters%Shares
Vaibhav Aggarwal~19.20%
Adarssh Mnpuria~6.17%
–
–
–

Travelstack Tech Limited Lot Size details

Application TypeLot SizeNo. of LotNo. of SharesInvestment Amount
Retail (Min)–1–₹ –
Retail (Max)–13–₹ –
HNI (Min)–14–₹ –
HNI (Max)–66–₹ –
Big HNI (Min)–67–₹ –

Lead Managers / Registrars of Travelstack Tech Limited

Lead / Book Running Lead ManagersMotilal Oswal Investment Advisors Limited,
IIFL Capital Services Limited,
Nuvama Wealth Management Limited
Registrar (RTA)MUFG Intime India Private Limited

FAQ’s about Travelstack Tech Limited

  • It provides tech-driven corporate travel management and standardized budget hotel accommodations through its FabHotels and TravelPlus brands.

  • Travelstack Tech is raising funds via IPO to fund working capital, repay debt, and support general corporate growth purposes.

  • The IPO consists of a ₹250 crore fresh issue and an Offer for Sale (OFS) of ~2.69 crore equity shares. It will be listed on both BSE and NSE platform.

  • Key risks include historical losses, negative cash flows, intense competition, hotel-heavy revenue concentration, and potential technical disruptions.

  • Upsides include rapid revenue scaling, narrowing losses, dominant corporate travel market share, marquee investor backing, and asset-light scalability.

  • Investors can apply through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.

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