New Delhi, Dec. 18 -- 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 Rs.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 Rs.135 crore to partly fund the working capital requirements of the company, Rs.45 crore for repayment and/or prepayment, in full or in part, of certain borrowings, and for general...