Tea Post IPO
Tea Post Ltd. has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. SEBI issued its observations on 10 March 2026, so the company can open the IPO any time up to 10 March 2027. The draft proposes a fresh issue of up to 1,42,50,000 shares and an offer for sale of up to 1,42,50,000 shares by investor IndiaNivesh Venture Capital Fund. In FY24 the company made a loss of ₹1.02 crore on revenue of ₹54.02 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued10 Mar 2026
- SEBI received draft
- 12 Jun 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Srujan Alpha Capital Advisors LLP
- Must open by
- 10 Mar 202712 months from observations
- Price band and dates
- Not announced
Where it stands
Tea Post IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI12 Jun 2025
- SEBI reviewDone
- SEBI observations10 Mar 2026
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
Tea Post DRHP at a glance
Draft red herring prospectus, 10 Jun 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 194) and Basis for Offer Price (p. 141 to 146)Tea Post runs a chain of tea cafés serving freshly made tea, other drinks and snacks, in India's quick service restaurant segment. Most cafés are run by franchisees, which gave 65.66% of FY24 sales, and most are in Gujarat and Maharashtra.
It had 241 tea cafés at 31 December 2024, up from 145 at the end of FY22. It was incorporated in 2015 and is based in Ahmedabad, Gujarat.
The offer
DRHP cover page and The Offer (p. 80)| Fresh issue | Up to 1,42,50,000 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 1,42,50,000 sharesBy IndiaNivesh Venture Capital Fund; its average cost is ₹5.00 a share |
| Shares before the IPO | 8,99,57,241Face value ₹1. The fresh issue and the offer for sale each equal about 15.8% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(2), as it does not meet Regulation 6(1)(a) and 6(1)(c) |
| Lead manager | Srujan Alpha Capital Advisors LLP |
| Registrar | Cameo Corporate Services Limited |
| Promoters | Darshan Anilbhai Dashani, Dashani Divya D, Samir Anilbhai Dashani, Dashani Bhakti S, Paresh Pravinchandra Joshi, Jayshreeben P Joshi and Acclaim Enterprise LLP |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 124 to 125)| Object | ₹ crore |
|---|---|
| New company-run tea cafés | 39.47 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The fresh issue size in ₹ is set with the price, so each object's share is not shown yet. The offer for sale money goes to the selling investor, not the company.
Financials
DRHP, Summary of Financial Information (p. 82 to 84) and Basis for Offer Price, KPIs (p. 143 to 147), ₹ crore| ₹ crore | FY22 | FY23 | FY24 | 9M FY25 |
|---|---|---|---|---|
| Revenue from operations | 25.88 | 43.24 | 54.02 | 49.03 |
| EBITDA | 2.43 | 4.31 | 8.22 | 6.87 |
| EBITDA margin | 9.38% | 9.97% | 15.22% | 14.01% |
| Profit after tax | -0.94 | -0.94 | -1.02 | -1.02 |
| Diluted EPS (₹) | -0.13 | -0.12 | -0.13 | -0.12 |
| Net worth | 11.26 | 10.66 | 9.51 | 21.07 |
| Cash from operations | 3.14 | 0.17 | 7.38 | 4.47 |
| Return on net worth | -10.44% | -8.62% | -10.11% | -6.65% |
| Tea cafés | 145 | 198 | 218 | 241 |
Restated figures. 9M FY25 is April to December 2024 and is not annualised. It made a loss in every period shown. Net worth is total equity.
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 144 to 145). Peer price as of 6 Jun 2025.The DRHP names one listed peer. Tea Post's P/E is not given until the price band is set; with a loss, there is no positive P/E.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Tea Post (FY24) | -0.13 | Set with the price band | -10.11% |
| Coffee Day Enterprises | -15.27 | Nil | -9.45% |
Risks the draft lists first
DRHP, Risk Factors (p. 36 to 42)- Two statesMost tea cafés and sales are in Gujarat and Maharashtra. (Risk factor 1, p. 36)
- New cafésNew cafés may not be profitable and could take sales from existing ones. (Risk factor 2, p. 37)
- New regionsExpanding into new regions could lose some or all of the money invested. (Risk factor 3, p. 37)
- FranchiseesFranchise-run cafés gave 66.11% of sales in the nine months to December 2024. (Risk factor 4, p. 39)
- LeasesIt faces the usual risks of leasing its premises. (Risk factor 5, p. 41)
- BrandIts prospects depend on the strength of the Tea Post brand. (Risk factor 6, p. 42)
Documents
Tea Post DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Tea Post IPO FAQs
When will the Tea Post IPO open?
The date is not announced. SEBI issued observations on 10 March 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 10 March 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Tea Post IPO?
Yes. SEBI issued its final observations on 10 March 2026 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Tea Post IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Tea Post IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Tea Post IPO?
Srujan Alpha Capital Advisors LLP is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Tea Post do with the IPO money?
According to the DRHP, the fresh issue money goes to new company-run tea cafés (₹39.47 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Tea Post do?
Tea Post runs a chain of tea cafés serving freshly made tea, other drinks and snacks, in India's quick service restaurant segment. Most cafés are run by franchisees, which gave 65.66% of FY24 sales, and most are in Gujarat and Maharashtra.
Where can I read the Tea Post DRHP?
On SEBI's website, where the draft red herring prospectus was published on 12 June 2025. The draft is dated 10 June 2025 and runs to 422 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 10 June 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.