The Securities and Exchange Board of India (SEBI) gave observation letters to three companies during the second week of March 2026. Conversely, two companies had their offer documents either withdrawn or returned by the regulator. Below is the list of the latest IPO approvals this week.

Tea Post IPO Approval

Tea Post is a prominent name in the organized tea café segment. The company received the green light from SEBI to proceed with its public listing. Tea post filed its DRHP on 12 June 2025, and after a comprehensive review period of approximately nine months, SEBI issued its observations on 10 March 2026. Tea Post IPO is a mix of a fresh issue and an OFS of 1.43 crore shares each. Notably, the company had filed its draft papers on 30 March 2024, but the IPO was returned due to undisclosed reasons

Lakshya Coaching IPO Approval

The Second entry is from the education sector, Learnfluence Education (Lakshya Coaching) has secured IPO approval. The company submitted its preliminary papers on 10 October 2025, and received the regulator’s observation letter on 11 March 2026. The IPO is managed by Saffron Capital Advisors, it is also a combination of fresh issue (INR 246 crore) and OFS (40 lakh shares).

Learnfluence has carved a niche for itself by focusing on skill-based learning and professional certifications, a segment that has remained resilient despite the volatility seen in the broader K-12 ed-tech space.

Travelstack Tech IPO Approval

Travelstack Tech, a player in the rapidly evolving travel-technology ecosystem, received its observation letter from SEBI on 11 March 2026, following its DRHP filing on 19 December 2025. Travelstack also opted for a fresh+OFS structure, which includes INR 250 crore fresh isusance and 2,68,52,969 shares in OFS. Notably, Travelstack Tech received its approval in just under three months, a remarkably swift turnaround that reflects the clarity of its business model and the current regulatory appetite for transparent tech-driven enterprises.

Travelstack operates at the intersection of SaaS and travel services, providing digital infrastructure to travel agents and corporate clients. As the travel industry continues its post-pandemic boom, the demand for integrated tech stacks that handle everything from booking to expense management has surged.

Setbacks: Two IPOs Withdrawn/Returned

While the aforementioned three companies celebrated their approvals, the week also saw two notable setbacks.

• Arjun Jewellers saw its document Withdrawn or Returned on 12 March 2026. Saffron Capital Advisors was managing the issue. The IPO was sized around INR 180 crore.
• Madhur Iron & Steel India had a relatively short stint in the regulatory pipeline. After filing its papers on 2 February 2026, the issue was Withdrawn/Returned on 9 March 2026. The issue was managed by Share India Capital Services and was structured as a Fresh Issue Only (1 crore equity shares).

Withdrawals or returns often occur when there are pending litigations, inadequate disclosures regarding the use of proceeds, or when the company decides to re-evaluate its valuation in light of changing market conditions. Both companies will now have to address the regulator’s concerns or wait for a more opportune time to refile their documents.

Rajat Bhati has a strong technical background and 5 years of experience in the stock market. He focuses on equity research, technical analysis, IPO valuations, and risk management, helping investors make clearer, data-backed decisions. Today, he works full-time to educate people about the opportunities in IPO market.