IPO Details
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Schedule of Tea Post IPO
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Allotment of bids
Refund Initiation
Listing on exchange
About Tea Post IPO
The IPO of Tea Post Ltd comprises a fresh issue and an offer for sale. The fresh issue size is up to 1,42,50,000 equity shares, while the offer for sale is also the same, i.e., up to 1,42,50,000 equity shares. It’s a 100% book-built offer. The IPO opens on TBA and closes on TBA. The credit of shares to the demat account will take place on TBA. The basis of allotment will take place on TBA and the initiation of refunds will take place on TBA.
Objectives of Tea Post IPO
- Setting up and opening of new company operated tea cafés
- General corporate purposes
Tea Post IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band | TBA |
Fresh Issue | Up to 1,42,50,000 equity shares |
Offer for Sale | Up to 1,42,50,000 equity shares |
EPS in ₹ in FY 24 | (0.13) |
Tea Post IPO Share Offer and Subscription Details
| Investor | Shares Offered |
|---|---|
QIBs | Not more than 75% of the offer |
Non-institutional Bidders | Not more than 15% of the offer |
Retail Individual Bidders | Not more than 10% of the offer |
Industry Outlook
The Indian food service market is projected to experience a healthy growth trajectory increasing from ₹ 5.7 trillion to ₹7.8 trillion, registering 8.1% CAGR between FY 2024-2028. Poised by the healthy growth trajectory in the organised QSR segment, the organised café market in India too is expected to experience healthy growth.
The India Cafes & Bars market is estimated to reach approximately USD17.54 billion by 2024 and is expected to witness a compound annual growth rate (CAGR) of 8.33% by 2029. The organised café market in India is on a robust growth trajectory, with significant opportunities arising from changing consumer preferences of GenZ, diverse offerings, urbanisation trends, income growth and an evolving cafe culture that emphasises quality and unique experiences.
Company Information
Tea Post Ltd is an organised tea café chain operating under the Indian quick service restaurant segment, serving freshly prepared tea and other beverages along with complementing snacks. It’s the largest player in the organised tea retailing industry in Gujarat, in terms of store count.
The company’s tea cafés offer a broad selection of over 15 varieties of tea (hot & cold), curated to cater a wide range of preferences and offer its customers a diverse chai experience.
Strengths of Tea Post IPO
Fastest Growing Tea Café Chain
Tea Post Ltd is among the fastest growing organised tea café QSR companies in terms of sales growth and the fastest growing company in terms of EBITDA growth in the last three years amongst the selected peers. It is the largest player in organised tea retailing industry in Gujarat, in terms of store count.
Its operations encompassed a network of 251 active company-operated and franchisee-operated tea cafés as on February 28, 2025 located across 61 cities spread across Tier I, Tier II and Tier III within the Indian states of Gujarat, Maharashtra, Rajasthan, and Madhya Pradesh and 3 newly opened franchisee-operated tea cafés in Dubai, UAE.
Market Presence and Geographic Reach with Cluster-based Expansion
The company’s business has grown progressively in the past years, driven by expansion of its company-operated and franchisee-operated Tea Café network. It believes in deepening its presence in the regions it operates in before venturing into new markets which has led it to establish brand presence in Gujarat and Maharashtra.
Operational Excellence
Tea Post Ltd believes its company’s business model which runs on a cluster-based approach for company-operated and franchisee-operated tea cafés increases its business scalability without any substantial investment at its end. Its standardised approach with respect to design, ambience and outlay of its store ensures fast store setup and consistent experience across multiple tea cafés in different regions.
Risks of Tea Post IPO
- Reliance on Franchise-operated Tea Cafés
A significant portion of the company’s brand sales are derived from its franchise-operated tea cafés. Its inability to maintain, renew or enhance relationships with its franchisees could adversely affect its business, results of operations and financial condition.
- Inability to Maintain or Enhance Tea Post Brand
The company’s business prospects depend on the strength of its brand i.e. ‘Tea Post’. If it’s unable to maintain and enhance the value and reputation of its brand and/or counter any negative publicity, its business, results of operations and financial condition could be materially and adversely affected.
- Non-performance of New Tea Cafés
The company’s proposed new tea cafés may not be profitable or perform as planned and could also adversely impact sales of its existing tea café, which could adversely affect its business, results of operations and financial condition.
Tea Post IPO Financials
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Peer Comparison
There are no listed companies operating tea café business in India and therefore not directly comparable to the business of Tea Post Ltd. Therefore, it has considered listed companies engaged in similar sectors, such as quick-service restaurants and coffee chains (for FY 24).
| Company Name | Revenue from Operations (in ₹ crores) | EBITDA Margin (in %) | PAT Margin (in %) |
|---|---|---|---|
Tea Post Ltd | 54.01 | 16.26 | -1.86 |
Jubilant Foodworks Ltd | 5340.85 | 20.91 | 4.36 |
Devyani International Ltd | 3116.22 | 20.06 | -0.20 |
Restaurants Brands Asia Ltd | 1760.07 | 14.41 | -3.88 |
Coffee Day Enterprises Ltd | 19.63 | 8.64 | -6124.09 |
IPO Register and Book Running Lead Manager
- IPO Register: Cameo Corporate Services Ltd
- Book Running Lead Manager: Srujan Alpha Capital Advisors LLP
Business Model
The tea cafés of Tea Post Ltd offers a broad selection of over 15 varieties of tea (hot & cold), curated to cater a wide range of preferences and offer its customers a diverse chai experience. Its tea collection is developed to meet the diverse tastes of its customers and includes an array of hot tea, such as traditional favourites like ginger and elaichi chai, masala chai, and other naturally flavoured tea options.
Additionally, its menu also features green tea, black tea, etc. along with other cold alternatives such as flavoured iced tea, further enhancing the variety and choice available to its customers. These beverages include cold coffee, mocktails, shakes, and coolers.
To complement its beverage selection, its menu features a diverse range of snacks, including traditional snacks such as Samosa, Poha, Upma, Thepla, Khichu, Sabudana Vada, among others. Along with these traditional snacks, it also offers global-inspired snacking options such as sandwiches, instant noodles, wraps, puffs, french fries among others.
Company Growth Trajectory
The company’s revenue from operations grew from ₹25.8820 crores in FY 22 to ₹54.0196 crores in FY 24, while its EBITDA margin grew from 9.81% in FY 22 to 16.26% in FY 24. Under the leadership of its promoters, it has witnessed consistent growth over the years.
Its promoters continue to remain actively involved in its operations and continue to bring their vision, business acumen and leadership to its company, which has been instrumental in sustaining its business operations and growth.
Market Position
Incorporated in 2015, the commercial journey of Tea Post Ltd began in 2016 with acquisition of certain franchisee operated tea and snacks Tea Cafe from Tea Station Private Ltd. Post the said acquisition, the company launched its own company-operated Tea Cafés and since then it has witnessed a steady growth in the number of company-operated tea cafés along with the addition of franchisee-operated Tea Cafés.
As on February 28, 2025, its operations encompassed a network of 248 company-operated and franchisee-operated stores (Tea Café(s)) located across 61 cities within the Indian states of Gujarat, Maharashtra, Rajasthan, and Madhya Pradesh. In addition to the Indian markets, it has recently expanded its footprint in the international market of United Arab Emirates (UAE) through 3 of its newly opened franchisee-operated tea cafés.
Tea Post IPO Profit and Loss
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income (in ₹ crores) | 54.69 | 43.69 | 26.00 |
Restated Profit Before Tax (in ₹ crores) | (0.92) | (0.85) | (1.17) |
Profit After Tax (in ₹ crores) | (1.01) | (0.94) | (0.93) |
EPS in ₹ | (0.13) | (0.12) | (0.14) |
Tea Post IPO Balance Sheet
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Restated Profit Before Tax (in ₹ crores) | (0.92) | (0.81) | (1.17) |
Net Cash Flows Used in Operating Activities (in ₹ crores) | 7.44 | 0.26 | 3.14 |
Net Cash Flow (used in)/From Investing Activities (in ₹ crores) | (4.75) | (5.36) | (1.32) |
Net Cash Flow From/(used in) Financing Activities (in ₹ crores) | (2.25) | (1.46) | (4.07) |
Cash and Cash Equivalents at the End of the Year (in ₹ crores) | 0.69 | 0.25 | 6.81 |
How to Check Allotment Status of Tea Post ?
Visit the Registrar’s Website
- Visit the official website of Cameo Corporate Services Ltd and click on IPO Status Links
- Click on any one of the links
- Choose the company name and enter either your PAN No, Application No or DP ID
- Enter captcha and click on Submit to know the status
Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investor Services' tab. Under 'Investors Services', click on 'Status of Issue Application'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:
- Choose the Issue Type
- Select the Issue Name from dropdown
- Put in either your application number or PAN number
- Check the box ‘I’m not a robot’
- Click on ‘Search’ to know allotment status
Check on the National Stock Exchange Website
The National Stock Exchange (NSE) has an IPO Bid Verification module. You can use it to check the status of Tea Post Ltd. Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'. On the NSE IPO Bid Verification page, enter:
- Company name from dropdown
- Application number
- PAN Then click 'Submit' to know the allotment status.
How to Apply for Tea Post IPO?
- Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Tea Post IPO FAQs
Where can I read more about Tea Post business?
You can read more about Tea Post and its IPO from the company’s red herring prospectus (RHP) here.
What is the Tea Post IPO?
The IPO of Tea Post Ltd comprises a fresh issue and an offer for sale. The fresh issue size is up to 1,42,50,000 equity shares, while offer for sale is also up to 1,42,50,000 equity shares.
When will the IPO of Tea Post go live?
The exact dates of the IPO are yet to be announced.
