TSC is a leading B2B travel company specializing in air ticketing services since 2003. With a strong presence in multiple cities including Jullundur, Ahmedabad, Chandigarh, Amritsar, Delhi, Lucknow, Jaipur, and Bangalore, they have established themselves as a trusted brand in the travel industry.

TSC India, an Book Built Issue, amounting to ₹ 25.98 Crores, consisting an Fresh Issue of 36.98 Lakh Shares. The subscription period for the TSC India IPO opens on July 23, 2025, and closes on July 25, 2025. The allotment is expected to be finalized on or about Monday, July 28, 2025, and the shares will be listed on the NSE SME with a tentative listing date set on or about Wednesday, July 30, 2025.

The Share Price Band of TSC India IPO is set at ₹ 68 to ₹ 70 per equity share. The Market Capitalisation of the TSC India at IPO price of ₹ 70 per equity share will be ₹ 98.33 Crores. The lot size of the IPO is 2,000 shares. Individual investors are required to invest a minimum of 2 lots (4,000 shares), amounting to ₹ 2,80,000.

Expert Global Consultants Private Limited is the book running lead manager of the TSC India, while Bigshare Services Private Limited is the registrar for the issue. Prabhat Financial Services Limited is the Market Mkaer for TSC India IPO.

TSC India Limited IPO GMP Today
The Grey Market Premium of TSC India IPO is expected to be ₹ 0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

TSC India Limited IPO Live Subscription Status Today: Real-Time Update
As of 11:30 AM on 25 July, 2025, the TSC India Limited IPO live subscription status shows that the IPO subscribed 3.61 times on its Final Day of subscription period. Check the TSC India IPO Live Subscription Status Today at NSE.

TSC India IPO Anchor Investors Report
TSC India has raised ₹ 7.36 Crores from Anchor Investors at a price of ₹ 70 per shares in consultation of the Book Running Lead Managers. The company allocated 10,52,000 equity shares to the Anchor Investors. Check Full List of TSC India Anchor Investor List.

Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion.
Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion.

TSC India Limited Day Wise IPO GMP Trend

Date	IPO Price	Expected Listing Price	GMP	Last Updated
21 July 2025	₹ 70	₹ 70	₹ 0 (0.00%)	09:00 AM; 21 July 2025

TSC India Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
TSC India IPO allotment date is 28 July, 2025, Monday. TSC India IPO Allotment will be out on 28th July, 2025 and will be live on Registrar Website from the allotment date. Check TSC India IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select TSC India Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of TSC India Limited IPO
TSC India to utilise the Net Proceeds towards the following objects: 
a) ₹ 2,200.00 Lakhs is required for Working Capital Requirements of the Company; and
b) General Corporate Purposes

Refer to TSC India Limited RHP for more details about the Company.

Check latest IPO Review & analysis, Live IPO GMP today, Live IPO Subscription Status Today, Share Price, Financial Information and other details before applying in the IPO.

The Upcoming IPOs in this week and coming weeks are Shanti Gold International, Indiqube Spaces, GNG Electronics, Brigade Hotel Ventures, Patel Chem Specialities, Monarch Surveyors & Engineering Consultants, TSC India, Swastika Castal, Savy Infra, NSDL.

The Current active IPO are NIL.

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About TSC India Limited

BUSINESS OVERVIEW

TSC India Limited (TSC) is a travel management company with over 20 years of experience, specializing in B2B and corporate air ticketing services. The company collaborates closely with airlines and travel agents to offer cost-effective and streamlined travel solutions.

TSC operates in seven cities across India, including Jalandhar, Chandigarh, Lucknow, Ahmedabad, Jaipur, New Delhi, and Pune, demonstrating a growing geographical footprint. Its services provide access to a broad network of domestic and international flights, offering competitive fares and flexible booking options.

With a strong emphasis on efficiency, cost-effectiveness, and ethical business practices, TSC has built a diverse client base of travel agencies nationwide. The company handles an average booking volume of 400+ per day, 3,000 per week, and 13,000 per month, maintaining 100% booking accuracy.

As of March 31, 2025, approximately 3,000 customers have been registered on TSC’s platform. The company’s strategy focuses on expanding into new markets, enhancing service offerings, and leveraging technology to improve travel management efficiency and client satisfaction. As on March 31, 2025, they have 72 employees which include Administration, Accounts& Finance, HR, Projects, Procurement, Research & Development, Sales & Marketing, Production & Operations and Designing Department. The Banker to the company is HDFC Bank Limited.

INDUSTRY ANALYSIS

Overview of the Indian Travel & Tourism Industry

The travel and tourism sector is a cornerstone of India’s economy, acting as a major engine for both economic growth and employment. Its influence extends far beyond direct tourist spending, impacting a wide range of ancillary industries such as hospitality, transportation, food services, construction, agriculture, and retail. The sector's contribution to India’s GDP encompasses both direct inflows—such as tourist expenditures—and indirect benefits that stem from broader economic activity.

Contribution to India's Economy

• In FY 2018, tourism contributed 5.03% to India’s GDP, reflecting solid growth bolstered by rising international interest and proactive government initiatives. Investments in infrastructure and promotional campaigns played a key role in attracting tourists.

• This figure slightly declined to 5.01% in FY 2019, signaling a slowdown in momentum but still reflecting strong performance.

• The COVID-19 pandemic significantly disrupted the sector. In FY 2021, tourism’s share in GDP plummeted to 1.50%, as lockdowns and global travel restrictions brought the industry to a standstill.

• By FY 2022, the sector began recovering, with its GDP contribution increasing to 1.77%, indicating early signs of revival, although still below pre-pandemic levels.

International Tourist Arrivals (FTAs)

• 2023 witnessed 9.2 million foreign tourists visiting India—a 43.4% increase over the previous year. These arrivals generated approximately USD 15 billion in foreign exchange.

• From January to June 2024, India welcomed 4.77 million international tourists, up from 4.3 million during the same period in 2023.

• Looking forward, foreign tourist arrivals are projected to surpass 30 million by 2028, with revenues expected to exceed USD 59 billion.

• Historical trends:

  • 2019: 10.93 million FTAs

  • 2020: Fell sharply to 2.74 million (−74.9%)

  • 2021: Dropped further to 1.52 million

  • 2022: Strong recovery to 6.44 million (+323.7%)

  • 2023: Continued rebound to 9.24 million (+43.5%)

  • 2024 (H1): 4.77 million FTAs—on track to meet or exceed pre-pandemic levels by year-end

Domestic Tourism Trends

• 2019: Domestic tourism peaked at 2,322 million visits.

• 2020: Visits plunged to 610 million due to the pandemic (−74%).

• 2021: Slight rebound to 678 million.

• 2022: Sharp increase to 1,731 million as restrictions eased.

Key destination states for international tourists in 2023 included:

• Maharashtra, followed by Gujarat, West Bengal, and Delhi.

• Lakshadweep, Haryana, and Chhattisgarh received the fewest visitors.

The Swadesh Darshan scheme, launched in 2014-15, has been instrumental in tourism recovery, with ₹5,294 crore sanctioned for 76 projects across 14 thematic circuits, and ₹4,865 crore already disbursed for implementation.

Air Travel Market in India

Domestic Air Travel

• In FY 2023-24, domestic air travel surged:

  • Departing passengers: 153.7 million (+13.0% YoY)

  • Revenue Passenger Kilometres (RPK): 148.2 Bn (+12.2%)

  • Available Seat Kilometres (ASK): 169.2 Bn (+6.9%)

Over a decade, the domestic air travel segment has maintained a CAGR of 9.7%, growing from 60.7 million passengers in FY 2013-14 to 153.7 million in FY 2023-24.

International Air Travel

• FY 2023-24 also saw strong growth in international travel:

  • Passenger traffic (inbound + outbound): 66.7 million (+22.1%)

  • RPK: 116.2 Bn (+21.2%)

  • ASK: 204.4 Bn (+18.7%)

International travel recorded a CAGR of 4.5% over the past decade, increasing from 43.1 million in FY 2013-14 to 66.7 million in FY 2023-24.

Aviation Sector Revenue Growth

• The aviation industry rebounded strongly in FY 2022-23, with total revenue reaching ₹1,200 billion, up from ₹395 billion in FY 2021, the pandemic low.

• Revenue leaders:

  • IndiGo: 45.4% market share

  • Air India: 26.1%

  • Vistara: 9.8%

  • SpiceJet: 7.4%

  • Air India Express: 4.8%

These five airlines accounted for 93.5% of total industry revenue, highlighting their dominance and importance in shaping the Indian aviation landscape.

Conclusion

India’s travel and tourism industry has demonstrated remarkable resilience and recovery following the pandemic-induced slump. Both domestic and international segments are showing strong growth trends, aided by government support, robust infrastructure, and renewed global interest in India as a tourist destination. With air travel expanding and foreign tourist arrivals approaching pre-pandemic levels, the sector is poised for substantial long-term growth.

BUSINESS STRENGTHS

1. Streamlined Accounting
Offers automated accounting solutions with features like invoice generation, real-time payment tracking, and detailed financial reporting, reducing manual effort and improving financial accuracy.

2. Real-Time Information
Delivers real-time updates on flights, hotels, and other services, enabling partners to make timely decisions and adjust travel plans effectively.

3. End-to-End Booking Support
Provides comprehensive support throughout the booking cycle—covering pricing, customization, and modifications—to ensure a seamless partner experience.

4. Instant Booking & Confirmation
Enables immediate bookings and confirmations, reducing reservation risks and improving workflow efficiency and customer satisfaction.

5. Extensive Travel Inventory
Grants access to a broad range of travel services, including flights, hotels, and car rentals, supporting customized and diverse travel offerings.

6. Efficient Sub-Agent Management
Integrated tools allow partners to track sub-agent performance, manage bookings and commissions, and ensure transparent operations.

7. Guaranteed Booking Confirmation
Ensures prompt and reliable confirmations, minimizing delays and uncertainties, and enhancing operational reliability.

8. GDS Integration
Partnership with Global Distribution Systems (GDS) provides access to competitive global travel options, improving service flexibility and reach.

BUSINESS STRATEGIES

1. Implement Competitive Pricing Strategies
Conduct regular market analysis to maintain attractive pricing. Offer promotions, discounts, and loyalty programs to retain existing clients and attract new ones.

2. Engage via Social & Digital Media
Maintain an active presence on social platforms to interact with clients and respond to queries. Utilize digital marketing tools for targeted campaigns, brand visibility, and client feedback.

3. Introduce Value-Added Add-Ons
Develop exclusive tours, premium services, and custom itineraries that enhance the travel experience. Adapt offerings based on emerging travel trends and customer preferences.

4. Create a Niche Market
Specialize in segments like luxury travel, eco-tourism, or adventure tourism to differentiate from competitors. Build a strong brand identity aligned with the chosen niche.

5. Enhance Client-Employee Interaction
Invest in employee training for exceptional service and personalized support. Use user-friendly communication platforms to ensure smooth client interactions.

BUSINESS RISK FACTORS & CONCERNS

1. Exposure to Global Travel Industry Volatility
Business performance is highly dependent on global travel and tourism, which is sensitive to economic conditions, geopolitical issues, safety concerns, fuel prices, currency fluctuations, and travel costs. Any negative developments may materially impact operations and growth.

2. Reliance on Platform Usability and Innovation
Success depends on offering a seamless, user-friendly travel platform. Inability to deliver a relevant marketplace, real-time data, personalized experiences, or innovative features could adversely affect user engagement and revenue.

3. Dependence on Credit Card Companies and Consumer Financing
A significant portion of revenue comes from credit card and financing-based transactions. Disruptions in relationships with payment processors, financial institutions, or changes like higher transaction fees or stricter approvals may negatively impact cash flow and profitability.

TSC India Limited faces key risks linked to the global travel industry's volatility, platform competitiveness, and dependency on third-party payment systems. These factors could impact operational stability, customer retention, and profitability.