TSC India Limited, a prominent B2B travel services provider, has launched its Initial Public Offering (IPO) on July 23, 2025, with the offer set to close on July 25, 2025. The issue size totals ₹25.98 crore, consisting entirely of a fresh issue of 36.98 lakh equity shares.

Founded in 2003, TSC India has firmly established itself in the air ticketing industry, catering primarily to travel agents and other business clients. With operations across Jullundur, Ahmedabad, Chandigarh, Amritsar, Delhi, Lucknow, Jaipur, and Bangalore, the company has carved a reliable reputation over two decades.

IPO Details

• IPO Type: Book Built Issue

• Issue Size: ₹25.98 crore (Fresh Issue of 36.98 lakh shares)

• Price Band: ₹68 to ₹70 per share

• Lot Size: 2,000 shares

• Minimum Investment: 2 lots (4,000 shares) = ₹2,80,000

• Market Capitalization: ₹98.33 crore (at ₹70 upper band)

• Listing Exchange: NSE SME

• Tentative Listing Date: July 30, 2025

• Allotment Date: July 28, 2025

Lead Manager, Registrar & Market Maker

• Lead Manager: Expert Global Consultants Private Limited

• Registrar: Bigshare Services Private Limited

• Market Maker: Prabhat Financial Services Limited

Anchor Investment Details

On July 22, 2025, TSC India successfully raised ₹7.36 crore through its anchor book, allotting 10,52,000 shares at ₹70 per share to select institutional investors. These shares are carved out from the Qualified Institutional Buyer (QIB) portion.

TSC India IPO Live Subscription Status (as on July 25, 11:30 AM)

As per the real-time data, TSC India IPO has been subscribed 3.61 times on the final day of bidding. This suggests a fair interest from investors across categories. However, detailed category-wise subscription will be confirmed post closure.

Grey Market Premium (GMP) Update

The TSC India IPO GMP currently stands at ₹0, indicating no listing gain expectations. This flat grey market premium implies subdued speculative sentiment in the unregulated grey market. It should be noted that GMP is not a reliable indicator of actual listing price or post-listing performance.

TSC India IPO Allotment – Step-by-Step Guide

The allotment status for TSC India IPO will be declared on July 28, 2025. Investors can check their allotment status by following these steps:

1. Visit the registrar’s website.

2. Select "TSC India Limited IPO" from the dropdown.

3. Enter your PAN, application number, or DP/Client ID.

4. Submit to view allotment result.

This will help investors confirm whether they have received shares and take further steps like demat credit or refund status.

Company Overview & Promoters

TSC India was founded in 2003 and is currently promoted by:

• Mr. Ashish Kumar Mittal: Over 28 years of diverse business experience.

• Mrs. Puja Mittal: 8 years’ experience in travel and finance sectors.

• Mr. Vinay Gupta: 27 years of expertise in travel, accounts, and financial management.

The company has steadily grown to become a leading name in B2B air ticketing and corporate travel services in India.

Financial Performance Overview

TSC India has demonstrated significant growth in recent fiscal years:

This consistent improvement reflects strong operational scalability and growing market demand.

Valuation Metrics

• Pre-Issue EPS: ₹5.07

• Post-Issue EPS: ₹3.47

• Pre-Issue P/E: 13.80x

• Post-Issue P/E: 20.18x

• Industry P/E: ~13x

• ROCE (FY24): 19.49%

• ROE (FY24): 31.13%

• RoNW (FY24): 31.13%

Despite growing revenues, the IPO appears to be fully priced, especially when compared to the industry average valuation multiples.

IPO Objectives

TSC India intends to utilize the net proceeds for the following purposes:

• ₹22 crore for Working Capital: To meet increasing operational demands and fuel expansion.

• General Corporate Purposes: Including brand building, technology upgrades, and other administrative expenses.

IPO Review & Recommendation

While TSC India has a robust business model, experienced promoters, and a proven track record in air ticketing and B2B travel services, the current valuations indicate that the issue is fully priced with no visible listing gains as per grey market data.

Additionally, while financials show growth, the jump in EBITDA and PAT in FY25 appears disproportionately high, which could warrant further scrutiny.

Our Verdict:
Given the current GMP trend and high post-issue valuations, we recommend investors to AVOID the IPO for both listing gains and long-term investment unless the company delivers sustained earnings growth post-listing.

Disclaimer

The information presented above is for educational and informational purposes only and does not constitute financial advice or a recommendation to buy or sell any securities. Investment in the securities market is subject to market risks. Please consult a certified financial advisor before making any investment decisions.

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