TSC India Limited, a reputed B2B travel company, announced its initial public offering (IPO) in July 2025, aiming to raise approximately ₹25.98 crore through a fresh issue of 36.98 lakh equity shares. The IPO subscription window opened on July 23, 2025, and closed on July 25, 2025. The shares are expected to be allotted by July 28, 2025, with a tentative listing scheduled on the NSE SME platform around July 30, 2025.

The IPO price band was fixed between ₹68 and ₹70 per equity share, with a minimum investment requirement of 4,000 shares (2 lots), aggregating to about ₹2,80,000 for individual investors. At the upper price band of ₹70, the company's market capitalization is estimated at around ₹98.33 crore.

The book running lead manager for the TSC India IPO is Expert Global Consultants Private Limited, with Bigshare Services Private Limited acting as the registrar and Prabhat Financial Services Limited functioning as the market maker.

Subscription Status and Anchor Investors

By 11:30 AM on the final subscription day, July 25, 2025, the IPO had received an encouraging subscription rate of 3.61 times, indicating steady investor interest, especially given the company's niche sector focus. The IPO also attracted anchor investors, who invested ₹7.36 crore by subscribing to 10,52,000 equity shares at the upper price band of ₹70.

Grey Market Premium (GMP)

Unlike many IPOs where Grey Market Premium reflects market expectations, the TSC India IPO GMP remained at ₹0, suggesting limited speculative premium and indicating that the market expects the shares to list close to the issue price. Investors are advised to consider that GMP trading is unofficial and carries risks.

About TSC India Limited

Established in 2003, TSC India has carved a niche as a leading B2B travel services company, specializing primarily in air ticketing services. With a broad presence spanning Jullundur, Ahmedabad, Chandigarh, Amritsar, Delhi, Lucknow, Jaipur, and Bangalore, the company enjoys a trusted reputation in the travel industry. Their focus on business travel solutions and air ticketing has enabled them to maintain long-standing relationships with clients across multiple cities.

Leadership and Experience

The company is led by experienced promoters:

• Mr. Ashish Kumar Mittal, an entrepreneur with 28 years of diversified business experience spanning entertainment, logistics, cargo, IT, finance, and travel sectors.

• Mrs. Puja Mittal, with 8 years of experience in travel and finance.

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

Financial Performance

TSC India has demonstrated consistent growth over recent years. For the financial years ended March 31, the revenue from operations increased from ₹984.95 lakh in FY23 to ₹2,632.06 lakh in FY25. Similarly, EBITDA expanded sharply from ₹281.59 lakh in FY23 to ₹2,836.24 lakh in FY25, reflecting improved operational efficiencies and scale. Profit after tax also grew steadily, reaching ₹487.32 lakh in FY25.

Key financial ratios include:

• Pre-issue EPS: ₹5.07

• Post-issue EPS: ₹3.47 (FY24)

• Pre-issue P/E ratio: 13.80x

• Post-issue P/E ratio: 20.18x

• Industry average P/E ratio: 13x

• Return on Capital Employed (ROCE): 19.49%

• Return on Equity (ROE): 31.13%

These metrics indicate that the IPO is fairly priced relative to the industry, though the higher post-issue P/E ratio suggests limited room for valuation gains in the short term.

IPO Objectives

The net proceeds from the IPO will be utilized primarily for:

• ₹22 crore for working capital requirements, supporting daily operations and growth initiatives.

• The balance for general corporate purposes, which may include business expansion and strengthening infrastructure.

Investment Perspective and Recommendation

Given the steady financial growth and strong regional presence, TSC India holds a reliable position in the B2B travel and air ticketing space. However, with the Grey Market Premium at zero and a post-issue P/E ratio above the industry average, investors may not expect significant listing gains or rapid value appreciation.

The company's strong promoter background and operational track record provide confidence for long-term business sustainability, but for listing gains or short-term trading, the IPO appears fully priced. Potential investors should weigh their risk tolerance and investment horizon carefully before subscribing.

How to Check Allotment Status

Investors can check their IPO allotment status from July 28, 2025, on the registrar's official website by:

• Selecting TSC India Limited IPO from the IPO dropdown menu.

• Entering their application number, PAN, or DP Client ID.

• Submitting details to verify allotment results.

Conclusion

The TSC India IPO presents a strategic opportunity to invest in a well-established B2B travel company with demonstrated growth and experienced leadership. Its presence in multiple Indian cities and niche specialization in air ticketing services positions it well to benefit from the recovery and expansion of the travel sector.

However, the IPO valuation, combined with a zero GMP, suggests investors should approach with caution if looking for quick listing profits. This IPO may be better suited for those seeking steady long-term exposure to the Indian travel services industry rather than short-term speculative gains.

The Upcoming IPOs in this week and coming weeks are Highway Infrastructure, Flysbs Aviation, Part Electricals & Engineering, Jyoti Global Plast, M&B Engineering, Cash Ur Drive Marketing, Renol Polychem, Jyoti Global Plast, Takyon Networks, Mehul Colours, Sri Lotus Developers & Realty, Jyoti Global Plast, B.D. Industries (Pune), NSDL.

The Current active IPO are Aditya Infotech, Lakshmi India Finance, Kaytex Fabrics, Umiya Mobile, Repono, Shree Refrigerations, Sellowrap Industries, Shanti Gold International, Patel Chem Specialities.

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