TSC India is a leading B2B travel company specializing in air ticketing services since 2003. The company has established a strong presence across major cities in India including Jullundur, Ahmedabad, Chandigarh, Amritsar, Delhi, Lucknow, Jaipur, and Bangalore. Over the years, TSC India has built a reputation as a trusted brand in the travel industry, serving numerous corporate clients with reliable air travel solutions.

In 2025, TSC India launched a Book Built Issue IPO amounting to ₹25.98 crores, consisting entirely of a fresh issue of 36.98 lakh shares. The IPO subscription opened on July 23, 2025, and will close on July 25, 2025. The allotment of shares is expected to be finalized by July 28, 2025, and the shares are scheduled to be listed on the NSE SME platform on or about July 30, 2025.

The price band for the IPO is set between ₹68 and ₹70 per equity share, with the company’s market capitalization at the upper price band pegged at ₹98.33 crores. The IPO lot size is 2,000 shares, requiring individual investors to apply for a minimum of 2 lots (4,000 shares), amounting to an investment of ₹2,80,000 at the upper price band.

Expert Global Consultants Private Limited serves as the Book Running Lead Manager, while Bigshare Services Private Limited is appointed as the Registrar for the IPO. The Market Maker for the issue is Prabhat Financial Services Limited.

IPO Subscription and Market Sentiment

As of 11:00 AM on July 23, 2025, TSC India IPO subscription stood at 0.10 times on the first day, indicating weak initial investor interest. The Grey Market Premium (GMP) is currently at ₹0, reflecting neutral sentiment in the unofficial market. The absence of any premium suggests investors are cautious, potentially due to valuation or sector outlook concerns.

Financial Overview

The company is promoted by experienced entrepreneurs:

• Mr. Ashish Kumar Mittal, with 28 years of versatile entrepreneurial experience across entertainment, logistics, cargo, travel, IT, and finance sectors.

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

• Mr. Vinay Gupta, with 27 years of experience in travel agency business, accounts, and financial management.

TSC India’s financial performance has shown steady growth over recent fiscal years:

• Revenues from operations increased from ₹984.95 lakh in FY23 to ₹2,632.06 lakh in FY25.

• EBITDA surged from ₹281.59 lakh in FY23 to ₹2,836.24 lakh in FY25, indicating improved operational profitability.

• Profit After Tax (PAT) grew from ₹99.43 lakh in FY23 to ₹487.32 lakh in FY25.

Valuation Metrics

The pre-issue Earnings Per Share (EPS) for FY24 is ₹5.07, while the post-issue EPS reduces to ₹3.47 due to the fresh issue dilution. The pre-issue Price to Earnings (P/E) ratio stands at 13.80x, rising to 20.18x post-issue, which is notably higher than the industry average P/E of 13x. This suggests the IPO is fully priced or slightly overvalued relative to the sector.

Additional financial ratios for FY24 include:

• Return on Capital Employed (ROCE): 19.49%

• Return on Equity (ROE): 31.13%

• Return on Net Worth (RoNW): 31.13%

These ratios indicate moderate returns and financial efficiency.

Use of IPO Proceeds

The company plans to utilize the IPO proceeds primarily for:

• ₹2,200 lakh towards working capital requirements, essential for sustaining and expanding daily operations.

• Remaining funds will be used for general corporate purposes, allowing flexibility for growth and strategic initiatives.

IPO Allotment and Listing

The allotment status for the IPO will be available on the registrar’s website on or after July 28, 2025. Investors can check their allotment by entering their application number, PAN, or DP Client ID on the designated platform. The shares will be listed on the NSE SME segment on or about July 30, 2025.

Final Assessment and Recommendations

Despite the company’s established market presence and steady financial performance, the IPO subscription on the first day was low, and the grey market premium is nil, signaling limited enthusiasm among retail and institutional investors. The valuation metrics suggest the issue is fully priced, which may deter speculative listing gains.

Therefore, considering the current market scenario and company fundamentals, investors are advised to exercise caution. This IPO may not be attractive for short-term listing gains or long-term investment unless further demand picks up during the remaining subscription days.

Disclaimer: This article is meant for educational and informational purposes only and should not be construed as financial advice. Investors should consult their financial advisors before making investment decisions. Investments in securities are subject to market risks, and past performance does not guarantee future returns.

The Upcoming IPOs in this week and coming weeks are Sellowrap Industries, Repono, Shanti Gold International, Brigade Hotel Ventures, Patel Chem Specialities, NSDL.

The Current active IPO are Indiqube Spaces, GNG Electronics, TSC India, Monarch Surveyors & Engineering Consultants, Swastika Castal, Savy Infra.

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