TSC India, a well-established B2B travel solutions provider with a strong presence in air ticketing services since 2003, is launching its Initial Public Offering (IPO) on July 23, 2025, with the subscription window closing on July 25, 2025. The company aims to raise ₹25.98 crores through a Book Built Issue, offering a total of 36.98 lakh equity shares via a fresh issue.

The IPO price band has been fixed at ₹68 to ₹70 per equity share, and the lot size is set at 2,000 shares, with a minimum application requirement of 2 lots, translating to a minimum investment of ₹2,80,000 for retail investors.

Post-issue, the market capitalisation of TSC India is estimated to be ₹98.33 crores at the upper price band. The company plans to list its shares on NSE SME, with a tentative listing date scheduled for Wednesday, July 30, 2025.

Company Background

TSC India has made a significant mark in the B2B travel segment, offering air ticketing services across cities such as Jullundur, Ahmedabad, Chandigarh, Amritsar, Delhi, Lucknow, Jaipur, and Bangalore. With over two decades of operational excellence, it has become a trusted name in the industry.

The company is led by a trio of promoters:

• Mr. Ashish Kumar Mittal, a 28-year veteran entrepreneur with experience in travel, logistics, entertainment, IT, and finance.

• Mrs. Puja Mittal, with 8 years in the travel and finance domains.

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

Financial Performance

TSC India has demonstrated robust financial growth over the last three fiscal years:

The Profit After Tax (PAT) has grown almost fivefold from ₹99.43 lakh in FY23 to ₹487.32 lakh in FY25, indicating strong momentum and improved operational efficiency.

Key Financial Ratios and Valuation

TSC India has reported the following key metrics for FY24:

• Pre-Issue EPS: ₹5.07

• Post-Issue EPS: ₹3.47

• Pre-Issue P/E Ratio: 13.80x

• Post-Issue P/E Ratio: 20.18x

• Industry P/E Ratio: 13x

• Return on Capital Employed (ROCE): 19.49%

• Return on Equity (ROE): 31.13%

• Return on Net Worth (RoNW): 31.13%

While the company is highly profitable, the valuation appears fully priced compared to peers in the industry.

Utilisation of IPO Proceeds

The company plans to use the net proceeds from the IPO as follows:

• ₹22 crore towards working capital requirements

• The balance amount will be allocated towards general corporate purposes

This focus on working capital suggests a push towards operational scaling and regional expansion.

IPO Subscription Status

As per latest reports at 11:00 AM on July 23, 2025, TSC India IPO has been subscribed 0.10 times on the first day of subscription. The IPO is being closely watched by analysts and investors alike.

Anchor Investors

TSC India successfully raised ₹7.36 crore from Anchor Investors at the upper end of the price band, ₹70 per share. A total of 10,52,000 equity shares were allotted to anchor investors ahead of the public issue opening.

Anchor allotment signals confidence from institutional investors, although retail investor traction remains to be seen.

Grey Market Premium (GMP)

The Grey Market Premium (GMP) of TSC India IPO is reported to be ₹0, suggesting no listing gains as per market sentiments. This trend implies cautious investor mood and that no speculative trading is currently happening in the unofficial grey market.

IPO Allotment and Listing Dates

• Allotment Date: Monday, July 28, 2025

• Listing Date (Tentative): Wednesday, July 30, 2025

Steps to check allotment status:

1. Visit the IPO allotment status page on the registrar's website (Bigshare Services).

2. Select TSC India Limited IPO from the dropdown.

3. Enter Application No., PAN or DP Client ID.

4. Click Submit to view allotment result.

IPO Recommendation

Given the following factors:

• Steady growth in revenues and profits

• Strong ROE and ROCE performance

• Fully priced valuation compared to industry average

• Flat GMP trend and muted first-day subscription

Experts recommend avoiding the TSC India IPO both for listing gains and for long-term investment, unless significant traction builds up during the subscription window.

Disclaimer: This content is for educational and informational purposes only and does not constitute financial advice or an investment recommendation. All investors should seek professional advice before investing. Market investments carry risks, and past performance is not indicative of future results.

The Upcoming IPOs in this week and coming weeks are Takyon Networks, Mehul Colours, Aditya Infotech, Sri Lotus Developers & Realty, Lakshmi India Finance, Jyoti Global Plast, B.D. Industries (Pune), Kaytex Fabrics, Umiya Mobile, Shree Refrigerations, Sellowrap Industries, Repono, Shanti Gold International, Patel Chem Specialities, NSDL.

The Current active IPO are Brigade Hotel Ventures, Indiqube Spaces, GNG Electronics, TSC India, Monarch Surveyors & Engineering Consultants.

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