TSC India Limited, a leading B2B air ticketing company, is all set to launch its Initial Public Offering (IPO) on July 23, 2025. Founded in 2003, the company operates in cities such as Delhi, Jalandhar, Ahmedabad, Amritsar, Chandigarh, Lucknow, Jaipur, and Bangalore, and is now seeking to expand further through this public issue. The IPO is scheduled to close on July 25, 2025, and the shares will be listed on the NSE SME platform on or around July 30, 2025.

IPO Structure and Investment Details

The IPO is a Book Built Issue with a total size of ₹25.98 Crores, comprising 36.98 lakh fresh equity shares. The price band has been fixed between ₹68 and ₹70 per share. Based on the upper price band, the market capitalisation of TSC India will be around ₹98.33 Crores.

The lot size is 2,000 shares, and the minimum investment required for retail investors is ₹2,80,000 (for 2 lots or 4,000 shares). This large minimum application size makes it accessible mainly to HNIs and experienced retail participants.

• Book Running Lead Manager (BRLM): Expert Global Consultants Private Limited

• Registrar: Bigshare Services Private Limited

• Market Maker: Prabhat Financial Services Limited

Anchor Investor Participation

Ahead of the IPO, TSC India raised ₹7.36 Crores from Anchor Investors by allocating 10,52,000 equity shares at ₹70 per share. This indicates some institutional confidence, although its impact on listing day demand remains to be seen.

Grey Market Premium (GMP) Analysis

As of 21 July 2025, the Grey Market Premium (GMP) for TSC India IPO stands at ₹0, indicating no premium or expected listing gain in the unofficial grey market. GMP can be volatile and is not a reliable indicator for investment decisions. It is shared purely for informational purposes.

Real-Time Subscription Status

Subscription opens on July 23, 2025, and live updates will be available on the NSE website. As of now, investor enthusiasm appears cautious, especially in light of the high valuation and GMP trends.

Financial Performance Snapshot

TSC India has shown steady revenue and profitability growth over the past three years:

The data indicates a sharp rise in both EBITDA and PAT in FY25, although the EBITDA figure appears unusually high in relation to revenue, which might require deeper scrutiny during fundamental analysis.

Valuation Metrics

• 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 Average: 13x

• Return on Capital Employed (ROCE): 19.49%

• Return on Equity (ROE): 31.13%

• Return on Net Worth (RoNW): 31.13%

These figures show strong profitability, but the post-issue P/E ratio of 20.18x is significantly higher than the industry average, suggesting that the IPO is fully priced or even expensive.

Promoters and Leadership

TSC India is promoted by:

• Mr. Ashish Kumar Mittal: An experienced entrepreneur with 28 years in diverse sectors including logistics, travel, finance, IT, and entertainment.

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

• Mr. Vinay Gupta: 27 years in financial management and the travel business.

Their leadership and industry background lend credibility to the company’s operational management.

IPO Objectives

The proceeds from the IPO will be utilised as follows:

1. ₹22.00 Crores towards working capital requirements

2. Balance funds towards general corporate purposes

No portion of the proceeds is being used for debt repayment or capacity expansion, suggesting the IPO is primarily to support business operations and future scalability.

Allotment & Listing Information

• Allotment Date: July 28, 2025

• Refunds Initiated: Likely on July 29, 2025

• Demat Credit: Expected on July 29, 2025

• Tentative Listing Date: July 30, 2025 (NSE SME)

Investors can check their allotment status online through Bigshare Services Pvt Ltd’s portal using Application Number, PAN, or DP Client ID.

Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute investment advice or a solicitation to buy or sell any securities. Investors should perform their own due diligence or consult a SEBI-registered financial advisor before making any investment decisions. All data is based on information available as of the publication date and may be subject to change.

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

The Current active IPO are Monarch Surveyors & Engineering Consultants, Swastika Castal, Savy Infra.

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