TSC India Limited, a B2B travel management firm focused on air ticketing and corporate travel solutions, is set to open its Initial Public Offering (IPO) on July 23, 2025. The issue will close on July 25, 2025, and the company plans to raise ₹25.89 crore through a fresh issue of 36.98 lakh equity shares.

The IPO is priced in the band of ₹68 to ₹70 per share, with investors allowed to apply in lots of 2,000 shares. This means the minimum retail investment stands at ₹2.8 lakh, while HNIs must invest at least ₹4.2 lakh (3 lots or 6,000 shares).

The shares will be listed on the NSE SME platform, with a tentative listing date of July 30, 2025. The IPO is being managed by Expert Global Consultants Pvt Ltd, while Bigshare Services Pvt Ltd is acting as the registrar. The market maker for the IPO is Prabhat Financial Services Ltd.

Company Overview: Who is TSC India Ltd?

TSC India Ltd., incorporated in 2003, is a B2B travel company specialising in air ticketing services for businesses. It caters to corporates and travel agents across India, offering them cost-effective ticketing and travel solutions.

The company has operational offices in Jalandhar, Chandigarh, Lucknow, Ahmedabad, Jaipur, New Delhi, and Pune, showing its growing geographic footprint.

With over 2,100 clients and over 12,000 bookings handled monthly, the company has positioned itself as a key player in the corporate travel segment.

Services Offered by TSC India:

TSC India provides a wide range of services, including:

• Booking Management: Enables accurate, real-time air travel reservations.

• Analytical Reporting Systems: Helps clients optimise travel budgets using insights.

• Cost-effective Solutions: Negotiated pricing models benefit clients.

• Travel Consulting & Negotiation Expertise: Helps clients secure favourable deals.

• 24/7 Emergency Support: Available without extra charges.

• Transparent Pricing & Policies: Builds trust with clients.

• Integrated One-Stop Platform: All travel services on one dashboard.

• Customer-Centric Service: Strong emphasis on service quality.

As of September 30, 2024, the company has 77 employees across various verticals like sales, HR, operations, finance, and design.

IPO Reservation Breakdown

The IPO has a total issue size of 36,98,000 shares, broken down as follows:

• Market Maker: 1,86,000 shares

• Qualified Institutional Buyers (QIBs): 17,54,000 shares (47.43%)

• High Net-worth Individuals (NII): 5,28,000 shares (14.28%)

• Retail Individual Investors (RII): 12,30,000 shares (33.26%)

• Anchor Investors: 10,52,000 shares (28.45%)

The company raised ₹7.36 crore from anchor investors on July 22, 2025.

Application Details and Lot Sizes

The minimum application for a retail investor is 4,000 shares, equivalent to 2 lots, costing ₹2.80 lakh. For HNIs:

• Small HNIs (sNII): 3 to 7 lots (₹4.20 lakh to ₹9.80 lakh)

• Big HNIs (bNII): 8 lots and above (₹11.20 lakh onwards)

Bidding at cut-off price is not allowed for any investor category.

Promoters and Ownership Structure

The promoters of TSC India Ltd. are:

• Mr Ashish Kumar Mittal

• Mrs Puja Mittal

• Mr Vinay Gupta

Pre-issue shareholding of the promoters stands at 90.74%, and will dilute post issue as shares expand from 1.03 crore to 1.40 crore shares.

Use of IPO Proceeds

The company intends to utilise the net proceeds from the IPO for the following purposes:

1. Working Capital Requirements – ₹22 crore

2. General Corporate Purposes

3. Issue Expenses

Financial Performance Overview

TSC India has shown steady growth in revenue and profit over the last few years.

Between FY24 and FY25, revenue grew by 28%, but PAT only increased by 4%, indicating some margin pressure.

Key Financial Ratios (as of March 31, 2025)

• Return on Equity (ROE): 31.13%

• Return on Capital Employed (ROCE): 19.49%

• EBITDA Margin: 33.96%

• PAT Margin: 19.11%

• Post-issue EPS: ₹3.85

• P/E Ratio (Post Issue): 18.17x

• Market Cap: ₹98.34 crore

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, Monarch Surveyors & Engineering Consultants, TSC India, NSDL.

The Current active IPO are Swastika Castal, Savy Infra.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst.