TSC India, a leading B2B travel company with operations since 2003, closed its Initial Public Offering (IPO) on July 25, 2025. The IPO, valued at ₹25.98 crore, was entirely a fresh issue of 36.98 lakh equity shares, offered in the price band of ₹68 to ₹70 per share.

The issue witnessed moderate demand, with an overall subscription of 3.61 times by the end of the bidding process. The shares are set to be listed on the NSE SME platform on July 30, with allotment expected on Monday, July 28, 2025.

Business Overview

TSC India operates as a trusted name in air ticketing and travel services. It has a physical presence in multiple cities such as Delhi, Lucknow, Jaipur, Bangalore, Chandigarh, Amritsar, Jullundur, and Ahmedabad, catering mainly to B2B clients.

The company is promoted by Mr. Ashish Kumar Mittal, who has 28 years of business experience spanning various sectors including entertainment, logistics, IT, and finance. Mrs. Puja Mittal and Mr. Vinay Gupta, with 8 and 27 years of relevant experience respectively, also form part of the leadership team.

IPO Structure and Objectives

The IPO comprises a fresh issue of ₹25.98 crores, with no Offer for Sale (OFS) component. The minimum investment size for retail investors was 2 lots (4,000 shares), requiring a commitment of ₹2,80,000.

The net proceeds from the IPO will be used as follows:

• ₹22 crore to support working capital needs

• The rest for general corporate purposes

Market Participants

• Lead Manager: Expert Global Consultants Private Limited

• Registrar: Bigshare Services Private Limited

• Market Maker: Prabhat Financial Services Limited

Financial Highlights

TSC India has shown steady financial growth over the last three fiscal years:

For FY24, the pre-issue EPS stands at ₹5.07 and post-issue EPS at ₹3.47. The pre-issue P/E ratio is 13.80x, while the post-issue P/E comes to 20.18x, higher than the industry average of 13x, indicating a fully priced IPO.

The ROCE and ROE are 19.49% and 31.13% respectively, showcasing healthy returns.

Anchor Investment and Grey Market Premium

On July 21, TSC India raised ₹7.36 crores from anchor investors, allocating 10,52,000 shares at ₹70 each. Despite this backing, the Grey Market Premium (GMP) remains at ₹0, suggesting no speculative demand ahead of listing.

The lack of GMP reflects neutral investor sentiment, further affirming the conservative outlook on listing gains.

Subscription Status

By the end of the final subscription day (July 25, 11:30 AM), the IPO was subscribed 3.61 times, indicating adequate but not overwhelming demand. The company has not received any significant buzz in the unorganised grey market, keeping expectations tempered.

IPO Allotment Guide

The IPO allotment is expected on July 28, 2025. Investors can check their allotment by:

1. Visiting the IPO allotment status page of Bigshare Services

2. Selecting TSC India IPO from the dropdown

3. Entering Application Number / PAN / DP Client ID

4. Clicking Submit to view status

This quick process allows applicants to assess their investment position ahead of listing.

Investment Outlook

Although TSC India has shown strong revenue growth and improving profitability, the flat GMP, stiff valuation, and relatively low investor excitement suggest limited upside potential in the short term.

The analyst recommendation is to Avoid the IPO for both listing gains and long-term holding, unless investors have high conviction on the travel and tourism sector post-COVID normalization.

Disclaimer: This review is for informational purposes only. It should not be construed as investment advice. Investors must consult their financial advisors before investing. Past performance is not indicative of future results. Investment in securities is subject to market risks.

The Upcoming IPOs in this week and coming weeks are M&B Engineering, Cash Ur Drive Marketing, Renol Polychem, Jyoti Global Plast, Takyon Networks, Mehul Colours, Aditya Infotech, Sri Lotus Developers & Realty, Lakshmi India Finance, Jyoti Global Plast, B.D. Industries (Pune), Kaytex Fabrics, Umiya Mobile, Repono, NSDL.

The Current active IPO are Shree Refrigerations, Sellowrap Industries, Shanti Gold International, Patel Chem Specialities, Brigade Hotel Ventures, Indiqube Spaces, GNG Electronics, TSC India.

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