TSC India Limited is set to open its Initial Public Offering (IPO) on July 23, 2025, with the subscription window closing on July 25, 2025. This IPO represents a book-building issue with an aggregate size of ₹25.89 crore, fully comprising a fresh issue of 36.98 lakh shares. The IPO is set to be listed on the NSE SME platform on its tentative listing date, July 30, 2025.
The IPO is intended to help the company raise capital primarily for working capital requirements, general corporate purposes, and to cover issue-related expenses. TSC India Limited, incorporated in 2003, operates in the B2B corporate travel segment. The company specializes in air travel bookings and services tailored for business clients.
IPO Snapshot
- IPO Open Date: July 23, 2025
- IPO Close Date: July 25, 2025
- Allotment Date: July 28, 2025
- Refund Initiation: July 29, 2025
- Listing Date: July 30, 2025
- Issue Size: 36.98 lakh shares (Rs. 25.89 Cr)
- Price Band: Rs. 68 to Rs. 70
- Face Value: Rs. 10 per share
- Lot Size: 2,000 shares
- Market Maker Portion: 1.86 lakh shares (5.03%)
- QIB Portion: 17.54 lakh shares (47.43%)
- NII (HNI) Portion: 5.28 lakh shares (14.28%)
- Retail Portion: 12.30 lakh shares (33.26%)
Business Overview
TSC India Limited is a travel management company offering air ticketing and related services to corporate and institutional clients. It has built a strong base with over 2,100 active customers and averages 420 daily bookings, 300 weekly bookings, and over 12,000 monthly bookings. The company maintains operational offices in cities like Jalandhar, Delhi, Chandigarh, Jaipur, Lucknow, Ahmedabad, and Pune.
Its key offerings include:
- Real-time booking and confirmation
- Accounting and reconciliation tools
- Integration with Global Distribution Systems (GDS)
- Instant customer support and automated processing
- Access to global travel inventory including flights, hotels, and car rentals
Financial Performance
Key Financials (In Rs. Crore)
| FY | Revenue | PAT | EBITDA | Net Worth | Total Borrowing | Assets |
|---|---|---|---|---|---|---|
| 2023 | 9.85 | 1.22 | 2.82 | 4.56 | 13.08 | 26.16 |
| 2024 | 20.59 | 4.72 | 8.19 | 8.74 | 17.76 | 53.33 |
| 2025 | 26.32 | 4.93 | 8.75 | 15.83 | 25.53 | 61.45 |
Growth Highlights:
- Revenue grew by 28% YoY in FY25.
- PAT rose from Rs. 4.72 Cr in FY24 to Rs. 4.93 Cr in FY25.
- Steady expansion in assets and net worth.
- EBITDA margins have remained consistently above 30%.
Key Ratios and Metrics
- EPS: 4.53
- PE Ratio: 15.44 (Pre-IPO), 18.17 (Post-IPO)
- RoNW: 31.13%
- ROCE: 19.49%
- Price to Book Value: 1.55
- EBITDA Margin: 33.96%
These metrics suggest that TSC India is financially sound with solid return ratios, competitive pricing, and healthy margins.
GMP and Listing Expectations
As of July 22, 2025, the Grey Market Premium (GMP) for TSC India IPO stands at Rs. 0. The estimated listing price is expected to be around the upper end of the issue price band, i.e., Rs. 70. This suggests a flat listing expectation with minimal to no premium.
Promoter Holding
- Pre-Issue Holding: 90.74%
- Post-Issue Holding: To be updated post allotment
Promoters include Mr. Ashish Kumar Mittal, Mrs. Puja Mittal, and Mr. Vinay Gupta. The high promoter holding indicates strong control and confidence in the company’s future.
IPO Objectives
The net proceeds from the IPO will be utilized for:
- Working capital requirements (₹22 crore)
- General corporate purposes
- Covering IPO-related expenses
These objectives show that the capital is being primarily deployed to fund operational scale-up and enhance liquidity.
Pros of Investing in TSC India IPO
- Steady Financial Growth: Consistent rise in revenue and profits over the last three years.
- Strong Margins: EBITDA margins of over 30%.
- Market Experience: 20+ years of experience in B2B travel services.
- Widespread Presence: Presence in major Indian cities with scalable operations.
- Customer Loyalty: Over 2,100 active clients and strong booking volumes.
Cons and Risks
- Zero GMP: Indicates lukewarm interest from the grey market.
- High Client Concentration: Revenue heavily dependent on a few clients.
- Geographic Concentration: Over 85% of business is concentrated in Jalandhar.
- High Competition: Operates in a highly competitive and price-sensitive industry.
- Exposure to Regulatory Risks: Travel industry is sensitive to regulatory and tax changes.
Peer Comparison
TSC India has no direct listed peers in the B2B air travel booking segment. However, it competes indirectly with larger OTA players and travel management companies. This gives it a unique positioning in the IPO landscape.
Subscription Status
As of now, the IPO subscription status is yet to be announced. Investors should watch for updates to gauge interest across retail, HNI, and QIB categories. Subscription numbers will offer clues to investor confidence and potential listing performance.
Application and Bidding
Minimum Investment: 2 lots = 4,000 shares = Rs. 2,80,000
Retail & HNI Categories:
- Retail (Max): 2 lots = 4,000 shares
- S-HNI: 3 to 7 lots (6,000 to 14,000 shares)
- B-HNI: 8 lots = 16,000 shares
Investors must ensure that they have sufficient funds in their bank account and approve the UPI mandate after applying.
How to Apply
- Conduct research on GMP, financials, and issue strength.
- Apply through your broker or online platforms.
- Select TSC India IPO and enter lot size.
- Approve UPI mandate before the close date.
Multiple applications from different demat accounts can increase the chances of allotment.
Allotment & Listing
Allotment status can be checked using PAN or Application ID on the registrar’s portal or through the NSE website. The listing is expected to go live on July 30, 2025.
Expert Opinion
Market experts have mixed reviews on the IPO. While the fundamentals are strong, the lack of GMP, limited market excitement, and SME nature of the issue warrant caution.
“TIL is engaged in providing comprehensive air ticketing services on a B2B business model. It posted growth in its top and bottom lines for the reported periods. Based on its recent financial data, the issue appears fully priced. It is operating in a highly competitive and fragmented segment, raising concerns over its margin’s sustainability. Almost static bottom lines for FY24 and FY25 raise concern. Well-informed investors may park moderate funds for the medium term.”
Final Verdict
TSC India IPO presents an opportunity to invest in a niche, profitable, and scalable B2B travel services provider. While the financial metrics are healthy and the business model is sustainable, lack of GMP and SME platform listing imply lower liquidity and higher risk.
Ideal For:
- Long-term investors seeking exposure to B2B travel services
- Investors comfortable with SME liquidity and valuations
Not Ideal For:
- Short-term IPO flippers looking for listing gains
- Risk-averse retail investors
Conclusion
TSC India IPO is a well-timed offer from a steadily growing company in the travel service industry. It holds promise for long-term growth and value creation but demands investor discretion due to market volatility and lack of immediate premium. A cautiously optimistic stance is advisable.
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