The initial public offering (IPO) of TSC India Ltd has captured significant attention from investors as it opened for subscription on July 23, 2025. With a positive grey market premium (GMP) and steady demand across investor categories, the IPO is emerging as one of the promising small-cap listings this quarter.
Background
TSC India Ltd, a manufacturer of sheet metal components and sub-assemblies for various industries including railways, telecom, and defense, launched its ₹175 crore IPO through a book-built issue. The price band has been fixed at ₹110–₹115 per share with a lot size of 1,200 shares. The IPO will close on July 25, 2025.
Subscription Status
According to BSE data available till Day 2 of the bidding:
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Retail investors have shown overwhelming interest with the quota subscribed 5.3 times.
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Non-Institutional Investors (NIIs) have subscribed 3.7 times.
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Qualified Institutional Buyers (QIBs) segment was yet to pick up pace but expected to surge on the final day.
The total IPO subscription stood at 3.98 times by the end of the second day.
Grey Market Premium (GMP)
The grey market premium (GMP) for TSC India shares is hovering around ₹30–₹35, suggesting a potential listing gain of 26%–30% over the upper price band. Analysts believe the positive GMP reflects robust demand and sentiment in the SME and mid-cap IPO space.
Company Profile
Founded in 2005, TSC India is known for its precision engineering capabilities. It caters to public and private sector clients including Indian Railways and major telecom OEMs. The IPO proceeds will be used to:
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Expand production facilities
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Repay certain borrowings
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Augment working capital requirements
Risk Breakdown
While the IPO enjoys current investor enthusiasm, key risks include:
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Heavy dependency on the railway and defense sectors
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Volatility in raw material prices
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Competitive market for sheet metal fabrication
Expert Views
“TSC India offers a niche play in a sector aligned with government capex. Investors must watch the valuation and debt profile post-issue,” said Ravi Singhania, Head of Equity Research at ShareSpan Capital.
“Retail traction is solid, but long-term success will depend on margin expansion and order book visibility,” added CA Roshni Jain, IPO analyst and investment advisor.
Market Implications
The listing outcome of TSC India will signal broader investor appetite for SME and small-cap IPOs amid a rising market. The issue has added to a busy IPO calendar in Q2 FY26, reflecting both liquidity and confidence among retail investors.
Conclusion
TSC India’s IPO is gaining momentum with strong retail interest and a positive grey market outlook. While near-term listing gains look promising, investors are advised to assess fundamentals, sector exposure, and use of proceeds for long-term value creation.
