TSC India Ltd, a Punjab-based B2B travel management company, opened its SME IPO on July 23, 2025, aiming to raise approximately ₹25.89 crore through a price band of ₹68–₹70 per share. As subscription crosses 1.7×
on Day 2, strong retail demand signals optimism, even as the grey market premium remains flat.
Subscription Snapshot
Total Subscription: ~1.72× by end of Day 2
Retail Individual Investors (RII): 2.09×
Non-Institutional Investors (NII): 1.77×
Qualified Institutional Buyers (QIB): Just 1.01×
Day 1 Subscription: Only ~0.79×, indicating slow initial momentum
Grey Market Premium (GMP)
Despite investor interest, the IPO is trading at ₹0 GMP, indicating a flat premium and an expected listing at the upper band of ₹70 per share.
Company Overview & IPO Structure
Founded: 2003
Business Model: Corporate travel management—air, hotel, train bookings—for over 2,100 clients across major cities including Jalandhar, Ahmedabad, and Chandigarh. Handles around 420 bookings per day.
Offer Structure: Book-built issue with 36.98 lakh fresh equity shares; no offer-for-sale (OFS). Lot size is 2,000 shares (~₹1.36 lakh minimum investment).
Anchor Funding: Company raised ₹7.35 crore from anchor investors prior to issue open.
Financial Performance & Growth Outlook
Revenue FY24: ≈ ₹19.35 crore (up from ₹9.30 crore in FY23)
PAT FY24: ₹4.69 crore (up from ₹1.19 crore a year prior)
TSC India has exhibited strong revenue and profit growth over the past two years, but its client base remains concentrated, and city-wise operations are clustered, limiting diversification.
Market Outlook & Risks
Retail-driven IPO: The high retail subscription indicates confidence among individual investors, though institutional appetite remains tepid.
SME IPO Valuation: SME IPOs in this price band are expected to deliver listing gains, but flat GMP points to tempered expectations.
Concentration Risk: Heavy reliance on a few corporate clients and limited geographical spread are potential downsides.
Panel Commentary
“RII subscription rate exceeding 2× suggests strong public interest, but low QIB uptake signals cautious evaluation from institutional investors,” said CA Manish Mishra .
“Revenue and profit momentum is notable, but the niche client base and lack of geographic diversity are key monitoring points in post-listing performance,” noted CA Manoj Kumar Singh.
Conclusion
TSC India’s IPO is navigating a mixed trajectory: robust retail demand but flat market sentiment as reflected by zero GMP. While Day 3 trends could provide clarity, long-term success depends on scaling client relationships and expanding geographic outreach. With allotment slated on July 28 and listing expected on July 30, 2025, investors should watch for final subscription numbers and institutional oversubscription signals.
