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TSC India Limited, a B2B travel management company, is set to make its debut on the NSE SME platform today, July 30, 2025. After a highly subscribed IPO and a steady grey market premium, the listing is expected to reflect moderate gains, signaling cautious optimism among investors.
IPO Listing Snapshot
- TSC India’s IPO listing is scheduled for 10:00 AM on the NSE SME platform
- The issue price was fixed at Rs 70 per share
- Grey Market Premium (GMP) ahead of listing stood at Rs 8, indicating a likely listing around Rs 78
- The IPO was entirely a fresh issue, raising Rs 25.89 crore through the sale of 36.98 lakh equity shares
Key highlight: While not explosive, the GMP signals a healthy 11% premium, suggesting stable investor sentiment.
Investor Response and Subscription Metrics
The IPO, open from July 23 to July 25, saw overwhelming demand across investor categories:
- Overall subscription: 73.21 times
- Non-Institutional Investors (NIIs): 133.17 times
- Retail Individual Investors (RIIs): 66.47 times
- Qualified Institutional Buyers (QIBs): 40.03 times
Key insight: The strong oversubscription, especially from NIIs and retail investors, reflects confidence in TSC India’s niche positioning and growth potential.
Company Profile and Operational Strengths
Founded in 2003, TSC India specializes in air ticketing and travel management services for B2B and corporate clients. With operations in Delhi, Pune, Jaipur, and Chandigarh, the company has built a robust network of travel agents, tour operators, and corporate partners.
- Over 2,100 registered customers as of June 2024
- Handles more than 12,000 bookings monthly
- Offers real-time travel updates, GDS-integrated pricing, and 24/7 support
- Provides bundled services across flights, hotels, and rentals
- Uses proprietary automated accounting and reporting tools for operational efficiency
Key takeaway: TSC India’s tech-enabled travel solutions give it a competitive edge in a fragmented market.
Financial Performance and Growth Outlook
TSC India has demonstrated consistent financial growth, positioning itself as a scalable SME player:
- FY25 revenue: Rs 26.32 crore, up 28% year-on-year
- FY25 net profit: Rs 4.93 crore, showing marginal improvement
- EBITDA margins remain stable, supported by operational automation and cost control
- The IPO proceeds will be used for working capital, tech upgrades, and business expansion
Highlight: While profit growth is modest, the revenue trajectory and operational depth suggest long-term scalability.
Market Sentiment and Listing Expectations
- Analysts expect a steady listing, with gains in the 10–15% range
- The modest GMP reflects balanced investor expectations amid broader market volatility
- The SME platform has seen mixed debuts recently, making TSC’s performance a key bellwether for travel-tech IPOs
- Post-listing, investor focus will shift to quarterly performance and client acquisition metrics
Key insight: TSC India’s listing is less about hype and more about fundamentals, making it a stock to watch for steady compounding.
Conclusion
TSC India’s IPO debut today marks a significant milestone for the travel-tech sector on the SME exchange. With strong subscription numbers, a modest premium, and a tech-forward business model, the company enters the public market with solid footing. As trading begins, investors will be keen to see if TSC can convert its operational strengths into sustained market performance.
Sources: Economic Times, Mint, IPO Watch, InvestorGain
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