TSC India IPO Sees 0.79x Subscription on Day 1; Retail Segment Subscribed 0.81 Times

Mumbai, 23 July 2025: The initial public offering of TSC India Limited opened to a moderate response on its first day, with an overall subscription of 0.79 times by 5:49 PM. Among all categories, the retail investor segment recorded a subscription of 0.81 times, showing the highest level of engagement on Day 1.

Retail Investors Lead Early Demand with 0.81x Subscription

Retail individual investors were allotted 12.30 lakh shares in the public issue. By the end of Day 1, bids were received for 9.96 lakh shares in this segment, translating to a subscription of 0.81 times. A total of 249 retail applications were submitted. The total value of bids placed by retail investors stood at ₹6.972 crore. This segment showed the highest participation in terms of application numbers compared to other investor categories.

Non-Institutional Investors Lag with Limited Participation

The non-institutional investor (NII) segment received a tepid response on the first day. Against the 5.28 lakh shares allocated to this category, only 2.34 lakh shares were bid for, leading to a subscription level of 0.44 times. NII investors contributed a total of ₹1.638 crore through 19 applications.

Qualified Institutional Buyers Cross Allotted Quota with Slight Margin

The qualified institutional buyers (QIB) category saw bids for 7.14 lakh shares, slightly exceeding the 7.04 lakh shares offered to them. This resulted in a subscription level of 1.01 times. Only one institutional application was received on Day 1, contributing ₹4.998 crore in bid value.

Anchor Investors Fully Subscribed Ahead of Public Bidding

A day before the IPO opened, anchor investors were allocated 10.50 lakh shares, raising ₹7.35 crore. The anchor portion was fully subscribed. These shares were locked in for 30 and 90 days as per regulatory norms.

TSC India IPO Sees Total Day 1 Bids Worth ₹13.60 Crore

The IPO received total bids for 19.44 lakh shares on the first day, against 24.62 lakh shares offered to public categories excluding anchor investors. The overall subscription stood at 0.79 times, with 269 total applications across investor classes and a cumulative bid value of ₹13.608 crore.

TSC India IPO Details and Schedule

TSC India IPO is a book-built issue of ₹25.89 crore, consisting entirely of a fresh issue of 36.98 lakh equity shares. The price band has been fixed at ₹68 to ₹70 per share. Bidding opened on 23 July 2025 and will close on 25 July 2025. The IPO is set to list on NSE SME, with a tentative listing date of 30 July 2025.

Retail investors are required to apply for a minimum of 2 lots, which amounts to 4,000 shares and an investment of ₹2,80,000. For small HNIs (sNII), the minimum application is 3 lots (6,000 shares) worth ₹4,20,000. Big HNIs (bNII) must apply for a minimum of 8 lots (16,000 shares) or more, with a minimum investment of ₹11,20,000.

Issue Structure and Managerial Roles

The total issue size includes allocations of 10.50 lakh shares to anchor investors, 1.86 lakh to market makers, 17.54 lakh to QIBs, 5.28 lakh to NIIs, and 12.30 lakh to retail investors. Expert Global Consultants Private Limited is acting as the book-running lead manager for the issue, while Bigshare Services Pvt Ltd serves as the registrar. Prabhat Financial Services Ltd. is the designated market maker for the IPO.

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