TSC India IPO Sees Lukewarm Response on Day 1, Retail Portion Subscribed 48%
By HDFC Sky | Published at: Jul 23, 2025 03:45 PM IST
New Delhi, July 23, 2025 (Wednesday) – TSC India Ltd, a Punjab-based B2B travel management services company, received a tepid response from investors on the first day of its ₹25.89 crore SME IPO, which opened for subscription on July 23, 2025. The issue was overall subscribed 28%, with participation largely driven by retail investors.
IPO Snapshot and Important Dates
- Issue Size: ₹25.89 crore (fresh issue of 36.98 lakh shares)
- Price Band: ₹68–70 per share
- Face Value: ₹10 per share
- Lot Size: 2,000 shares
- Minimum Investment: ₹1.36 lakh (at ₹68 per share)
- Bid Period: July 23–25, 2025
- Expected Allotment Date: July 28, 2025
- Tentative Listing Date: July 30, 2025 (on NSE SME platform)
Considerations for Retail Investors
- The company has demonstrated strong revenue and profit growth over the past three years, which is a positive sign. However, the business remains highly concentrated in a single geography and with a few key clients, which could pose risks.
- The muted Day 1 subscription suggests cautious sentiment, so retail investors should monitor subscription trends before committing.
Institutional investors may find TSC India’s niche B2B travel model and growth trajectory appealing, but they will likely weigh its concentration risk and leverage before participating.
Funds Usage
- To meet the company’s working capital requirements, enabling smoother operations and supporting growth in client servicing.
- To cover issue-related expenses, such as underwriting and listing fees, and ensure a successful IPO process.
- To fund general corporate purposes, including strengthening the company’s overall financial position and flexibility
Subscription Status (01:45 PM)
| Category | Applications | Shares Bid |
|---|---|---|
| Anchor Investors | – | 10,50,000 |
| Non-Institutional Investors | 8 | 98,000 |
| Retail Individual Investors | 148 | 5,92,000 |
| Total | 156 | 24,62,000 |
Promoter & Management
TSC India is promoted by:
- Mr. Ashish Kumar Mittal (Managing Director)
- Mr. Vinay Gupta (Executive Director & CFO)
- Mrs. Puja Mittal (Chairperson & Non-Executive Director)
Together, the promoters hold 87.05% of the pre-issue equity, which will dilute to around 64% post-issue.
Outlook
TSC India IPO has two more days to run, and while early figures suggest a slow start, investor response often builds momentum closer to the closing date. Market participants will closely monitor trends on Day 2 and Day 3, particularly for institutional interest.
Company Overview: TSC India
Founded in 2003 and headquartered in Punjab, TSC India Ltd is a B2B travel management services provider catering primarily to corporate and SME clients. The company facilitates airline, rail, and bus bookings, as well as hotel reservations and ancillary travel solutions, through direct partnerships with Global Distribution Systems (GDS) and travel partners. It serves over 2,100 corporate clients and handles an average of 420 bookings daily, showcasing its operational scale.
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