TSC India IPO Subscribed 73.21 Times; Retail Bidding Drives Volume Early

Mumbai, 25 July 2025: TSC India’s initial public offering received bids 73.21 times its total offer size by the end of the third and final day of bidding on 25 July 2025. Investors from the retail, non-institutional, and institutional segments participated through the BSE SME platform during the three-day window from 23 July to 25 July 2025.

Retail Investors Place Over 3.35 Crore Bids Against 6.65 Lakh Shares

Retail investor participation accounted for a significant portion of the overall bidding volume. The retail quota stood at 6,65,000 shares. By the close of the final day, this segment had received bids for 3,35,78,000 shares. This translated to a subscription of 50.44 times in the retail category.

The minimum investment from retail investors was ₹14,640, corresponding to a lot size of two shares priced at ₹61 per share. The first two days saw a gradual pickup in bidding, while the final day saw a larger number of retail applications submitted during market hours. More than 20,000 applications came from individual investors during the three-day period.

Retail bids remained within the defined price band and were concentrated in small lot sizes. Investors continued to place bids until the last available trading window on the final day. Allocation in this segment will follow the standard lottery-based allotment process used for SME IPOs.

Non-Institutional Investors Submit Over 7 Crore Share Bids

The Non-Institutional Investor (NII) segment had an allocation of 5,28,000 shares. This segment received bids for 7,03,12,000 shares, leading to a subscription of 133.17 times. Applications in this category were larger in quantity and value compared to the retail category.

The NII segment includes corporate entities, high-net-worth individuals, and other non-retail bidders. Bidding in this segment remained active throughout the window. Most bids were placed on the second and third day of the offering. The NII response contributed to the overall oversubscription of the issue.

Qualified Institutional Bidders Push Final Day Volume

Qualified Institutional Buyers (QIBs) had a quota of 7,04,000 shares. This segment received bids for 28,17,200 shares, resulting in a subscription of 40.03 times. Institutions placed bids in the final trading hours on Day 3.

QIB bids were recorded from domestic financial institutions and investment firms. Orders were placed at the upper end of the price band. This segment’s activity on the last day supported the final overall subscription tally.

Total Subscription Reaches 73.21 Times Across All Segments

Combined across retail, NII, and QIB categories, the IPO received total bids for 10,67,07,200 shares. This compares against the total offer of 14,97,000 shares, resulting in a final subscription figure of 73.21 times.

Bidding remained active throughout the three days, with peak activity recorded on the final day. Allocation for each category will follow standard procedures as per SME IPO norms on the BSE platform.

Key IPO Details for TSC India

The IPO opened on 23 July 2025 and closed on 25 July 2025. The total issue size was ₹25.89 crore, with each share priced at ₹61. The minimum application lot was 2 shares, requiring an investment of ₹14,640. The company plans to list its shares on the BSE SME platform.

The listing date is expected to be 30 July 2025. Shares will be allotted based on demand and eligibility, with the basis of allotment expected by 26 July 2025.

Watch this space for allotment status, grey market trends, and listing day coverage.

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