July 19, 2025
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What is the latest news of TSC India IPO?
The company will enter the market on 23 July 2025.
About TSC India Limited
TSC India Limited, established in 2003, is a travel management company specializing in comprehensive air ticketing services with a strong focus on the B2B and corporate travel segments. The company works closely with airlines and travel agents to offer cost-efficient and customized travel solutions tailored to its clients’ needs.
With a growing footprint across key Indian cities such as Jalandhar, Chandigarh, Lucknow, Ahmedabad, Jaipur, New Delhi, and Pune, TSC India is steadily expanding its operational reach. The company serves a diverse clientele comprising travel agencies, corporates, and tour operators.
TSC handles a high volume of bookings — managing over 420 bookings daily, more than 3,000 weekly, and nearly 12,000 per month — showcasing its operational scale and efficiency. As of June 30, 2024, the company had onboarded over 2,100 customers, reaffirming its strong position in the B2B travel services market.
TSC India IPO Details
|
Sector: Travel booking |
|
| IPO opens on | 23 July 2025 |
| IPO closes on | 25 July 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 36,98,000 Shares / Rs 25.89 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 186,000 Shares |
| Net offer to Public | 35,12,000 Shares Rs.24.58 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 68-70 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 2000 Shares |
| Listing will at | NSE SME |
| Investor Category | Shares Offered |
| QIB Shares Offered | 17,56,000 |
| NII (HNI) Shares Offered | 5,26,800 |
| Retail Shares Offered | 12,29,200 |
| Total Shares Offered | 35,12,,000 |
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | 2 | 4,000 | 2,80,000 |
| Retail (Max) | 2 | 4,000 | 2,80,000 |
| S-HNI (Min) | 3 | 6,000 | 4,20,000 |
| S-HNI (Max) | 7 | 14,000 | 9,80,000 |
| B-HNI (Min) | 8 | 16,000 | 11,20,000 |
Who are the Promoters of TSC India IPO?
The promoters of the company are. Mr Ashish Kumar Mittal, Mrs Puja Mittal and Mr Vinay Gupta. The Promoters held 90.74% of the pre-IPO capital.
What are the Objects of TSC India IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
1.Working Capital Requirements Rs. 22 Cr.
2.General Corporate purposes and Issue expenses
TSC India IPO Timetable
Tentative timetable |
|
| IPO opens on | 23 July 2025 |
| IPO Closes on | 25 July 2025 |
| IPO Allotment on | 28 July 2025 |
| Refund Initiation | 29 July 2025 |
| Credit of Shares | 29 July 2025 |
| Listing on | 30 July 2025 |
| Registered Office of the Company TSC India Ltd. Office No. 3, 2nd Floor Midland Financial Centre, Plot No. 21-22, G.T. Road, Jalandhar, Punjab, 144001 |
| Lead Manager of this IPO Expert Global Consultants Pvt Ltd |
| Who is the Registrar to the IPO? Bigshare Services Pvt Ltd |
TSC India IPO IPO GMP grey market premium, review, Subscription, allotment, listing estimate
TSC India IPO Financials
| Period Ended | 30-Jun-24 | 31-Mar-24 | 31-Mar-23 | 31-Mar-22 |
| Assets | 45.29 | 54.03 | 26.16 | 14.55 |
| Revenue | 6.13 | 20.72 | 9.85 | 4.92 |
| Profit After Tax | 1.35 | 4.69 | 1.19 | 0.29 |
| Net Worth | 12.23 | 8.67 | 4.53 | 3.57 |
| Reserves and Surplus | 8.09 | 6.75 | 2.61 | 1.65 |
| Total Borrowing | 9.74 | 17.76 | 13.08 | 4.75 |
| Amount in Rs. Crore | ||||
Performance Indicators
| KPI | Values |
| ROE | 54.10% |
| ROCE | 27.39% |
| RoNW | 54.10% |
| PAT Margin | 24.25% |
| Price to Book Value | 1.55 |
| EPS | 4.53 |
| PE Ratio | 15.44 |
How Swastika Castal IPO compares with the Peers?
There is no listed company having similar nature of business
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TSC India IPO Review by Paresh Gordhandas, CA & Research Analyst.
TSC India Limited, founded in 2003, is a travel management company focused on the B2B and corporate travel segments, offering air ticketing and related services. With operational presence in cities like Jalandhar, Chandigarh, Lucknow, Ahmedabad, Jaipur, New Delhi, and Pune, the company caters to a wide network of travel agencies, corporate clients, and tour operators. However, the business model remains vulnerable to increasing competition from online travel aggregators and platforms.
From a financial perspective, there has been notable growth in recent years. The company reported a net profit of Rs.1.19 crore on revenue of Rs.9.85 crore in FY 2022–23, which rose to a net profit of Rs.4.69 crore on revenue of Rs.20.72 crore in FY 2023–24. However, investors should take note of the high trade receivables, which stood at Rs.29.85 crore as of March 31, 2024, against an average monthly revenue of Rs.1.61 crore (based on restated revenue of Rs.19.35 crore for the same period). This appears elevated and may be attributed to the outstanding value of booked tickets yet to be settled. The cash and bank balance at the end of the period was Rs.6.99 crore.
While the company shows strong operational expansion and profit growth, the elevated receivables and dependency on manual bookings in a tech-driven industry warrant careful consideration.
Chanakya’s Take: May apply
Quicklinks
TSC India IPO GMP
TSC India IPO review
A: TSC India Limited is a travel management company specializing in B2B and corporate air ticketing services. It partners with airlines and travel agents to provide customized and cost-effective travel solutions
A: The TSC India IPO opens on July 23, 2025, and closes on July 25, 2025.
A: The price band is fixed at Rs.68 to Rs.70 per share. The lot size is 2,000 shares, requiring a minimum investment of Rs.2,72,000 for retail investors (4,000 shares or 2 lots).
A: The allotment is expected on Monday, July 28, 2025, and the tentative listing date is Wednesday, July 30, 2025, on the NSE SME platform.
A: Expert Global Consultants Pvt Ltd is the book-running lead manager, and Bigshare Services Pvt Ltd is the registrar.
A: Yes, in FY 2023–24, the company reported a net profit of Rs.4.69 crore on revenue of Rs.20.72 crore, showing significant growth compared to the previous year.
A: While the company has shown growth, investors should be cautious about the high trade receivables and competition from online travel platforms, which could impact future performance.
