Here are the full details of the TSC India Limited IPO. TSC India Limited is an established Indian travel management firm focused on corporate air travel services, with significant operational scale and a strong financial track record characterized by robust margins and returns.
The IPO offers exposure to B2B travel services but also comes with typical risks linked to market dependence and limited supplier diversification.
About TSC India Limited : A travel management company founded in 2003, specialising in B2B and corporate air ticketing; key markets include Jalandhar (87% of business), Ahmedabad, Jaipur, Chandigarh, Lucknow, Delhi, Pune.
Use of IPO proceeds: Around ₹22 crore earmarked for working capital; remainder for general corporate purposes and issue expenses.
TSC India Limited IPO Timeline
- Opening Date: Jul 23, 2025
- Closing Date: Jul 25, 2025
- Basis of allotment: July 28, 2025
- Refunds initiated & shares credited: July 29, 2025
- Listing date: July 30, 2025
TSC India Limited IPO Details
- Face Value: ₹10 per share
- Total issue size: ₹25.89 crore via fresh issue of 36.98 lakh shares
- Price band: ₹68 – ₹70 per equity share (face value: ₹10)
- Minimum lot size: 2,000 shares (₹1.36 lakh – ₹1.4 lakh)
- Issue Type: Bookbuilding IPO
- Listing At: NSE SME
- Share Holding Pre Issue: 1,03,50,000 shares
- Share Holding Post Issue: 1,40,48,000 shares
GMP of TSC India Limited IPO
As of now, the Grey Market Premium (GMP) for the TSC India Limited SME IPO is ₹0, meaning there’s currently no premium. This indicates that, in the grey market, applications are trading at the exact issue price without any markup.
Promoters of TSC India Limited
Here are the promoters of TSC India Limited, along with key details drawn directly from the IPO documentation:
- Mr. Ashish Kumar Mittal
- Mrs. Puja Mittal
- Mr. Vinay Gupta
1. Mr. Ashish Kumar Mittal
- Role: Managing Director
- Promoter Stake: Part of the group holding approximately 90.74% of the company’s equity pre‑IPO
- Appointments & Companies: Also serves as Director for TSC Finserv Private Limited and other entities, appointed in November 2021 for TSC Finserv and June 2024 for TSC Travel Services (private form)
2. Mrs. Puja Mittal
- Role: Chairperson (Non‑Executive Director)
- Promoter Stake: Included in the ~90.74% promoter holding pre‑IPO
- Appointments & Companies: Director at TSC Finserv Private Limited since November 2021 alongside other group entities
3. Mr. Vinay Gupta
- Role: Executive Director and CFO
- Promoter Stake: Also part of the promoter holding ~90.74% pre‑IPO equity
- Appointments & Companies: Director at TSC Travel Services Pvt Ltd since 2018; also appointed Director at TSC Finserv in November 2021
Summary Table
| Promoter | Role(s) | Pre‑IPO Equity (%)* |
|---|---|---|
| Ashish Kumar Mittal | Managing Director | Part of ~90.74% total |
| Puja Mittal | Non‑Executive Chairperson | Part of ~90.74% total |
| Vinay Gupta | Executive Director & CFO | Part of ~90.74% total |
TSC India Limited IPO Lot Size
Here’s a clear breakdown of the lot size and related investment details for the TSC India Limited IPO:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 4,000 | ₹2,80,000 |
| Individual investors (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 |
Key Takeaways
- Each lot is for 2,000 shares, with one lot costing between ₹1.36 lakh (at ₹68) and ₹1.40 lakh (at ₹70)
- Retail investors may apply for up to 2 lots (4,000 shares), which would be ₹2.72–₹2.80 lakh total.
- The IPO adheres to SME segment norms, featuring relatively large lot sizes.
TSC India Limited IPO Promoter Holding
Here’s the detailed information on TSC India Limited promoter holding based on official filings and shareholding data:
| Aspect | Detail |
|---|---|
| Pre‑IPO Promoter Holding | ~87.04% of total equity (~90.73% by some sources) |
| Total Share Capital (Pre‑IPO) | ~90.09 lakh shares (pre‑IPO total share base) |
| Post‑IPO Promoter Holding | Still remains majority; precise %, given 25% public float required per SEBI, implies ~75–87% range depending on calculation method |
| Public/Non‑Promoter Holding (Post‑IPO) | ~12.96% based on total share capital post‑issue (~100‑87.04%) |
In Summary
- Promoter stake pre‑IPO: reported between 87.04% to 90.73% of equity.
- Post‑IPO, even with public allocation, promoters retain a strong majority stake, maintaining control and influence.
- Public shareholding post‑IPO likely ranges around 25% or slightly less, per SME IPO norms.
About TSC India Limited
- Founded: 18 July 2003 (originally as TSC Travel Services Pvt Ltd)
- Public Limited Status: Renamed TSC India Limited on 2 September 2024 after conversion to a public limited company.
- Type of Business: B2B travel management, specializing in corporate air ticketing and travel planning services. — Meetings corporate houses, travel agencies, and tour operators.
Product Portfolio
Here’s a detailed overview of the Product Portfolio (i.e. service offerings) of TSC India Limited based on company documents and IPO disclosures:
Core Services: Air Ticketing & Booking Management
- Domestic & International Flight Booking: End-to-end air ticketing solutions tailored for corporate clients, travel agencies, tour operators, and other B2B partners. TSC manages itinerary planning, fare comparison, and reservation confirmation.
- Efficient Booking Volume: The company handles over 420 bookings daily, amounting to more than 12,000 bookings monthly through a 100% accurate system.
Ancillary & Value‑Added Services
- Analytical Reporting: Provides corporate clients with travel analytics to optimize spend, itinerary efficiency, and vendor selection.
- Fare Negotiation & Advisory: TSC negotiates competitive fares with airline partners to lower travel costs and passes benefits to clients.
- 24×7 Emergency Support: Round‑the‑clock assistance for flight disruptions, cancellations, or rebooking—at no extra charge.
Target Client Segments & Reach
Geographical Coverage:
- Operations span seven major locations including physical offices in Jalandhar (HQ), Ahmedabad, Jaipur, Chandigarh, Lucknow, and virtual presence in New Delhi and Pune.
Client Types:
- Travel Agencies
- Corporate Clients (SMEs to larger businesses)
- Tour Operators
- Over 2,100+ registered B2B clients served as of June 2024
Summary Table
| Service Category | Key Offerings |
|---|---|
| Air Ticketing Services | Domestic & international flight booking for B2B clientele |
| Analytical Reporting | Travel insights, cost optimization, itinerary data tools |
| Fare Advisory | Negotiated fares, cost-saving strategies with airline partners |
| Support Desk | 24×7 assistance for disruptions and changes |
| Technology Platform | Real-time booking, automation, transparency, and operational efficiency |
TSC India Limited Financial Information
Here’s a comprehensive breakdown of TSC India Limited financial performance, based on restated figures from its IPO prospectus:
| Period Ended | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹61.45 Crore | ₹53.33 Crore | ₹26.16 Crore |
| Revenue | ₹26.32 Crore | ₹20.59 Crore | ₹9.85 Crore |
| Profit After Tax | ₹4.93 Crore | ₹4.72 Crore | ₹1.22 Crore |
| EBITDA | ₹8.75 Crore | ₹8.19 Crore | ₹2.82 Crore |
| Net Worth | ₹15.83 Crore | ₹8.74 Crore | ₹4.56 Crore |
| Reserves and Surplus | ₹5.48 Crore | ₹6.82 Crore | ₹2.64 Crore |
| Total Borrowing | ₹25.53 Crore | ₹17.76 Crore | ₹13.08 Crore |
Key Performance Indicator (KPI)
Here are the Key Performance Indicators (KPIs) for TSC India Limited, as shared in its IPO disclosures and financial summaries:
| KPI | Values |
|---|---|
| ROE | 31.13% |
| ROCE | 19.49% |
| RoNW | 31.13% |
| PAT Margin | 19.11% |
| EBITDA Margin | 33.96% |
| Price to Book Value | 1.55 |
- ROE and RoNW are nearly equal; both reflect the annualized return generated on shareholders’ equity.
- P/E Ratio and Price-to-Book Value figures are pre‑IPO valuations.
Objects of the Issue (TSC India Limited IPO Objectives)
Here are the Objects of the Issue (i.e., the IPO objectives) for TSC India Limited, drawn from its IPO prospectus and official disclosures:
Working Capital Requirements
- Approximately ₹22 crore allocated toward operational needs such as managing day-to-day cash flows, travel bookings, and inventory-related expenses.
General Corporate Purposes & Issue‑Related Expenses
- Remaining funds to cover corporate activities (e.g., expansion initiatives, technology upgrades) and to offset IPO expenses like underwriting, legal, and marketing costs.
Summary Table
| Objective Category | Proposed Utilization |
|---|---|
| Working Capital Requirements | ~₹22 crore for routine operations and bookings |
| General Corporate Purposes & Expenses | Remainder for corporate needs and IPO costs |
Strengths of TSC India Limited IPO
1) trong Financial Growth
- Revenue nearly doubled from ₹9.85 Cr in 2023 to ₹20.72 Cr in 2024.
2) Healthy Profitability Ratios
- EBITDA margin stood at ~42% (FY24), netting a PAT margin of ~24%.
3) Operational Scale & Accuracy
- Handles 420+ bookings daily, translating to ~12,000 bookings a month, with 100% booking accuracy.
- Serves over 2,100 registered B2B clients across seven Indian cities.
4) Tech-Enabled Service Delivery
- Real-time travel booking system provides instant confirmations and updates, reducing booking delays and increasing customer satisfaction.
Risks of TSC India Limited IPO
1) Reliance on Travel & Tourism Sector
- The company’s performance is closely tied to travel demand, which is vulnerable to economic downturns, geopolitical events, or health crises.
2) Leased Premises Across Locations
- All operational offices are leased. Any interruption or unfavorable renewal terms could disrupt continuity and inflate costs.
3) High Trade Receivables
- As of March 31, 2024, trade receivables stood at ₹29.85 Cr — against an average monthly revenue of ₹1.61 Cr — indicating potential collection risks and working capital strain.
4) Limited Supplier Base
- Heavy reliance on a few key suppliers for ticketing inventory may impact service delivery in case of disruption or loss of supplier relationships.
5) Competitive Pressure from OTA Platforms
- TSC operates in a space increasingly challenged by online travel aggregators and emerging tech-driven platforms targeting the B2B corporate travel segment.
6) Typical SME IPO Challenges
- SME IPOs may face low allotment probabilities, limited post-listing liquidity, and higher volatility. Investors commonly cite under-subscription risk and difficulty in trading shares post-IPO.
Summary Table
| Strengths | Risks |
|---|---|
| Strong financial growth & margins | Industry sensitivity to economic & travel disruptions |
| High ROE (~54%), ROCE (~27%) | Elevated trade receivables risking collections |
| Efficient operations & real-time booking | Leased office dependence could impact continuity |
| Large B2B client base, 100% booking accuracy | Concentrated supplier relationships |
| Tech-driven booking platform | Competitive threat from OTAs and automated platforms |
| Liquidity & volatility concerns typical of SME listings |
TSC India Limited Contact Details
Here’s the detailed contact information for TSC India Limited, as shared in the IPO disclosures and official filings:
| Information Type | Details |
|---|---|
| Registered Office | Office No. 3, 2nd Floor, Midland Financial Centre, Plot No. 21‑22, G.T. Road, Jalandhar, Punjab – 144001 |
| Phone | +91‑181‑4288888 |
| Email (Company) | cs@tscpl.biz |
| Website | www.tscindialimited.com |
Registrar of the Issue – Bigshare Services Pvt Ltd
| Detail | Information |
|---|---|
| Address | S6‑2, 6th Floor, Pinnacle Business Park, Mahakali Caves Road, Next to Ahura Centre, Andheri East, Mumbai, Maharashtra – 400093 |
| Phone | +91‑22‑62638200 |
| ipo@bigshareonline.com (or investor.del@bigshareonline.com per alternate sources) | |
| Website | https://ipo.bigshareonline.com/IPO_Status.html |
Lead Manager – Expert Global Consultants Pvt Ltd
| Detail | Information |
|---|---|
| Address | 1511, RG Trade Tower, Netaji Subhash Place, Pitampura, New Delhi, Delhi – 110034 |
| Phone | +91‑11‑45098234 |
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