TSC India IPO set for debut today; GMP signals modest listing premium

Synopsis

TSC India, a B2B travel management firm, is set to debut on the NSE SME platform on Wednesday, with expectations of a listing price around Rs 78, based on grey market trends. The IPO, which aimed to raise Rs 25.89 crore, was oversubscribed by 73.21 times, demonstrating strong investor interest.

TSC India, a B2B travel management company, is slated to list on the NSE SME platform on Wednesday, July 30. While investor demand during the IPO was robust, the grey market has offered a modest vote of confidence ahead of the listing. The stock is commanding a grey market premium (GMP) of Rs 8, or around 11% over its issue price of Rs 70 per share, indicating a likely listing around Rs 78.

The Rs 25.89-crore IPO, which was entirely a fresh issue, received an overwhelming response from investors during its three-day bidding window from July 23 to July 25.

The public issue was subscribed 73.21 times overall, with high interest from non-institutional investors (133.17x) and retail investors (66.47x). QIBs came in relatively conservatively with a 40.03x subscription.

TSC India specializes in comprehensive air ticketing services focused on B2B and corporate clients. With operations in key cities such as Delhi, Pune, Jaipur, and Chandigarh, the company has built a strong presence among tour operators, travel agents, and corporate clients.

As of June 2024, it had over 2,100 registered customers and handled over 12,000 bookings monthly, highlighting its operational depth in a competitive market.

The company offers real-time travel updates, GDS-integrated pricing, round-the-clock support, and one-stop travel services across flights, hotels, and rentals. It has also deployed in-house automated accounting and reporting tools, adding a tech-enabled edge to its travel solutions.

Financially, TSC India has seen consistent growth. Its revenue jumped 28% to Rs 26.32 crore in FY25, while net profit rose slightly to Rs 4.93 crore.

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