In July 2025, India’s IPO market continues its momentum with companies from diverse sectors launching their offerings. One such IPO is TSC India Ltd., a leading provider of comprehensive air ticketing services, primarily operating in the B2B sector. The company offers integrated travel solutions to a wide range of clients, including travel agents and corporate businesses. Here’s a detailed breakdown of TSC India Ltd.’s IPO, including key financials, details, and sector outlook.
About TSC India Ltd.
Founded in 2003, TSC India Ltd. is a travel management company that offers end-to-end air ticketing services to corporate clients, travel agencies, and tour operators. With operations spanning key Indian cities such as Jalandhar, Chandigarh, Lucknow, and New Delhi, TSC India has established a strong presence in the B2B travel sector.
The company manages over 420 bookings daily and has a client base of over 2,100 customers as of June 30, 2024. In addition to air travel bookings, TSC provides a wide range of services, including hotel bookings, transportation, and customised travel planning. The company’s use of automated accounting systems, global distribution systems (GDS), and real-time booking platforms ensures it stays competitive in the rapidly evolving travel sector.
TSC India Ltd. IPO Details
The TSC India IPO is a bookbuilding IPO offering a total issue size of ₹25.89 crore, with 36.98 lakh shares being issued. The issue comprises only a fresh issue of shares.
- IPO Open Date: July 23, 2025
- IPO Close Date: July 25, 2025
- Price Band: ₹68 to ₹70 per share
- Lot Size: 2,000 shares
- Total Issue Size: ₹25.89 crore (36.98 lakh shares)
Important IPO Timeline
| Event | Date |
| IPO Open Date | July 23, 2025 |
| IPO Close Date | July 25, 2025 |
| Tentative Allotment Date | July 28, 2025 |
| Refund Initiation | July 29, 2025 |
| Credit of Shares to Demat | July 29, 2025 |
| Tentative Listing Date | July 30, 2025 |
| Cut-off time for UPI mandate | 5 PM on July 25, 2025 |
Key IPO Details
| Particulars | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹68 to ₹70 per share |
| Lot Size | 2,000 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size |
36,98,000 shares (aggregating up to ₹25.89 Cr) |
| Reserved for Market Maker | 1,86,000 shares (aggregating up to ₹1.30 Cr) Prabhat Financial Services Ltd. |
| Net Offered to Public | 35,12,000 shares (aggregating up to ₹24.58 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing at | NSE SME |
| Shareholding Pre-Issue | 1,03,50,000 shares |
| Shareholding Post-Issue | 1,40,48,000 shares |
Lot Size of TSC India Ltd. IPO
| Application Type | Lots | Shares | Amount |
| 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 |
TSC India Ltd. Financials
The TSC India IPO values the company at a market capitalisation of ₹98.34 crore. The company has shown consistent growth in its revenues and profits, though the growth in profit after tax (PAT) is moderate, which reflects the highly competitive nature of the industry.
Key Performance Indicators (as of March 31, 2025)
- Return on Equity (ROE): 31.13%
- Return on Capital Employed (ROCE): 19.49%
- Return on Net Worth (RoNW): 31.13%
- Profit After Tax (PAT) Margin: 19.11%
- EBITDA Margin: 33.96%
- Price-to-Book Value: 1.55
- Pre-IPO EPS: ₹4.53
- Post-IPO EPS: ₹3.85
- Pre-IPO P/E: 15.44
- Post-IPO P/E: 18.17
Financial Snapshot
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 61.45 | 53.33 | 26.16 |
| Revenue (₹ Cr) | 26.32 | 20.59 | 9.85 |
| Profit After Tax(₹ Cr) | 4.93 | 4.72 | 1.22 |
| EBITDA (₹ Cr) | 8.75 | 8.19 | 2.82 |
| Net Worth (₹ Cr) | 15.83 | 8.74 | 4.56 |
| Reserves and Surplus (₹ Cr) | 5.48 | 6.82 | 2.64 |
| Total Borrowing (₹ Cr) | 25.53 | 17.76 | 13.08 |
TSC India Ltd.: Industry Outlook
The Indian travel management industry is on a steady growth trajectory, driven by increasing demand for air travel, especially in the corporate and business sectors. As more businesses expand across the country, the need for efficient and cost-effective travel management services will rise, positioning companies like TSC India Ltd. well to capitalise on this demand.
- The market for B2B travel services is highly fragmented and competitive, yet businesses like TSC India with automated systems, real-time booking capabilities, and strong industry relationships can offer valuable solutions.
- As global air travel recovers and businesses resume full-scale operations, demand for corporate travel services is expected to surge, benefiting companies that can scale quickly and offer integrated solutions.
Use of IPO Proceeds
| Purpose | Expected Amount (₹ Cr) |
| Working Capital Requirements | ₹22 crore |
| General Corporate Purposes | – |
| Issue Expenses | – |
Conclusion
TSC India Ltd. offers an intriguing opportunity for investors seeking exposure to the growing travel management sector. With an established client base, strong operational infrastructure, and a well-recognized brand in the B2B travel market, the company is well-positioned to benefit from the recovery and growth of corporate travel.
The issue is priced reasonably with a moderate P/E ratio; however, the competitive landscape and potential margin pressures make it a slightly riskier proposition. Investors with a medium-term outlook and a moderate risk appetite may find this IPO appealing, though caution is advised due to the industry’s challenges.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
