TSC India IPO: The initial public offering (IPO) of TSC India opened for subscription on July 23 and will remain open until July 25. Through this SME IPO, the company plans to raise ₹25.89 crore, with a price band set between ₹68 and ₹70 per share.
TSC India IPO Subscription
The TSC India IPO saw a muted response on its opening day, with an overall subscription of 0.29 times by 2 PM. The issue garnered bids for 7.26 lakh shares against the 24.62 lakh shares on offer. The retail investor portion was subscribed 0.50 times, while the non-institutional investor (NII) category saw a subscription of 0.22 times. As of the latest update, the qualified institutional buyer (QIB) segment had not received any bids.
TSC India GMP today
The company’s shares were trading at a zero premium in the grey market, suggesting a flat listing. Based on this, the estimated listing price remains at ₹70, which is the same as the IPO issue price.
One must note that grey market premium is only an indicator of how the company’s shares are performing in the unlisted market and can change quickly.
About the IPO
TSC India Limited’s initial public offering (IPO), entirely a fresh issue comprising 36.98 lakh equity shares, is open for subscription with no offer-for-sale (OFS) component. The IPO is aimed at raising funds to support the company’s working capital requirements, issue-related expenses, and general corporate purposes.
Retail investors looking to subscribe were required to apply for a minimum of 2,000 shares, with the minimum investment set at ₹2.72 lakh, equivalent to two lots (4,000 shares). The price band and issue size position it within the higher investment bracket for SME IPOs.
Ahead of the issue opening on July 22, 2025, TSC India successfully raised ₹7.35 crore through anchor investors, underscoring initial institutional confidence in the offer.
The IPO allotment status is expected to be finalised on Monday, July 28, with equity shares likely to be credited to successful applicants’ Demat accounts by Tuesday, July 29. Refunds for unsuccessful applicants will also be processed the same day. The company is scheduled to make its market debut on the NSE SME platform on Wednesday, July 30.
The IPO is being managed by Expert Global Consultants Private Limited as the book-running lead manager, while Bigshare Services Pvt Ltd serves as the registrar. Prabhat Financial Services Ltd is acting as the market maker for the issue.
TSC India Limited operates in the B2B travel management space, offering air ticketing services to travel agents, corporations, and tour operators. While the company has reported steady growth in top-line numbers in recent periods, analysts have raised concerns about margin sustainability due to a highly competitive and fragmented industry.
Market expert Dilip Davda from Chittorgarh.com gave the IPO a ‘may apply’ rating. He noted that while the company has demonstrated growth, static bottom-line figures for FY24 and FY25 and high competition in the segment are potential red flags. Davda advised well-informed investors to consider parking moderate funds for the medium term.
About the Company
Incorporated in 2003, TSC India Limited has established itself as a leading player in the B2B and corporate travel management space, offering end-to-end air ticketing solutions tailored to client needs. With a strategic focus on delivering cost-effective and streamlined travel services, the company collaborates with a wide network of airlines and travel agents.
TSC India handles all aspects of business travel planning—from flight bookings to curated corporate itineraries—catering to travel agencies, tour operators, and corporate clients across India. Its presence spans multiple cities including Jalandhar, Chandigarh, Lucknow, Ahmedabad, Jaipur, New Delhi, and Pune, underscoring its expanding national footprint.
With over 2,100 clients registered as of June 30, 2024, the company’s operations reflect high volume and efficiency. TSC India manages more than 420 bookings daily, 3,000 weekly, and 12,000 monthly, showcasing its robust backend systems and trusted customer service.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
