The TSC India IPO is generating significant buzz as one of the most prominent SME public offerings of 2025. This comprehensive guide delivers everything investors need – including Live Grey Market Premium (GMP) updates, financial deep dive, reservation quotas, expert reviews, and critical dates. Stay ahead with the most detailed analysis of this air-ticketing specialist’s market debut.
TSC India IPO Live GMP Today (Updated Daily)
- Live GMP (Grey Market Premium): [₹0]
As of [Current Date], grey market signals indicate a premium of approximately ₹[X] over the upper price band.
Expected Listing Price: ₹[70 + X] (based on current sentiment)
Note: GMP fluctuates daily. Check our IPO GMP Tracker for real-time updates.
Understanding GMP:
- Unofficial indicator of demand/supply dynamics
- Highly volatile – monitor until listing
- Source Recommendations: Economic Times, Moneycontrol, Chittorgarh
IPO Snapshot: Key Details at a Glance
| Parameter | Details |
|---|---|
| IPO Dates | July 23 – July 25, 2025 |
| Price Band | ₹68 – ₹70 per share |
| Lot Size | 2,000 Shares |
| Min Retail Investment | ₹2,80,000 (2 Lots) |
| Issue Size | ₹25.89 Cr (Fresh Issue) |
| Total Shares | 36,98,000 Shares |
| Listing Exchange | NSE SME |
| Tentative Listing | July 30, 2025 |
| Registrar | Bigshare Services Pvt Ltd |
| Lead Manager | Expert Global Consultants Private Limited |
TSC India: Company Overview
TSC India Limited (founded 2003) is a B2B travel management specialist providing comprehensive air-ticketing solutions. With operations across Jalandhar, Delhi, Pune, and 5 other cities, the company serves travel agencies, corporations, and tour operators.
Key Business Strengths:
✅ 12,000+ monthly bookings
✅ 2,100+ registered clients
✅ Integrated GDS platform access
✅ 24/7 emergency support
✅ Automated accounting solutions
✅ Real-time flight/hotel updates
IPO Structure & Reservation Quota
100% Fresh Issue (No OFS Component)
Net Public Offer: 35,12,000 shares (₹24.58 Cr)
Category-Wise Reservation
| Investor Category | Shares Reserved | Percentage | Amount Reserved (₹ Cr) |
|---|---|---|---|
| QIB | 17,54,000 | 47.43% | 12.28 |
| NII (HNI) | 5,28,000 | 14.28% | 3.70 |
| Retail | 12,30,000 | 33.26% | 8.61 |
| Market Maker | 1,86,000 | 5.03% | 1.30 |
Critical Notes:
- No Shareholder Quota: Unlike mainboard IPOs, no reservation exists for parent company shareholders
- Anchor Investors: Raised ₹7.36 Cr (10,52,000 shares) on July 22, 2025
- Lock-in Periods: 50% shares till Aug 27, 2025; remaining till Oct 26, 2025
Financial Performance: 3-Year Track Record (₹ in Crore)
| Parameter | Mar 2025 | Mar 2024 | Mar 2023 | Growth (YoY) |
|---|---|---|---|---|
| Revenue | 26.32 | 20.59 | 9.85 | 28% (2025 vs 2024) |
| EBITDA | 8.75 | 8.19 | 2.82 | 6.8% |
| EBITDA Margin (%) | 33.96% | 39.78% | 28.63% | (580 bps decline) |
| PAT | 4.93 | 4.72 | 1.22 | 4% |
| PAT Margin (%) | 19.11% | 22.92% | 12.39% | (381 bps decline) |
| Total Borrowings | 25.53 | 17.76 | 13.08 | 43.7% |
| Net Worth | 15.83 | 8.74 | 4.56 | 81.1% |
Key Financial Observations:
- Revenue Growth: Strong 28% YoY growth (2025 vs 2024)
- Margin Pressure: Declining EBITDA and PAT margins despite revenue growth
- Increased Leverage: Borrowings surged 43.7% in latest year
- Profit Stagnation: PAT grew only 4% despite 28% revenue jump
Valuation Metrics & Peer Comparison
| Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS (₹) | 4.53 | 3.85 |
| P/E Ratio (x) | 15.44 | 18.17 |
| Market Cap (₹ Cr) | – | 98.34 |
| Price/Book Value | – | 1.55 |
KPI Highlights (Mar 2025):
- ROE: 31.13%
- ROCE: 19.49%
- RoNW: 31.13%
Note: Industry peer comparison not provided in RHP – a critical gap for investors.
IPO Objectives: Use of Proceeds
- Working Capital Requirements: ₹22 Cr (85% of net proceeds)
- General Corporate Purposes: Balance amount
- Issue Expenses: Included in total utilization
Application Process: Step-by-Step Guide
Category-Specific Investment Limits
| Category | Lots | Shares | Amount Range (₹) | ASBA Category Selection |
|---|---|---|---|---|
| Retail (Min/Max) | 2 | 4,000 | 2,72,000 – 2,80,000 | Retail |
| sNII (HNI) | 3-7 | 6,000-14,000 | 4,20,000 – 9,80,000 | NII |
| bNII (HNI) | 8+ | 16,000+ | 11,20,000+ | NII |
How to Apply:
- Log into net banking/broker platform (Zerodha, Groww, etc.)
- Navigate to IPO section → Select “TSC India IPO”
- Choose category (Retail/NII)
- Enter Demat details & UPI ID (for mandate block)
- Submit before July 25, 5:00 PM
Expert Review: Should You Apply?
Dilip Davda’s Analysis (Noted IPO Expert):
*”TIL is engaged in providing comprehensive air ticketing services on B2B business model. It posted growth in top and bottom lines for reported periods. Based on recent financials, the issue appears fully priced. Operating in a highly competitive and fragmented segment, raising concern over margin sustainability. Almost static bottom lines for FY24 and FY25 raise concern. Well-informed investors may park moderate funds for medium term.”*
Pros & Cons Analysis
| Pros ✅ | Cons ❌ |
|---|---|
| Growing travel industry tailwinds | Highly competitive fragmented market |
| Strong revenue growth (28% YoY) | Declining profit margins |
| Tech-enabled GDS platform | High debt burden (₹25.53 Cr) |
| Pan-India presence (8 cities) | Stagnant PAT growth (4%) |
| Experienced promoters (since 2003) | SME exchange liquidity risks |
| Transparent pricing model | No dividend history |
Critical Risks (Per RHP)
- Margin Erosion: Rising competition may pressure pricing
- Customer Concentration: Loss of key clients could impact revenue
- Debt Servicing: High borrowings (₹25.53 Cr) increase interest burden
- Working Capital Dependency: 85% of IPO proceeds allocated here
- SME Volatility: Historically higher price swings vs mainboard
Refer: RHP Document
Frequently Asked Questions (FAQ)
Q1: What is TSC India’s GMP today?
A: Grey Market Premium fluctuates daily. Check financial portals for real-time updates closer to listing. Historically, SME IPOs with strong revenue growth command positive GMP.
Q2: When is the TSC India IPO allotment date?
A: Expected on July 28, 2025. Refunds by July 29; shares credited same day.
Q3: Is there a shareholder quota?
A: No. Unlike mainboard IPOs, there’s no reservation for existing shareholders of parent companies.
Q4: What is the minimum investment amount?
A: ₹2,72,000 – ₹2,80,000 (for Retail investors for 2 lots).
Q5: Why did PAT grow only 4% despite 28% revenue jump?
A: Rising operational costs and interest expenses compressed margins, as evident in declining PAT margins (22.92% → 19.11%).
Q6: Where can I access the RHP?
A: Download from NSE Website or BSE SME sections.
Final Verdict: Subscribe or Avoid?
For Aggressive Investors:
Could consider limited exposure given:
✅ Sector growth potential
✅ Tech-enabled operations
✅ Reasonable post-IPO P/E of 18.17x
For Conservative Investors:
Better to avoid due to:
⚠️ Margin contraction concerns
⚠️ High leverage position
⚠️ SME liquidity constraints
Analyst Consensus: Neutral-to-Cautious
(Based on financial trends and industry fragmentation)
