The TSC India IPO is an SME public issue scheduled to open for subscription from July 23 to July 25, 2025, aiming to raise approximately ₹25.89 crore through a fresh issue of shares. TSC India, established in 2003, specializes in air ticketing and corporate travel solutions, serving a wide network of clients and partners across India. The company’s business model emphasizes B2B travel services with strong operational reach and a growing client base. The TSC India IPO is set for listing on the NSE SME platform on July 30, 2025, offering investors a route to participate in the evolving business travel market.
₹10
₹70
₹68.00
Expert Opinions
The TSC India IPO is entering the market during a period of revived investor optimism in India’s primary markets, fueled by robust listings and strong sector diversity. TSC India’s main strengths lie in its focused B2B and corporate air ticketing model, over 20 years of experience, a growing client base across multiple cities, and a skilled team supporting efficient operations. However, the company faces risks such as fluctuating travel demand, sector competition, sensitivity to economic cycles, and reliance on a few large client categories.
For FY 2025, the TSC India IPO demonstrates a Return on Equity (ROE) of 31.13% and a Return on Capital Employed (ROCE) of 19.49%, indicating robust capital efficiency and attractive profitability. From a long-term perspective, TSC India’s entrenched presence in corporate travel and digital B2B segments, combined with increasing business travel trends, positions it well for sustainable growth, though investors must monitor sector volatility and competitive dynamics.
Investor Considerations
Investors assessing the TSC India IPO should note the company’s strong fundamentals, reflected in a 28% revenue increase and a 4% rise in PAT between FY 2024 and FY 2025. The travel management sector shows robust growth potential, supported by rising business and corporate travel across India. The FY 2025 valuation for the TSC India IPO is characterized by a Price to Book Value of 1.55, a healthy PAT margin of 19.11%, and a strong EBITDA margin of 33.96%.
Growth prospects are driven by an expanding B2B client network and increased digital adoption; however, investors should consider risks such as competition from large online travel platforms, high trade receivables, and sector cyclicality. This IPO is better suited for long-term investors seeking exposure to India’s corporate travel growth, while short-term investors may find less appeal due to operating cycle fluctuations and industry competition.
| Date | GMP | Trend |
|---|---|---|
| 29 Jul 2025 11.23 | ₹10 | --- |
| 28 Jul 2025 11.19 | ₹10 | Up |
| 25 Jul 2025 10.48 | ₹8 | Up |
| 24 Jul 2025 10.35 | ₹00 | --- |
| 23 Jul 2025 10.49 | ₹00 | --- |
| 22 Jul 2025 10.45 | ₹00 | --- |
| 21 Jul 2025 10.33 | ₹00 | --- |
| 20 Jul 2025 13.03 | ₹00 | --- |
| 19 Jul 2025 12.10 | ₹00 | --- |
| 18 Jul 2025 10.35 | ₹00 | --- |
FAQs
The Grey Market Premium showed poor accuracy in predicting TSC India IPO’s listing performance. With a final GMP of ₹10, it projected a premium of 14.29% over the issue price of ₹70. However, the stock listed lower at ₹68, delivering a negative return of -2.86%. This resulted in a prediction error of 17.15%, where the GMP not only failed to predict the correct direction but also significantly overestimated the gain, reflecting low reliability in this case.
TSC India IPO Current GMP is ₹10.
TSC India IPO Expected Returns is 14.29%.
TSC India IPO estimated listing price is ₹80.