The Indian travel and tourism sector is gearing up for a fresh public offering as Helloji Holidays Ltd. prepares to launch its Initial Public Offering (IPO). For investors tracking SME segment opportunities, this IPO presents an interesting case study. This detailed analysis breaks down every crucial aspect of the offering, from the company's fundamentals to the specifics of the bidding process.
Understanding Helloji Holidays Ltd.
Helloji Holidays is positioned as a complete travel solutions provider, catering to both leisure and corporate clients. They offer a comprehensive suite of services, aiming to be a single touchpoint for all travel needs.
Core Business Offerings
- Air Ticketing: Booking domestic and international flights.
- Packaged Tours: Crafting customized inbound and outbound holiday experiences.
- Hotel Reservations: Worldwide hotel bookings and package deals.
- Ancillary Services: Including cab bookings, essential travel insurance, and crucial visa/passport assistance.
- MICE Management: Handling corporate travel, meetings, incentives, conferences, and events.
Business Model Insights
The company successfully operates across two primary channels:
- B2B (Business-to-Business): Serving corporate entities, agents, and institutional clients, which accounted for 56.98% of revenue in FY 2025.
- B2C (Business-to-Consumer): Directly serving retail travellers, contributing the remaining 43.02% of revenue.
Competitive Advantages
The management highlights several factors contributing to their market position:
- Provision of end-to-end travel services from one platform.
- A blended distribution model targeting both business and leisure segments.
- Demonstrated strength in retaining its customer base.
- Operational stability underpinned by experienced management.
Helloji Holidays IPO: Key Subscription Details
This offering is structured as a Book Build Issue on the SME platform, comprising entirely of a Fresh Issue of equity shares aimed at raising capital for business expansion.
IPO Overview Table
| Parameter | Detail |
|---|---|
| Total Issue Size (Aggregated) | ₹10.96 Crores |
| Issue Type | Fresh Issue (0.90 crore shares) |
| Listing Exchange | BSE SME |
| Price Band | ₹110.00 to ₹118.00 per share |
| Lot Size | 1,200 Shares |
Subscription Timeline and Tentative Dates
Investors should note the key dates to manage their applications effectively:
| Milestone | Tentative Date |
|---|---|
| IPO Opening Date | Tuesday, December 2, 2025 |
| IPO Closing Date | Thursday, December 4, 2025 |
| Basis of Allotment Finalization | Friday, December 5, 2025 |
| Credit of Shares to Demat | Monday, December 8, 2025 |
| Tentative Listing Date | Tuesday, December 9, 2025 |
Investment Requirement Breakdown
The minimum investment threshold varies based on the investor category:
| Investor Category | Minimum Lots | Shares Applied | Minimum Investment (at Upper Price) |
|---|---|---|---|
| Retail Investor (Minimum) | 2 | 2,400 | ₹2,83,200.00 |
| S-HNI (Minimum) | 3 | 3,600 | ₹4,24,800.00 |
Shareholding Structure and Anchor Bids
Promoter Contribution and Dilution
| Holding Status | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 96% |
| Promoter Holding Post-Issue | 70% |
Investor Allocation Summary
The total issue size of 9,28,800 shares is distributed across different investor classes:
| Investor Category | Shares Offered (%) |
|---|---|
| Qualified Institutional Buyers (QIB) | 47.29% |
| Non-Institutional Investors (NII) | 14.34% |
| Retail Individual Investors (RII) | 33.20% |
| Anchor Investors | 28.42% (of total shares offered pre-allocation) |
The company successfully secured ₹3.12 crore from Anchor Investors on December 1, 2025, involving the allocation of 2,64,000 shares. A portion of these shares (50%) will have a lock-in period ending on January 4, 2026.
Financial Health and Valuation Snapshot
Examining the company's recent financial trajectory shows positive growth, although the market pricing warrants scrutiny.
Financial Performance Highlights (₹ Crore)
| Metric | FY 2024 (Mar 31) | FY 2025 (Mar 31) | 6 Months (Sep 30, 2025) |
|---|---|---|---|
| Total Income | 25.97 | 28.18 | 12.74 |
| Profit After Tax (PAT) | 1.80 | 2.10 | 0.91 |
| Net Worth | 2.00 | 6.26 | 7.16 |
| Total Borrowing | -0.18 | -4.80 | -2.32 |
(Amounts in ₹ Crore)
Key Performance Indicators (KPIs) - As of Mar 31, 2025
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 50.78% |
| Return on Capital Employed (ROCE) | 44.38% |
| Debt/Equity Ratio | 0.01 |
| PAT Margin | 7.45% |
| Market Capitalization (Post-IPO Estimate) | ₹40.46 Cr. |
Valuation Metrics Comparison
The pricing suggests a higher valuation post-listing compared to pre-issue metrics:
| Metric | Pre-IPO EPS (₹) | Post-Issue P/E (x) |
|---|---|---|
| Earnings Per Share (EPS) / P/E | 8.39 / 14.07 | 6.11 / 19.3 |
Objectives and Strategic Direction
Utilization of IPO Proceeds
The funds raised through the fresh issue are earmarked for specific growth and operational needs:
| Object of the Issue | Expected Amount (₹ in Crores) |
|---|---|
| Working Capital Requirements | 5.04 |
| Capital Expenditure (Software Purchase) | 2.90 |
| General Corporate Purpose | Balance |
SWOT Analysis for Helloji Holidays
A balanced view requires assessing internal capabilities against external market forces:
Strengths (Internal Positive)
- Integrated 'one-stop' service delivery capability.
- Robust management team supporting organizational stability.
- Positive momentum in revenue and profit growth across FY24-FY25.
Weaknesses (Internal Negative)
- Smaller equity base post-IPO might lead to longer gestation for migration to the main board.
- The company's historical financial performance, while improving, is noted by some analysts as average, raising questions about PAT sustainability.
Opportunities (External Positive)
- Continued post-pandemic rebound and growth in the Indian travel market.
- Expansion potential in the high-margin corporate travel segment (MICE).
Threats (External Negative)
- High competition from established large-scale travel aggregators.
- Sensitivity to external factors like geopolitical issues or economic downturns impacting discretionary travel spending.
Intermediaries Facilitating the Issue
The success of any IPO relies on the expertise of its supporting entities:
Key IPO Partners
| Role | Entity Name |
|---|---|
| Book Running Lead Manager (BRLM) | Khambatta Securities Ltd. |
| Registrar for the Issue | Maashitla Securities Pvt.Ltd. |
| Market Maker | Prabhat Financial Services Ltd. |
How to Apply: Broker Integration
For those utilizing popular discount brokers, the application process is streamlined, primarily relying on UPI mandates:
Applying via a Discount Broker (Example: Zerodha Users):
- Log into your broker's designated portal (e.g., Console).
- Navigate to the Portfolio section and select 'IPOs'.
- Locate the active 'Helloji Holidays IPO' and initiate the 'Bid'.
- Accurately input your UPI ID, desired Quantity, and Price choice.
- Submit the digital application form.
- Crucially, approve the payment mandate within your UPI application (net banking or dedicated UPI app) before the specified cut-off time (5 PM on the closing day).
Most modern brokers support either UPI applications or ASBA via linked bank accounts, simplifying the application workflow for retail investors.
Contact Information for Due Diligence
For official documents and further details, please refer to the company's prospectus. Contact information for the corporate office and the registrar is available for administrative queries:
Helloji Holidays Ltd. Contact
WA-89, Third Floor Shakarpur,Delhi, New Delhi, 110092
Phone: +91 9958083332
Email: compliance@helloji.com
Website: http://www.helloji.com/
Registrar Contact (Maashitla Securities Pvt.Ltd.)
For allotment status checks and registrar-related concerns:
Phone: +91-11-45121795-96 | Email: investor.ipo@maashitla.com