Decoding the TSC India IPO: Your Comprehensive Guide to a New Investment Horizon
The Indian primary market continues to buzz with activity, presenting exciting opportunities for investors to participate in the growth stories of emerging companies. One such offering on the horizon is the Initial Public Offering (IPO) of TSC India Limited. As a leading player in its niche, this SME IPO is generating significant interest. Let's delve deep into what TSC India offers, its financial health, the investment specifics, and what you should consider before making a decision.
Unveiling TSC India Ltd.: A Closer Look at the Business
Established in 2003, TSC India Limited operates as a dedicated travel management company, primarily focusing on providing extensive air ticketing services. Their business model centers on the Business-to-Business (B2B) and corporate sectors, where they collaborate with various airlines and travel agencies to deliver efficient and cost-effective travel solutions. With a significant operational footprint across multiple Indian cities, TSC India has cemented its presence in the corporate travel landscape.
Core Services Offered by TSC India:
- Booking Management: Streamlined processes for precise air travel reservations.
- Analytical Reporting Systems: Offering data-driven insights to help clients analyze travel patterns and refine strategies.
- Cost-Effective Solutions: Ensuring clients receive high-quality travel solutions at competitive prices.
- Consulting and Negotiation Expertise: Guiding clients through travel requirements and securing favorable terms.
- 24/7 Emergency Support: Providing round-the-clock assistance for immediate support during travel disruptions.
- Transparent Practices: Upholding clear communication regarding pricing and policies to foster client trust.
- Integrated One-Stop Solutions: A unified platform simplifying travel management, offering comprehensive information and services.
- Customer-Focused Service: A team of experienced professionals dedicated to efficiently meeting client needs and ensuring satisfaction.
The company boasts an impressive operational scale, managing over 12,000 bookings monthly and serving more than 2,100 customers as of June 2024. This demonstrates their strong position and efficiency within the B2B travel market.
Key Details of the TSC India IPO
The TSC India IPO is a book-built issue, entirely comprising a fresh issuance of shares. Here's a quick snapshot of the key dates and figures you need to be aware of:
| Detail | Information |
|---|---|
| IPO Open Date | July 23, 2025 |
| IPO Close Date | July 25, 2025 |
| Issue Type | Book Building Fresh Issue |
| Total Issue Size | 36,98,000 shares (aggregating up to ₹25.89 Crores) |
| Face Value | ₹10 per share |
| Price Band | ₹68 to ₹70 per share |
| Listing Exchange | NSE SME |
| Tentative Listing Date | July 30, 2025 |
Investing in TSC India IPO: The Lot Size and Investment
The IPO specifies a minimum application lot size, which varies for retail and High Net Worth Individual (HNI) investors.
| Application Category | Lots | Shares | Amount (at upper price band) |
|---|---|---|---|
| Individual Investor (Retail) Minimum | 2 | 4,000 | ₹2,80,000 |
| Individual Investor (Retail) Maximum | 2 | 4,000 | ₹2,80,000 |
| Small HNI (sNII) Minimum | 3 | 6,000 | ₹4,20,000 |
| Small HNI (sNII) Maximum | 7 | 14,000 | ₹9,80,000 |
| Big HNI (bNII) Minimum | 8 | 16,000 | ₹11,20,000 |
It's important to understand that bidding at the cut-off price is generally not permitted for any category in SME IPOs.
Understanding the Financial Health: A Deep Dive into TSC India's Books
A company's financial performance is a critical factor for any investor. TSC India has shown notable growth in recent years.
Financial Performance Overview (Restated Consolidated Figures)
| Period Ended | March 31, 2025 (₹ Cr) | March 31, 2024 (₹ Cr) | March 31, 2023 (₹ Cr) |
|---|---|---|---|
| Assets | 61.45 | 53.33 | 26.16 |
| Revenue | 26.32 | 20.59 | 9.85 |
| Profit After Tax (PAT) | 4.93 | 4.72 | 1.22 |
| EBITDA | 8.75 | 8.19 | 2.82 |
| Net Worth | 15.83 | 8.74 | 4.56 |
| Reserves and Surplus | 5.48 | 6.82 | 2.64 |
| Total Borrowing | 25.53 | 17.76 | 13.08 |
TSC India Ltd. has demonstrated a healthy financial trajectory, with its revenue increasing by 28% and profit after tax (PAT) growing by 4% between the financial years ending March 31, 2024, and March 31, 2025. This indicates a consistent growth path.
Key Financial Performance Indicators (as of March 31, 2025)
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 31.13% |
| Return on Capital Employed (ROCE) | 19.49% |
| Return on Net Worth (RoNW) | 31.13% |
| Profit After Tax Margin | 19.11% |
| EBITDA Margin | 33.96% |
| Price to Book Value (P/BV) | 1.55 |
The market capitalization of TSC India IPO at the upper price band is approximately ₹98.34 Crores.
Behind the Scenes: Promoters and IPO Objectives
The driving force behind TSC India Ltd. includes Mr. Ashish Kumar Mittal, Mrs. Puja Mittal, and Mr. Vinay Gupta. Prior to the IPO, the promoters held a significant stake in the company.
Promoter Shareholding:
- Pre-Issue Promoter Holding: 90.74%
Purpose of the Issue:
The funds raised through this IPO are intended for critical strategic purposes that will fuel the company's future growth:
- Working Capital Requirements: A significant portion of the proceeds will be utilized to meet the company's operational working capital needs, ensuring smooth day-to-day functioning and expansion.
- General Corporate Purposes: Funds will also be allocated for various general corporate activities, including strategic investments, business development initiatives, and meeting unforeseen expenditures.
- Issue Expenses: A part of the proceeds will cover the costs associated with the IPO itself.
Anchor Investors: Building Confidence
The anchor investor portion of the IPO provides an early indication of institutional interest and confidence in the company.
- TSC India IPO successfully raised ₹7.36 crore from anchor investors.
- The anchor bid date was July 22, 2025.
- A total of 10,52,000 shares were offered to anchor investors.
The Landscape Ahead: A Strategic Analysis (SWOT)
To provide a holistic view, let's conduct a strategic analysis of TSC India Limited:
Strengths:
- Established B2B Focus: Strong presence and client base in the corporate and B2B travel segments.
- Operational Efficiency: Demonstrated capability to manage a high volume of bookings (12,000+ monthly).
- Comprehensive Service Portfolio: Offers a wide range of services from booking to analytical reporting and 24/7 support.
- Technological Integration: Utilizes automated accounting solutions and integrates with Global Distribution Systems (GDS).
- Consistent Financial Growth: Healthy revenue and PAT growth trends over recent financial years.
Weaknesses:
- Dependence on Travel Sector: Highly susceptible to economic downturns, pandemics, or geopolitical events affecting travel.
- Competition: Operates in a competitive market with both organized and unorganized players.
- Capital Intensive Growth: Expanding presence and tech upgrades might require significant capital infusion.
- Regulatory Risks: Subject to evolving regulations in the travel and aviation industry.
Opportunities:
- Growing Corporate Travel Market: India's corporate travel sector is expected to rebound and grow significantly.
- Digital Transformation: Further leveraging technology for automation, AI-driven solutions, and personalized services.
- Geographical Expansion: Potential to expand into more tier-2 and tier-3 cities or even international markets.
- Diversification: Exploring related services like MICE (Meetings, Incentives, Conferences, Exhibitions) or niche travel segments.
Threats:
- Economic Slowdown: A prolonged economic downturn could severely impact corporate travel budgets.
- Disruptive Technologies: Emergence of new technologies or business models that bypass traditional travel agencies.
- Airline Direct Sales: Airlines encouraging direct bookings, potentially reducing reliance on intermediaries.
- Intensified Competition: Aggressive pricing strategies from competitors or entry of new large players.
Navigating Your Application: Essential Contacts
For any queries related to the company or the IPO process, here are the key contact details:
TSC India Ltd. Corporate Office:
Office No. 3, 2nd Floor, Midland Financial Centre, Plot No. 21-22, G.T. Road, Jalandhar, Punjab, 144001
Phone: +91-181-4288888
Email: cs@tscpl.biz
IPO Registrar: Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Final Thoughts: Is TSC India IPO for You?
The TSC India IPO presents an opportunity to invest in a growing travel management company with a strong B2B focus and a consistent track record of financial growth. The company's emphasis on comprehensive services, technological integration, and a clear vision for utilizing IPO proceeds for working capital and general corporate purposes paints a promising picture.
However, like any investment, it comes with its inherent risks, particularly those tied to the cyclical nature of the travel industry and competitive pressures. Potential investors are always advised to conduct their own thorough due diligence, assess their risk appetite, and consult with a financial advisor before making any investment decisions. Evaluating the company's Red Herring Prospectus (RHP) for detailed information is also highly recommended.
Understanding the company's core business, scrutinizing its financial health, and being aware of the market dynamics are crucial steps toward making an informed choice about participating in the TSC India IPO.