TSC India Limited IPO Opens July 23 - Check Gmp & Lot Size

TSC India Limited has initiated its initial public offering (IPO) process. The company, based in Jalandhar, Punjab, is a travel services and software solutions firm that has recently shown significant growth in revenue, with tremendous growth potential available to it in the future. The company provides complete travel services including B2B travel products, and software development through multiple travel technology platforms utilized by travel agents and corporate clients. TSC India Limited operates in the expanding travel technology sector and is poised to take advantage of India's recovering travel and tourism market. 

The price range of the IPO is ₹68-₹70 per equity share and today TSC India GMP is showing reasonable demand for the issues. Given the market and the company's financials, this SME IPO should attract attention from retail and institutional investors seeking out opportunities in the travel technology space.

IPO Dates for TSC India Limited

The TSC India Limited IPO is scheduled to open on July 23, 2025, and close on July 25, 2025. The Board of Allotment (BoA) date is expected to be announced by July 28, 2025, with listing planned for July 30, 2025.

IPO Details Summary

Investors are closely monitoring the GMP of TSC India IPO, though the grey market premium is not yet active as the market awaits the IPO announcement. This IPO is part of the growing SME IPO list on the NSE SME platform.

About TSC India Limited

TSC India Limited is located in Jalandhar, Punjab, and is a travel service provider and software developer in India's burgeoning travel technology industry. They provide integral B2B travel services, travel agency's software development, and technology platforms that provide ability for travel businesses to operate more efficiently.

They are in the travel technology industry and offer services which include booking platforms, travel management systems, and software solutions for travel agents and corporate clients. TSC India may have different types of customers, from small travel agencies to big clients, that are looking for scalable technology solutions and to serve modern travel businesses.

TSC India is looking to raise ₹25.89 crores through this IPO, and the proceeds of the fresh shares will be invested into business expansion, improve their technology, working capital needs, and other corporate purposes. With the recovery of the travel sector in India post pandemic and rising digitization of travel services, TSC India Limited is well-poised to capitalize on the booming travel technology industry in India.

Financial Performance of TSC India Limited

The company has shown strong revenue growth and maintained profitability during the challenging travel industry recovery period.

Performance Analysis

TSC India Limited has exhibited a remarkable growth trajectory in its financials with total assets increasing from ₹26.16 Cr (Mar-23) to ₹61.45 Cr (Mar-25) indicating substantial growth in its business and technology infrastructure. The enterprise has also seen very strong growth in revenues from ₹9.85 Cr (Mar-23) to ₹26.32 Cr (Mar-25) which is growth of 167% over two years suggesting strong market acceptance and successful scaling of its business in the travel technology sector.

The company also achieved sustained profitability throughout the period with profit after tax (PAT) increasing substantially from ₹1.22 Cr (Mar-23) to ₹4.93 Cr (Mar-25) as profit increased by well over 300%. This demonstrates that the company is able to manage its business operations efficiently and is following a scalable business model. EBITDA also demonstrated strong improvement from ₹2.82 Cr (Mar-23) to ₹8.75 Cr (Mar-25) which was more than tripled over the period which indicates the company's strong operational leverage and progressing unit economics.

The company's net worth has increased from ₹4.56 Cr (Mar-23) to ₹15.83 Cr (Mar-25), which is strong growth in retained earnings and capital. While borrowings have increased from ₹13.08 Cr to ₹25.53 Cr, this appears to be considered strategic debt being taken by the company for operational expansion with proportionate growth in revenue and profitability.

IPO Share Reservation

The IPO share allocation follows standard SEBI guidelines for SME listings:

Strengths

• The company had a sizeable increase in revenue, increasing from ₹9.85 Cr to ₹26.32 Cr. This shows that the company was able to establish product market fit and had meaningful demand for its travel tech services.

• The company's profit after tax, PAT, also increased from ₹1.22 Cr to ₹4.93 Cr, which shows that the company was prudent in controlling its expenses and has a scalable business model. 

• EBITDA also improved, from ₹2.82 Cr to ₹8.75 Cr which shows that the company's profitability also improved, along with their operational leverage.

• The company's asset base increased from ₹26.16 Cr to ₹61.45 Cr which shows the ongoing investments into the company's infrastructure and future growth plans.

• Like many other national economies, India has seen a swift recovery from the pandemic, with an increase in travel and tourism demand.

• The company's focus on travel technology and dedicated software solutions will provide a competitive edge in an industry which continues to be digitized. 

• In terms of business-to-business travel solutions, dedicated software platforms as well as their corporate clients, the company's revenue streams are diversified, putting them in a strong position.

Risks

• The travel industry is unnecessarily affected by macroeconomic indicators, pandemic events and geopolitical issues. 

• The presence of some legacy operators and many new startups create substantial competition, hence stressing margins and market share.

• Consistent tech updates and infrastructure investments will consume considerable resources and capital. 

• Government policies and/or industry regulations that will ultimately affect operations or service offerings will create additional risks.

• Lack of diversification from a small number of key clients may present a risk, should any of clients churn.

• They have total borrowings of ₹25.53 Cr making financial discipline possibly paramount to maintain a strong balance sheet.

• The listing as SME platform may expose the stock to lower liquidity and consequently higher price volatility for investors.

How to Apply for TSC India Limited IPO?

Step-by-step guide (when IPO opens):

1. Log in to your broker app (Zerodha, Angel One, Groww, etc.)
2. Navigate to the SME IPO section and select the TSC India Limited IPO
3. Click "Apply"
4. Enter:
   • Lot size (2,000 shares minimum)
   • Bid price (₹68–₹70 or select Cut-Off)
   • Your UPI ID
5. Submit the application
6. Approve the UPI mandate in your UPI app (PhonePe, GPay, etc.)

⏰ Important: The mandate must be approved before 5 PM on the same day or before the IPO closes.

How to Check TSC India Limited IPO Allotment Status?

You can check the TSC India Limited IPO allotment status through NSE SME and the registrar portal once the IPO opens.

Check on NSE SME

• Visit the NSE official website
• Navigate to the SME IPO Allotment Section
• Select TSC India Limited IPO
• Enter PAN number or application number
• Submit details to view the allotment status

Check on the Registrar Portal

• Visit Bigshare Services Pvt Ltd’s IPO portal
• Select IPO allotment status
• Choose TSC India Limited IPO
• Enter PAN or application number
• Submit to check status

Company Address

Name: TSC India Limited
Address: 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
Website: www.tscindialimited.com

IPO Registrar

Name: Bigshare Services Pvt Ltd
Address: 1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis, Makwana Road, Marol, Andheri (East), Mumbai - 400059
Phone: +91 22 6263 8200
Email: ipo@bigshareonline.com
Website: ipo.bigshareonline.com/IPO_Status.html

Conclusion

TSC India Limited presents an exciting opportunity in India's recovering travel technology space. Its financial performance has been impressive, generating revenues that increased from ₹9.85 Cr to ₹26.32 Cr, while achieving a PAT of ₹4.93 Cr, suggesting that the company is scalable and operationally strong. Its focus on B2B travel solutions as well as on digital platforms—the shift to digital has been a large part of travel tech—suggests it could be a beneficiary of this ongoing digitization of the sector.

The price band of ₹68–₹70 pushes the company towards the lower end of the valuation continuum for a growth stage tech company, while the issue size of ₹25.89 Cr does suggest a reasonable valuation for an SME entering the stock market. There are risks to investors to consider such as sector reliance, competition, and SME sector exposure. This IPO is more suited for investors who are seeking an investment in high growth travel tech operations, but you are advised to appropriately carry out due diligence.

Disclaimer : This analysis is for educational purposes and not financial advice. Please consult a financial advisor before making investment decisions.

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