TSC India Ltd IPOTSC

The IPO opens on 23 Jul 2025 & closes on 25 Jul 2025.

TSC India Limited was originally incorporated as TSC Travel Services Private Limited' on July 18, 2003 with the Registrar of Companies, Punjab, H.P. & Chandigarh. Further, Company was converted into a Public Limited Company and the name was changed to 'TSC Travel Services Limited'' vide fresh Certificate of Incorporation dated August 01, 2024 issued by the Registrar of Companies, Central Processing Centre. Subsequently, Company changed its name to 'TSC India Limited' dated September 2, 2024. TSC India Limited (TSC) is a travel management company focused on serving the B2B and corporate sectors. The Company specializes in providing comprehensive air ticketing services to the business clients. It also works in close collaboration with airlines and travel agents to deliver cost-effective and streamlined travel solutions. TSC's operations encompass partnerships with a range of travel service providers, enabling it to manage various aspects of travel planning, including booking air tickets, and organizing corporate travel itineraries. The Company operates in multiple cities across India, including Jalandhar, Chandigarh, Lucknow, Ahmedabad, Jaipur, New Delhi, and Pune, reflecting its growing geographical presence. The Company operates from seven locations across India and has achieved a consistent 100% booking accuracy. TSC handles an average booking volume of over 400 per day, 3,000 per week, and 13,000 per month, reflecting its operational efficiency. Apart from these, it provides access to a wide network of domestic and international flights, offering competitive fares and flexible booking options. Its services are made on efficiency, cost effectiveness, and adherence to ethical business practices. Over the years, the Company has built a diverse client base, which includes travel agencies, corporate entities, and tour operators. Company raised Rs 25.88 Crore by way of initial public offering issuing 36,98,000 equity shares of Rs 10 each through fresh issue in July, 2025.

TSC India Ltd IPO will close on 25 Jul 2025.

<ul><li>Experienced Promoters having deep domain knowledge to scale up the business.</li><li>Strong relationship with suppliers and diversified clientele with over 2996 registered customers till March 31, 2025.</li><li>Management team having established track records.</li><li>Established track record of successfully selling over 3,30,000 tickets over three financial years.</li><li>Efficient business model with track record of delivering financial growth.</li><li>Customer centric approach with dedicated staff providing professional and friendly services.</li><li>Partnership with Global Distribution Systems (GDS) for access to wide array of travel services.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Ashish Kumar Mittal</td> <td>4593000</td> <td>44.38</td> <td>4593000</td> <td>32.7</td> </tr> <tr> <td>2</td> <td>Puja Mittal</td> <td>1625000</td> <td>15.7</td> <td>1625000</td> <td>11.57</td> </tr> <tr> <td>3</td> <td>Vinay Gupta</td> <td>2791250</td> <td>26.97</td> <td>2791250</td> <td>19.87</td> </tr> <tr> <td>4</td> <td>Krishan Kumar Mittal</td> <td>75000</td> <td>0.72</td> <td>75000</td> <td>0.53</td> </tr> <tr> <td>5</td> <td>Rishi Kumar Mittal</td> <td>100000</td> <td>0.97</td> <td>100000</td> <td>0.71</td> </tr> <tr> <td>6</td> <td>Nisha Agarwala</td> <td>207000</td> <td>2</td> <td>207000</td> <td>1.47</td> </tr> </tbody> </table>

<ul><li>The Company operations requires significant amount of working capital for a continuing growth. Its inability to meet its working capital requirements may adversely affect the company results of operations.</li><li>Its business is significantly dependent on the global travel and tourism industry, and adverse developments in this industry could materially affect the company operations, financial performance, and growth prospects.</li><li>Its offices, including the company Registered Office and Branch Offices, are located on leased premises, and any disruption in these lease arrangements could adversely affect its business, operations, and financial performance.</li><li>Its business relies on a limited number of suppliers, and any adverse changes in these relationships or the company inability to establish new ones could negatively impact its operations and financial performance.</li><li>Its suppliers may modify the terms of the company arrangements, including reducing or eliminating commissions, incentives, or other compensation payable to it, which could adversely affect the company business, financial condition, and results of operations.</li><li>If the company experience a cyber security breach or other security incident or unauthorized parties otherwise obtain access to its Suppliers, Buyers or end travelers' data or our data, our platform and products may be perceived as not being secure, the company reputation may be harmed, demand for its platform and products may reduce and the company may incur significant liabilities.</li><li>Certain unsecured loans availed by its may be recalled by lenders, which could adversely affect the company financial condition and cash flows.</li><li>The company relies on third-party web-hosting providers, and any disruption, technical issues, or failures on their part could adversely affect its platform's performance, user experience, and business operations.</li><li>The Company has delayed in complying with certain statutory provisions under various laws. Such delayed compliance /lapses may attract certain penalties.</li><li>Pending adjudication of penalty for delay in filing Form CFS AOC-4 may adversely affect its financial condition and reputation.</li><li>Its may incur costs, including those not within the company control, which its may not be able to pass on to the company Buyers.</li><li>The company work with third parties to provide many of the services offered on its platform. Actions of these parties are outside its control and could adversely affect its business, results of operations and financial condition.</li><li>The Company was incorporated in 2003 and the company is unable to trace some of its historical records. Its cannot assure you that no legal proceedings or regulatory actions will be initiated against the Company in the future in relation to the missing filings and corporate records, which may impact its financial condition and reputation.</li><li>The company is dependent on its Individual Promoters, the Key Managerial Personnel and the Senior Management Personnel and the loss of, or the company inability to hire, retain, train, and motivate qualified personnel could adversely affect its business, results of operations and financial condition.</li><li>Failures to obtain or renew approvals, licenses, registrations and permits to operate its business in a timely manner, or at all, may adversely affect the company business, financial condition, cash flows and results of operations.</li><li>If the company is unable to provide an attractive and user-friendly travel platform to its buyers, it could adversely affect its business, financial condition, and results of operations.</li><li>Its brand image is integral to the company success and if the company is unable to effectively maintain, promote and enhance its brand, and conduct the company sales and marketing activities effectively, its business and reputation may be adversely affected.</li><li>Its contingent liabilities as stated in the company Restated Consolidated Financial Statements could adversely affect its financial condition.</li><li>Dependence on Credit Card Companies and Consumer Financing Options May Adversely Impact its Business</li><li>The company operates in a highly competitive industry and its inability to compete effectively may adversely affect its business and results of operations.</li><li>Inability to maintain adequate internal controls may affect its ability to effectively manage the company operations, resulting in errors or information lapses.</li><li>The company is subject to risks associated with expansion into new geographic regions, which could adversely affect its business, results of operations, and financial condition.</li><li>Acquisition of its subsidiary through a share transfer may be subject to regulatory scrutiny and operational risks.</li><li>Delays in receiving payments or making timely payments may adversely affect its business, financial condition, and results of operations.</li><li>An inability to maintain adequate insurance coverage may adversely affect its operations, financial condition, and profitability.</li><li>The company is exposed to proceedings or claims arising from travel-related accidents or customer misconduct during travels, the occurrence of which may be beyond the company control.</li><li>Restriction on its Merchant Banker/ Book Running Lead Manager from undertaking new assignments may create a perception risk and could impact investor confidence.</li><li>Demand for travel, and consequently, traffic on its platform, is subject to seasonal fluctuations.</li><li>Its ability to pay dividends in the future will depends on the company earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of its financing arrangements.</li><li>There is no monitoring agency appointed by the Company and the deployments of funds are at the discretion of its Management and the company Board of Directors, though it shall be monitored by the Audit Committee.</li><li>Any infringement of third-party intellectual property rights or failures to protect its intellectual property rights may adversely affect the company business.</li><li>Certain Agreements, deeds or licenses, statutory approvals and certificates may be in the previous name of the company, the company has to update the name of the company in all the statutory approvals and certificates due to the conversion of the Company.</li><li>There are certain outstanding legal proceedings pending against the Company and Directors. Any adverse outcome in any of these proceedings may adversely affect its profitability and reputation and may have an adverse effect on the company results of operations and financial condition.</li><li>Its Promoters, together with the company Promoter Group, will continue to retain majority shareholding in the Company after the Issue, which will allow them to exercise significant control over it. The company cannot assure you that its Promoters and Promoter Group will always act in the best interests of the Company or you.</li><li>The company is subject to various laws and regulations and are required to comply with multiple regulatory requirements in jurisdictions where the company operates, which may increase compliance costs and adversely affect its financial condition.</li><li>The company have in the past entered into related party transactions and may continue to do so in the future, which may potentially have an adverse effect on its business.</li><li>Certain sections of this Red Herring Prospectus contain information from the D&B Report which has been prepared exclusively for the Offer and exclusively commissioned and paid for by its. There can be no assurance that such report is complete, and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.</li><li>Market price of its share will be decide by market forces and issue price of equity share may not be indicative of the market price the company share price after the issue.</li></ul>

The Issue type of TSC India Ltd is Book Building - SME.

The minimum application for shares of TSC India Ltd is 4000.

The total shares issue of TSC India Ltd is 3698000.

Initial public offer of upto 36,98,000 equity shares of face value of Rs. 10/- each (The "Equity Shares") of TSC India Limited ("The Company" or "The Issuer") at an issue price of Rs. 70 per equity share (Including share Premium of Rs.60 per Equity Share) for cash, aggregating up to Rs. 25.89 crores ("The Issue") out of which upto 1,86,000 equity shares of face value of Rs. 10 each, at an issue price of Rs. 70 per equity share for cash, aggregating Rs. 1.32 crores will be reserved for subscription by the market maker to the issue (The "Market Maker Reservation Portion"). The issue less market maker reservation portion i.e. issue of upto 35,12,000 equity shares of face value of Rs. 10 each, at an issue price of Rs. 70 per equity share for cash, aggregating upto Rs. 24.58 crores is herein after referred to as the "Net Issue". The issue and net issue will constitute 26.32 % and 25 % respectively of the post-issue paid-up equity share capital of the company.