IPO Overview
Incorporated in 2009, UHM Vacation Limited is a B2B travel and tourism aggregator offering a wide range of travel services through a single technology-driven platform. The company sources travel products and services including airline tickets, hotel accommodations, cruises, car rentals, visa assistance, transfers, tours, and holiday packages through direct integrations and third-party aggregators. The company enables travel agencies, corporate travel managers, and independent travel agents to search, compare, and book travel services efficiently through a unified interface. UHM Vacation has established its presence across India and Gulf Cooperation Council (GCC) countries through a network of registered agents.
The company is now launching its SME IPO on the BSE SME platform. The issue comprises a fresh issue of 17.49 lakh equity shares aggregating to ₹29.04 crore and an Offer For Sale of 4.20 lakh equity shares aggregating to ₹6.97 crore, making the total issue size ₹36.02 crore. The IPO is priced at ₹157–₹166 per share, opens on 4 June 2026, and is expected to list on BSE SME on 11 June 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 04 June 2026 |
| IPO Close Date | 08 June 2026 |
| Allotment Date | 09 June 2026 (Expected) |
| Credit to Demat | 10 June 2026 |
| Listing Date | 11 June 2026 (Tentative) |
| Price Band | ₹157 – ₹166 per share |
| Face Value | ₹10 per share |
| Lot Size | 800 shares |
| Minimum Investment (Retail) | ₹2,65,600 (2 lots = 1,600 shares) |
| Issue Size | ₹36.02 crore |
| Fresh Issue | 17,49,600 shares (₹29.04 crore) |
| Offer For Sale (OFS) | 4,20,000 shares (₹6.97 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~0.2% |
| Non-Institutional Investors (NII/HNI) | ~49% |
| Retail Individual Investors (RII) | ~49% |
| Market Maker | 1,10,400 shares (Reserved) |
OFS / Selling Shareholders
The IPO includes an Offer For Sale component of 4.20 lakh equity shares aggregating to ₹6.97 crore. The selling shareholders are the promoters of the company. The fresh issue proceeds of ₹29.04 crore will flow directly into the company for business purposes.
Objects of the Issue (Fund Utilization)
The company proposes to utilize the net proceeds from the fresh issue towards the following objects: capital expenditure — ₹10.47 crore; marketing and promotional activities — ₹4.90 crore; working capital requirements — ₹6.42 crore; and the remainder for general corporate purposes.
- Capital expenditure — ₹10.47 crore
- Marketing and promotional activities — ₹4.90 crore
- Working capital requirements — ₹6.42 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Hem Securities Ltd.
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
- Market Maker: Hem Finlease Pvt. Ltd.
Promoters & Management
The promoters of the company are Mr. Izhar Ahmad and Mrs. Rubeena Khatoon I. Ahmed. The average cost of acquisition of shares by the promoters is ₹0.00, ₹0.04, and ₹18.34 per share respectively — indicating very low promoter entry cost relative to the IPO price.
Company Details
UHM Vacation operates as a B2B travel and tourism aggregator, offering a comprehensive digital platform that connects travel service providers with travel agents, corporate travel managers, and tour operators. The platform aggregates services from airlines, hotels, cruise operators, car rental companies, and visa facilitators, enabling agents to search, compare, and book multiple travel services through a single integrated interface. The business follows an asset-light aggregation model, where services are sourced through API/XML integrations, Global Distribution Systems (GDS), and direct supplier connections, enabling real-time access to pricing, inventory, and availability across travel products.
Sectors / Markets Served:
- Domestic & International Travel Agencies
- Corporate Travel Managers
- Independent Travel Agents
- GCC (Gulf Cooperation Council) Countries
Key Services Offered:
- Airline Tickets (Domestic & International)
- Hotel Accommodations
- Holiday Packages & Tours
- Cruise Bookings
- Car Rentals & Transfers
- Visa Assistance
Key Capabilities:
- Comprehensive service offering, convenient and user-friendly platform, international market access, and a scalable business model.
- Asset-light model with API/XML and GDS integrations for real-time inventory access
Team & Infrastructure:
- As of March 31, 2026, the company had 362 employees on its payroll and an additional 223 contract employees across various departments.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY23 | ₹20.49 | ₹0.11 |
| FY24 | ₹30.66 | ₹5.27 |
| FY25 | ₹40.20 | ₹7.18 |
Key Financial Metrics
- Revenue grew from ₹20.49 crore in FY23 to ₹40.20 crore in FY25 — nearly doubling in two years. PAT surged from ₹0.11 crore in FY23 to ₹7.18 crore in FY25, reflecting a dramatic improvement in profitability and operational efficiency.
- Revenue growth: ~31% YoY (FY24 to FY25)
- PAT growth: ~36% YoY (FY24 to FY25)
- The balance sheet remains a key strength — the company maintains a debt-light structure.
- Post-IPO, the company’s paid-up equity capital will increase from ₹17.07 crore to ₹23.33 crore.
Company Strengths
- Consistent revenue and profitability growth while maintaining a debt-light balance sheet — with an integrated platform, diversified service offerings, and GCC presence providing additional growth opportunities.
- Asset-light B2B aggregation model — low capital requirement, high scalability
- Strong PAT growth from near zero (₹0.11 Cr in FY23) to ₹7.18 Cr in FY25 — indicating rapid operational maturity
- IPO is opening just as India’s outbound travel market is hitting all-time highs and the B2B travel technology segment is becoming one of the more attractive investment opportunities.
- Presence in both India and GCC markets — adds geographic diversification
- Technology-driven platform with real-time access to multi-supplier inventory via API/GDS integrations
Key Risks & Challenges
- The company derives a significant portion of revenue from its top customers — loss of one or more such customers, deterioration of their financial condition, or reduction in their demand could adversely affect business, results of operations, and cash flows.
- Travel & tourism sector is highly sensitive to geopolitical events, pandemics, and macroeconomic conditions
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform
- Very low promoter acquisition cost (as low as ₹0.00 per share) compared to the IPO price of ₹166 — indicating significant valuation uplift for promoters at the cost of public investors.
- Intense competition from established players like MakeMyTrip, Yatra, and other B2B travel aggregators
- Heavy dependence on third-party suppliers (airlines, hotels, GDS systems) — limited control over pricing and inventory availability
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
