UHM Vacation SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 11 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹166 | ₹0 |
| 10 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹166 | ₹0 |
| 09 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹166 | ₹0 |
| 08 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹166 | ₹0 |
| 07 Jun 2026 | ₹34 | +20.48% | ₹20,700 | ₹200 | ₹27,200 |
| 06 Jun 2026 | ₹34 | +20.48% | ₹20,700 | ₹200 | ₹27,200 |
| 05 Jun 2026 | ₹34 | +20.48% | ₹20,700 | ₹200 | ₹27,200 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 04 Jun 2026 – 08 Jun 2026
- Listing date
- 11 Jun 2026
- Face value
- ₹10 per share
- Price band
- ₹157 – ₹166
- Issue price
- ₹166 per share
- Lot size
- 800 shares
- Issue type
- Book Building issue
- Total issue size
- ₹36 Cr
- Market cap at offer price
- ₹110 Cr
- Promoter holding
- 97.35% → 65.40% pre-issue → post-issue
- ISIN
- INE0YZ901011
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Sobhagya Capital Options Pvt.Ltd.
- Registered office
- C 715, Dattani Plaza, Near E W Ind Est, Safed Pool, Saki Naka, Andheri (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 1,10,400 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹166
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,32,800 |
| S-HNI (min) | 2 | 1,600 | ₹2,65,600 |
| S-HNI (max) | 7 | 5,600 | ₹9,29,600 |
| B-HNI (min) | 8 | 6,400 | ₹10,62,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹166 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 14.67 | 10.81 |
| P/E (×) | 11.32 | 15.36 |
| Price to book (×) | 3.85 | — |
| Market cap | — | ₹110 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 41.42%
- ROCE
- 46.01%
- Debt / equity
- 0.02
- PAT margin
- 17.89%
- EBITDA margin
- 20.56%
- NAV per share
- ₹43.08
- Price to book
- 3.85
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About UHM Vacation SME
UHM Vacation Limited, incorporated on March 17, 2009 as a private limited company and converted to public on July 31, 2024, operates an aggregation-based travel and tourism distribution platform. The company acts as an intermediary between service providers (airlines, hotels, transport operators, travel partners) and travel agents/corporates, enabling them to access travel services without owning the underlying assets. The company generates revenue primarily from accommodation and related travel ancillary services (95.26% of revenue as of February 28, 2026) and airline services (4.74%). It operates through a subsidiary, Arabian Wonder FZC LLC, which handles bookings in the Gulf Cooperation Council region. The company has expanded its agent base from 250 monthly transacting agents in Fiscal 2023 to 350 as of February 28, 2026, and increased its supplier base from 100 in Fiscal 2023 to 250 as of February 28, 2026. Revenue has grown from ₹2,043.98 lakhs in Fiscal 2023 to ₹4,523.20 lakhs for the period ended February 28, 2026.
Company Analysis
from RHPUHM Vacation Limited is a travel and tourism services aggregation platform that facilitates accommodation, airline, and related travel services for agents and corporates across domestic and international markets, primarily in the Gulf Cooperation Council region.
UHM Vacation Limited, incorporated on March 17, 2009 as a private limited company and converted to public on July 31, 2024, operates an aggregation-based travel and tourism distribution platform. The company acts as an intermediary between service providers (airlines, hotels, transport operators, travel partners) and travel agents/corporates, enabling them to access travel services without owning the underlying assets. The company generates revenue primarily from accommodation and related travel ancillary services (95.26% of revenue as of February 28, 2026) and airline services (4.74%). It operates through a subsidiary, Arabian Wonder FZC LLC, which handles bookings in the Gulf Cooperation Council region. The company has expanded its agent base from 250 monthly transacting agents in Fiscal 2023 to 350 as of February 28, 2026, and increased its supplier base from 100 in Fiscal 2023 to 250 as of February 28, 2026. Revenue has grown from ₹2,043.98 lakhs in Fiscal 2023 to ₹4,523.20 lakhs for the period ended February 28, 2026.
Objects of the Issue
- Funding for Capital Expenditure for B2B travel portal enhancement and integrations covering Mid Office, GDS, API, App, and Other Core Modules p.101
- Capital Expenditure for setting up Customer Support Office ₹353.05 Lakhs p.36
- Capital Expenditure towards Purchase of Vehicles for Business Purpose p.101
- Funding for Marketing and Promotional Activities p.40
- Working Capital Requirements p.40
- To Meet the Capital expenditure for B2B travel portal enhancement and integrations covering Mid Office, GDS, API, App, and other core modules ₹490.60 lakhs p.110
- Capital Expenditure for setting up Customer Support Office ₹353.05 lakhs p.113
- Funding for Marketing and Promotional Activities ₹490.19 lakhs p.109
- To Meet Working Capital Requirements ₹642.00 lakhs p.109
- General Corporate Purposes Not exceeding 15% of Gross Proceeds or ₹1,000 lakhs, whichever is lower p.109
- Customer Support Office Establishment - to establish a dedicated customer support office at Office No. 615, B & C Wing, 6th Floor, Dattani Plaza, A.K. Road, East West Industrial Estate, Near Safed Pool, Kurla West, Mumbai, to provide centralized support for agents, partners, and customers with 24x7 multi-lingual support, specialized B2B support teams, CRM integration, and workforce management. ₹353.05 lakhs p.114
- Capital Expenditure towards Purchase of Vehicles for business purpose - to purchase company-owned vehicles including Carnival and Crysta models to establish a company-owned fleet for airport transfers, tour packages, corporate travel, and allied travel services, reducing dependency on third-party vendors and improving margins. ₹203.28 lakhs p.118
- Funding for marketing and promotional activities - to enhance the Company's visibility and support sales growth through participation in travel and tourism exhibitions including BLTM, TTF, OTM and SATTE to network with industry leaders, build new partnerships, and explore untapped markets. ₹490.16 lakhs p.119
- Funding for Working Capital Requirements - to provide necessary liquidity to manage day-to-day operations, fund pre-booking and ticketing business, enhance operating efficiency, ensure timely fulfillment of customer satisfaction by arranging tickets and accommodation services, and support strategic goal of becoming an agent and customer preferred tour and travel aggregator. ₹642.00 lakhs p.121
- General corporate purposes - deployment of balance proceeds towards business development initiatives, meeting expenses including salaries, rent, administration costs, insurance premiums, repairs and maintenance, payment of taxes and duties, and similar other expenses incurred in the ordinary course of business, subject to not exceeding 15% of gross proceeds or ₹1,000.00 lakhs, whichever is lower. p.125
- Funding capex for purchase of vehicles to establish a company-owned fleet p.179
- General corporate purposes p.101
- Funding capex for the new customer support office p.283
- Long-term working capital p.290
Issue Structure
- Total Issue
- Up to 21,69,600 Equity Shares of face value of ₹10 each aggregating up to ₹[●] Lakhs
- Fresh Issue
- Up to 17,49,600 Equity Shares of face value of ₹10 each aggregating up to ₹[●] Lakhs
- Offer for Sale
- Up to 4,20,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] Lakhs by Izhar Ahmad
- Price Band
- [●] per Equity Share (Floor Price ₹[●], Cap Price ₹[●])
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
Asset-light aggregation-based model where the company acts as an intermediary between travel service providers (airlines, hotels, transport operators) and travel agents/corporate customers. The company earns revenue through service charges and commissions from facilitating bookings and transactions on its travel distribution platform without owning the underlying travel assets. The company is transitioning to selectively complement this model with asset ownership and inventory-backed approaches, including vehicle ownership and pre-purchased airline seat and accommodation inventory.
Business Segments
SWOT Analysis
- • Established B2B travel distribution platform with multi-integration model(p.110)
- • No material internal control failures or compliance breaches in recent years(p.55)
- • No prior instances of platform disruption or service outages(p.56)
- • No credit defaults from agent customers to date(p.57)
- • Growing revenue and profitability track record(p.71)
- • Low attrition rate in recent period(p.56)
- • Comprehensive multi-service travel platform with diverse service offerings(p.161)
- • User-friendly, technology-driven platform enabling real-time availability and instant confirmations(p.161)
- • Scalable business model with efficient cost management and operational flexibility(p.167)
- • Strong market presence in high-growth GCC region representing 77.83% of revenue(p.166)
- • Experienced management team with deep travel industry expertise(p.167)
- • High profitability with strong EBITDA margins of 20.32% and PAT margin of 17.80%(p.133)
- • Dual revenue model combining markups and sales-driven incentive earnings(p.176)
- • High customer concentration risk(p.32)
- • Significant dependency on Gulf Countries market(p.34)
- • Major agent dependency(p.35)
- • Insufficient working capital management(p.36)
- • Delayed statutory filings and compliance issues(p.49)
- • Delayed tax and employee benefit filings(p.44)
- • Current platform operates on single shared server with limited capacity(p.110)
- • Heavy reliance on manual processes in booking, accounting and reconciliation(p.110)
- • Lack of formal dedicated customer support infrastructure(p.113)
- • No business insurance coverage for technology infrastructure losses(p.56)
- • Dependence on third-party web-hosting providers(p.56)
- • No alternate financing arrangements identified for capital requirements(p.57)
- • Promoter selling shareholder retains controlling stake post-IPO(p.58)
- • Heavy concentration with top 10 agents representing 21.77% of total revenue(p.165)
- • Significant reliance on top 10 suppliers accounting for 12.66% of total purchases(p.165)
- • Absence of formal customer support infrastructure currently in place(p.168)
- • Minimal domestic revenue at 22.17%, with over-reliance on international markets(p.163)
- • Negative working capital in FY2023 and historically volatile working capital management(p.121)
- • Significant customer concentration with Dubai accounting for 77.26% of revenue(p.163)
- • Expansion of GDS and airline integrations to capture broader market(p.110)
- • Enhanced platform scalability through dual-server architecture upgrade(p.110)
- • Introduction of new travel service verticals (ancillary services)(p.112)
- • Automation of internal operations through mid-office system implementation(p.112)
- • Market expansion through geographic reach and customer support infrastructure(p.113)
- • Growth in B2B travel market segment with multiple integration models(p.110)
- • India's tourism sector projected to grow at 6.1% CAGR till 2033 with rising middle-class incomes(p.152)
- • Significant outbound travel growth with Indian departures reaching 30.23 million in 2024(p.152)
- • GCC region dominance in Indian outbound travel with UAE and Saudi Arabia representing 36.12% of traffic(p.167)
- • Expanding B2B travel aggregator market with growing demand from travel agencies and corporate clients(p.157)
- • Planned investment in customer support infrastructure to enhance service quality and client retention(p.168)
- • Strategic shift to asset-backed model with inventory investments in airline seats and hotels(p.169)
- • Growing corporate travel and MICE segment representing 10.49% of inbound and 14.91% of outbound travel(p.155)
- • Dependency on travel and tourism industry cyclicality(p.32)
- • Economic cycles and seasonality impact(p.48)
- • Online payment fraud and system risks(p.37)
- • Supplier concentration and platform dependency(p.38)
- • External cost pressures from third-party services(p.48)
- • Intense competition from fragmented travel industry with thin-margin operators(p.57)
- • Seasonal fluctuations in travel demand affecting platform traffic and revenue(p.62)
- • Dependence on payment method compliance and cybersecurity risks(p.56)
- • Potential credit losses from agent payment defaults(p.57)
- • Regulatory and compliance risks from government approvals and licenses(p.57)
- • Macroeconomic headwinds in India affecting travel demand(p.61)
- • Inflation pressures limiting ability to pass costs to customers(p.62)
- • Global economic instability impacting Indian financial markets and economy(p.61)
- • Global economic slowdown with global GDP projected to decelerate to 2.8% in CY 2025(p.142)
- • Escalating geopolitical tensions and trade fragmentation impacting global travel(p.142)
- • China's economic deceleration to 4.0% with persistent real estate sector challenges(p.142)
- • Intense competition from global OTAs and B2B travel aggregators with established market presence(p.157)
- • Regulatory risks and visa policy changes affecting international travel accessibility(p.175)
- • Dependency on third-party service providers for airline, hotel and ancillary services(p.161)
- • Risk of visa policy changes and travel restrictions impacting outbound tourism from India(p.175)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Izhar Ahmad | Promoter/Promoter Selling Shareholder | — | — |
| Rubeena Khatoon I Ahmed | Promoter | — | — |
| Izhar Ahmad | Promoter/Chairman and Managing Director | 87.53% | — |
| Rubeena Khatoon I Ahmed | Promoter/Executive Director | 9.69% | — |
| Izhar Ahmad | Promoter and Managing Director | — | — |
| Rubeena Khatoon I Ahmed | Promoter and Executive Director | — | — |
| Izhar Ahmad | Promoter | 87.53% | — |
| Rubeena Khatoon I Ahmed | Promoter | 9.69% | — |
| Izhar Ahmad | Promoter | 42,85,493 shares (9.19% of pre-Offer paid-up capital) | — |
| Izhar Ahmad | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.