A Mumbai-based B2B travel technology aggregator plans to raise Rs 34.17 crore via the BSE SME platform.
UHM Vacation Ltd., a B2B travel and tourism technology platform incorporated in 2009, opens for subscription on June 4 with the issue closing on June 8. The company is listing on the BSE SME platform.
What the Company Does
UHM Vacation operates as a B2B travel aggregator, serving travel agents, corporates, and tour operators through a technology platform that provides access to flights, hotels, cruises, transfers, visa services, and holiday packages through a single interface — eliminating the need for intermediaries to juggle multiple supplier portals. The company serves markets in India as well as the Gulf Cooperation Council (GCC) countries including UAE, Saudi Arabia, Qatar, Kuwait, Oman, and Bahrain. Its asset-light, technology-driven model has enabled consistent revenue growth without heavy capital investment.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 4, 2026 |
| Issue Closes | June 8, 2026 |
| Listing | BSE SME (June 11, 2026) |
| Price Band | Rs 157 – Rs 166 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 34.17 crore |
| Fresh Issue | Rs 27.20 crore |
| OFS | Rs 6.97 crore |
| Lot Size | 800 shares (min 2 lots = 1,600 shares) |
| Min. Retail Investment | Rs 2,65,600 |
| BRLM | Sobhagya Capital Options Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Market Maker | Giriraj Stock Broking Pvt. Ltd. |
Financial Performance
| Particulars (Rs cr) | FY23 | FY24 | FY25 | 11M FY26 |
|---|---|---|---|---|
| Revenue | 20.49 | 30.66 | 40.20 | 45.29 |
| PAT | 0.11 | 5.27 | 7.18 | 8.05 |
| PAT Margin | 0.54% | 17.19% | 17.86% | 17.77% |
| EBITDA | 0.18 | 5.88 | 8.26 | — |
| EBITDA Margin | 0.88% | 19.18% | 20.55% | — |
Revenue has grown from Rs 20.49 crore in FY23 to Rs 40.20 crore in FY25 and continues to grow in FY26, alongside healthy EBITDA margins above 20%. The near-zero PAT in FY23 followed by a jump to Rs 5.27 crore in FY24 is dramatic — likely reflecting a post-pandemic recovery in travel volumes. The company is essentially debt-free, which is a genuine balance-sheet positive in a capital-light travel technology business. Total borrowings stood at just Rs 0.53 crore against net worth of Rs 22.98 crore.
Risks to Consider
The tiny post-IPO paid-up equity capital indicates a longer gestation period before the company would qualify for mainboard migration. The travel sector is inherently cyclical and highly sensitive to global events — pandemics, geopolitical disruptions, and currency movements can rapidly compress travel demand and revenues. The sudden jump from near-zero profit in FY23 to over 17% margins in FY24-FY25 is a positive but requires validation across subsequent years. Customer concentration is also a risk in B2B travel platforms.
Analyst View
Analysts note that while the company is operating in a highly competitive and fragmented segment with super margins that could face pressure, the issue appears aggressively priced. The tiny post-IPO paid-up equity base is a further concern. The view is that there is no harm in skipping this pricey offer, say analysts.