UHM Vacation IPO – Company Analysis
UHM Vacation IPO is an SME IPO and a book-built issue worth ₹36.02 crore by UHM Vacation Limited. The company operates as a B2B travel and tourism aggregator, offering a wide range of travel services through a unified technology-driven platform. UHM Vacation sources travel solutions from multiple service providers through direct integrations and third-party aggregators, including airline ticket bookings, hotel reservations, cruises, car rentals, visa assistance, airport transfers, sightseeing tours, and holiday packages.
The company's platform enables travel agencies, corporate travel managers, and independent travel agents to efficiently search, compare, and book travel services from a single interface. Its proprietary technology platform seamlessly connects travel service providers ("Suppliers") with travel buyers ("Agents"), creating an integrated travel marketplace that simplifies the booking process and enhances operational efficiency.
UHM Vacation IPO Details
The UHM Vacation IPO will open for subscription on 04 June 2026 and close on 08 June 2026. The IPO allotment is expected to be finalized on 09 June 2026, while refunds and share transfers to Demat accounts are scheduled for 10 June 2026.
The ₹36.02 crore SME IPO consists of a fresh issue of approximately 0.17 crore equity shares aggregating to ₹29.04 crore and an offer for sale (OFS) of approximately 0.04 crore equity shares worth ₹6.97 crore.
The expected UHM Vacation IPO listing date is 11 June 2026, and the shares are proposed to be listed on the BSE SME platform.
The UHM Vacation IPO price band has been fixed at ₹157 to ₹166 per equity share.
IPO Timetable (Tentative)
Events | Date |
IPO Opening Date | Jun 04, 2026 |
IPO Closing Date | Jun 08, 2026 |
IPO Allotment Date | Jun 09, 2026 |
Refund Initiation | Jun 10, 2026 |
IPO Listing Date | Jun 11, 2026 |
Click to open free demat account and apply for the IPO.
Company Financials
(Amount in Cr)
Particulars | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
Assets | 39.06 | 19.34 | 3.60 |
Total Income | 40.20 | 30.66 | 20.49 |
Profit After Tax | 7.18 | 5.27 | 0.11 |
EBITDA | 8.26 | 5.87 | 0.18 |
Net Worth | 20.96 | 13.72 | 0.98 |
Reserves and Surplus | 19.86 | 12.62 | 0.87 |
Total Borrowing | 0.48 | 0.38 | — |
Cash Flows
(Amount in lac)
Net Cash Flow | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
Net Cash Flow Operating Activities | (30.58) | (149.24) | 49.20 |
Net Cash Flow Investing Activities | (27.69) | (1.85) | (78.21) |
Net Cash Flow Financing Activities | 62.23 | 80.46 | 7.13 |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
Objectives of the Issue
UHM Vacation Limited intends to utilize the net proceeds from the IPO for the following purposes:
Capital expenditure requirements – approximately ₹10.47 crore.
Marketing and promotional activities – approximately ₹4.90 crore.
Working capital requirements – approximately ₹6.42 crore.
General corporate purposes.
The company plans to strengthen its business operations, enhance brand visibility, support future growth initiatives, and meet its day-to-day operational funding requirements through the proceeds raised from the IPO.
Listed Peers of UHM Vacation Ltd.
Name of Company | Face Value (Rs. ) | Basic EPS (₹) | PE Ratio (x) |
LGT Business Connextions Limited | 10 | 7.44 | 7.13 |
Helloji Holidays Limited | 10 | 8.60 | 14.53 |
International Travel House Limited | 10 | 33.96 | 9.86 |
Valuation
KPI | Value (Mar 31, 2025) |
ROE | 41.42% |
ROCE | 46.01% |
Debt to Equity | 0.02 |
RoNW | 41.42% |
PAT Margin | 17.89% |
EBITDA Margin | 20.56% |
Price to Book Value | 3.85 |
Evaluation of P/E Ratio
Based on the financial performance for FY 2025, UHM Vacation Limited reported an Earnings Per Share (EPS) of ₹14.67. At the upper price band of ₹166 per share, the IPO is valued at a Price-to-Earnings (P/E) ratio of 11.31x.
A lower P/E ratio compared to many listed peers may indicate reasonable valuation; however, investors should evaluate the company's growth prospects, profitability, business model, and industry outlook before making an investment decision.
IPO Strengths
Comprehensive Service Offering
UHM Vacation provides a wide range of travel-related services, including flight bookings, hotel reservations, cruises, visa assistance, transfers, tours, and holiday packages through a single platform.
Convenient and User-Friendly Platform
The company's technology-driven platform enables travel agents and corporate clients to search, compare, and book travel services efficiently through a unified interface.
International Market Access
UHM Vacation has established a presence in international markets, particularly in the GCC region, providing access to a broader customer base and revenue opportunities.
Scalable Business Model
The asset-light and technology-enabled business model allows the company to expand its operations and customer network with relatively lower incremental costs.
IPO Weaknesses
Travel Industry Dependence
The company's revenue is closely linked to the performance of the travel and tourism sector, making it vulnerable to economic slowdowns, travel restrictions, and unforeseen disruptions.
Dependence on GCC Markets
A significant portion of the company's business is derived from GCC countries. Any adverse economic, regulatory, or geopolitical developments in these markets could impact business performance.
Working Capital Risk
The business requires continuous working capital support to manage operations and maintain relationships with suppliers and customers, which may affect liquidity during periods of business volatility.
UHM Vacation IPO GMP (Grey Market Premium)
UHM Vacation IPO GMP today is Rs. 34 as of 08 June 2026, while writing this information.
UHM Vacation IPO Summary
IPO Opening & Closing Date | 04 Jun, 2026 to 08 Jun, 2026 |
Face Value | Rs. 10 per Share |
Issue Price | Rs. 157 to Rs. 166 per Share. |
Lot Size | 800 Shares |
Issue Size | 21,69,600 Shares (Rs. 36 Cr) |
Offer for Sale | 4,20,000 Shares (Rs. 7 Cr) |
Fresh Issue | 16,39,200 Shares (Rs. 27 Cr) |
Listing at | BSE, SME |
Issue Type | Book build Issue |
Registrar | MUFG Intime India Pvt. Ltd. |
UHM Vacation IPO Lot Size Details
The minimum application size for retail investors is 1 lot comprising 800 equity shares. At the upper price band of ₹166 per share, the minimum investment amount is ₹1,32,800.
Retail investors can apply for a maximum of 2 lots (1,600 shares), requiring an investment of ₹2,65,600.
For HNI/NII investors, the minimum application size is 3 lots (2,400 shares), which translates to an investment of ₹3,98,400 at the upper price band.
Investors can apply in multiples of the prescribed lot size, subject to the applicable category limits and exchange regulations.
Minimum Lot Investment (Retail) | 2 Lots |
Maximum Lot Investment (Retail) | 2 Lots |
HNI (Min) | 3 Lots |
UHM Vacation IPO Allotment Status
Investors can check the UHM Vacation IPO allotment status through the official website of the registrar to the issue or on the BSE website once the allotment process is completed.
Check Allotment Status Through BSE
You can verify your UHM Vacation IPO allotment status by visiting the BSE IPO allotment status page and entering the required details such as your application number, PAN number, or Demat account information.
Promoters and Management of UHM Vacation Limited
The company is promoted by the following individuals:
Izhar Ahmad
Rubeena Khatoon
I. Ahmed
The promoters have played a key role in establishing and expanding the company's travel and tourism business through its technology-driven B2B platform.
Pre-Issue Promoter Shareholding | 97.35% |
Post-Issue Promoter Shareholding | 65.40% |
IPO Lead Manager
The lead manager to the UHM Vacation IPO is Sobhagya Capital Options Private Limited, which is responsible for managing and coordinating the public issue process, including regulatory compliance, marketing, and investor communication.
Dividend Policy
UHM Vacation Limited has not declared or paid any dividend during the last three financial years. The company has primarily retained its earnings to support business growth, operational expansion, and working capital requirements.
Conclusion
UHM Vacation Limited has delivered strong financial performance with consistent revenue growth, improving profitability, healthy operating margins, and a low debt-to-equity ratio. These factors indicate a fundamentally sound business model supported by its technology-driven B2B travel platform.
From a valuation perspective, the IPO appears reasonably priced with a P/E ratio of 11.31x based on FY 2025 earnings. The company's scalable business model, diversified travel offerings, and growing presence in international markets provide additional growth opportunities. However, investors should also consider risks such as dependence on the travel industry, exposure to GCC markets, and working capital requirements before making an investment decision.
UHM Vacation IPO DRHP
Investors who wish to review detailed information about the company, its financials, risk factors, business operations, and IPO terms can refer to the Draft Red Herring Prospectus (DRHP) and other offer documents available through the company's official filings.
Disclaimer : The information provided in this article is for educational and informational purposes only and should not be construed as investment advice, stock recommendations, or an offer to buy or sell securities. Investors should read the Red Herring Prospectus (RHP), DRHP, and all related IPO documents carefully before making any investment decision.
Investments in the securities market are subject to market risks. Please consult your financial advisor and assess your risk appetite before investing. Past financial performance of the company does not guarantee future results.
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