UHM Vacation IPO

ListedSMEConsumer DiscretionaryBSE SME

Price band: ₹157 – ₹166
Issue size: ₹36.02 Cr
Lot size: 800 sh
Bidding: 4 – 8 Jun
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

UHM Vacation Limited runs a business-to-business travel booking platform selling hotel, air and ancillary inventory to travel agents, and employed 20 people as of 31 March 2026. Revenue was Rs 20.44 Cr in FY23, Rs 30.61 Cr in FY24 and Rs 40.14 Cr in FY25, with Rs 45.23 Cr booked in the eleven months to 28 February 2026; profit after tax across the same four periods was Rs 0.11 Cr, Rs 5.27 Cr, Rs 7.18 Cr and Rs 8.05 Cr. The Rs 36.02 Cr issue — Rs 29.04 Cr fresh and Rs 6.97 Cr offer for sale — was priced at Rs 157 to Rs 166 and was subscribed 2.36 times on its final day, 8 June 2026. It listed on BSE SME at Rs 132.80, 20.00% below the Rs 166 band top, and last traded at Rs 27.52 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

84Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for UHM Vacation, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2009 · Mumbai, Maharashtra, India · 20 employees

UHM Vacation runs a business-to-business travel booking platform. Its customers are not travellers but travel agencies, independent agents and corporate travel managers, mostly in India and the GCC countries. Those agents log into the company's portal to search, compare and book hotel and apartment stays, domestic and international air tickets, cruises, car rentals, airport transfers, sightseeing, visa assistance and packaged holidays, drawing on inventory the company aggregates from global and regional suppliers through API and XML connections. Accommodation and ancillary services, not flights, are the bulk of the business: they produced 95.26% of revenue from operations in the eleven months to 28 February 2026, against 4.74% from airline ticketing. The company employed 20 people as of 31 March 2026.

The company owns no hotels or aircraft. It buys travel inventory from suppliers and resells it to agents, earning the markup between negotiated and sold rates plus performance incentives from service providers. The model is asset-light: ₹30.05 crore of net worth against ₹0.06 crore of total borrowings at 28 February 2026, with the platform absorbing extra transaction volume without proportionate cost. EBITDA margin was 20.32% in the eleven months to February 2026, 20.56% in FY25 and 19.16% in FY24, against 0.87% in FY23 before scale arrived. Supply is fragmented — the top ten suppliers were 12.66% of purchases — so the binding constraint is demand-side: the top ten customers accounted for 21.77% of revenue, and the prospectus states a significant portion of business is carried out without specific service agreements.

The company on paper

Legal name: UHM Vacation Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 17 Mar 2009
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U55101MH2009PLC190976
Sector: Consumer Discretionary · B2B travel aggregation platform distributing hotels, flights and ancillary travel services to travel agents
Employees: 20
Registered office: Mumbai, Maharashtra, India
Promoters: Izhar Ahmad, Rubeena Khatoon I Ahmed
Promoter holding, pre-issue: 97.3%
Promoter holding, post-issue: 65.4%
Website: uhmvacation.com

The numbers

Financial performance

Revenue has compounded at 40.1% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

81% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹29.04 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹6.97 Cr
Total issue size: ₹36.02 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 1,10,400

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 31.9% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription2.36×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹166.00
Listed at: ₹132.80
Listing gain: down 20.0%
Since listing: down 78.5%
Against the issue price: down 82.8%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 1,600
At cut-off price: ₹166.00
Amount blocked: ₹2,65,600

One lot is 800 shares at ₹1,32,800. This issue requires a minimum of 2 lots, so the smallest application is ₹2,65,600. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~26%

chance of one lot, per application

Retail subscription: 3.86×
Applicants per share available: 3.9× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹132.80

listed at, −20.0% against the issue price

Issue price: ₹166.00
Premium said: —
If allotted 800 shares: −₹26,560

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue was Rs 20.44 Cr in FY23, rose 49.76% to Rs 30.61 Cr in FY24 and a further 31.13% to Rs 40.14 Cr in FY25. The eleven months to 28 February 2026 carried Rs 45.23 Cr, which is 12.68% above the full FY25 year of Rs 40.14 Cr.
EBITDA was Rs 0.18 Cr in FY23, Rs 5.87 Cr in FY24, Rs 8.26 Cr in FY25 and Rs 9.19 Cr in the eleven months to 28 February 2026. The record states EBITDA margins of 0.87% in FY23, 19.16% in FY24, 20.56% in FY25 and 20.32% in the eleven-month stub; the stub figure checks out as Rs 9.19 Cr on Rs 45.23 Cr of revenue, or 20.32%.
Net worth was Rs 30.05 Cr at 28 February 2026 against total borrowings of Rs 0.06 Cr on the same date. Borrowings on record were Rs 0.38 Cr at FY24 and Rs 0.48 Cr at FY25 (FY23 is not carried). The record describes the model as asset-light, the company owning no hotels or aircraft and reselling inventory bought from suppliers.

What to weigh against it

The shares last traded at Rs 27.52 on 23 October 2026, against a listing price of Rs 132.80 and a day-one close of Rs 126.20 — 78.19% below that day-one close, and 83.42% below the Rs 166 band top.
On the final subscription day the non-institutional portion stood at 0.86 times, below one time, with the qualified institutional portion at 1.00 time and retail at 3.86 times, for an overall 2.36 times. The record carries no day-one or day-two rows to set beside these.
The record puts the top ten customers at 21.77% of revenue and the top ten suppliers at 12.66% of purchases, and states that the prospectus says a significant portion of business is carried out without specific service agreements.
Revenue is concentrated by line: accommodation and ancillary services produced 95.26% of revenue from operations in the eleven months to 28 February 2026, against 4.74% from airline ticketing.

Easy to miss in the prospectus

Net worth was Rs 0.98 Cr at 31 March 2023 and Rs 13.72 Cr at 31 March 2024, an increase of Rs 12.74 Cr against FY24 profit after tax of Rs 5.27 Cr. The record carries no reconciliation of the Rs 7.47 Cr difference. The two later steps are closer to retained profit: Rs 7.24 Cr against Rs 7.18 Cr of FY25 profit, and Rs 9.09 Cr against Rs 8.05 Cr in the eleven-month stub.
The most recent financial period on record is an eleven-month stub to 28 February 2026, not a full year, so it is not directly comparable with the FY23 to FY25 annual columns.
The record carries no valuation block, no allocation table, no anchor book, no peer set, no offer objects and no listed documents, so neither the pricing multiples nor the stated use of the Rs 29.04 Cr fresh proceeds can be checked from it. Promoter holding is given as 97.35% before the issue and 65.40% after, a fall of 31.95 percentage points.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Sobhagya Capital Options Private Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Built from 10 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

BSE equity bhavcopy, 11 June 2026 (listing day) — authoritative for ISIN, market lot (NewBrdLotQty=800), open 132.80 / close 126.20, ticker UHMVL, series MT · read 16 Oct 2026
BSE equity bhavcopy, 15 June 2026 — ISIN and lot size persist post-listing · read 16 Oct 2026
BSE equity bhavcopy, 14 October 2026 — confirms ISIN INE0YZ901011 still the live join key months after listing · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 4 Jun 2026
Closes: 8 Jun 2026
Allotment: 9 Jun 2026
Lists: 11 Jun 2026
Revenue (FY25): ₹40.14 Cr
Profit (FY25): ₹7.18 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.