UHM Vacation IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 1x |
| NII | 0.86x |
| Retail (RII) | 3.86x |
| Total | 2.36x |
Bidding day 5 · final figures at close of bidding: 15 Jul 2026, 12:00 am IST
IPO Details
- Open Date
- 4 Jun 2026
- Close Date
- 8 Jun 2026
- Listing Date
- 11 Jun 2026
- Face Value
- ₹10
- Fresh Issue
- ₹27.2 Cr
- OFS
- ₹6.97 Cr
- Listing On
- BSE
- Registrar
- —
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,600 | ₹2,65,600 |
| HNI (Min) | 3 | 2,400 | ₹3,98,400 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| QIB (ex-anchor) | 19,200 | 0.93% |
| NII | 10,08,000 | 48.95% |
| — sNII (< ₹10L) | 3,36,000 | 16.32% |
| — bNII (> ₹10L) | 6,72,000 | 32.63% |
| Retail | 10,32,000 | 50.12% |
| Total | 20,59,200 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2023 | 20.49 | 0.11 | 0.18 | 0.98 | 3.6 | — | — |
| FY 2024 | 30.66 | 5.27 | 5.87 | 13.72 | 19.34 | 0.38 | — |
| FY 2025 | 40.2 | 7.18 | 8.26 | 20.96 | 39.06 | 0.48 | — |
| Feb 2026 (interim) | 45.29 | 8.05 | 9.19 | 30.05 | 43.41 | 0.06 | 14.67 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 11.32x
- P/E (post-issue)
- 15.36x
- RoNW
- 31.56%
- RoE
- 31.56%
- RoCE
- 35.14%
- Debt / Equity
- 0
- EPS (pre-issue)
- ₹14.67
- EPS (post-issue)
- ₹10.81
- EBITDA Margin
- 20.32%
- PAT Margin
- 17.8%
- P/BV
- 2.7x
- NAV / share
- ₹61.47
- Market Cap
- ₹110.32 Cr
As of 28 Feb 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| To Meet the Capital Expenditure | ₹10.47 Cr |
| Funding for Marketing and Promotional Activities | ₹4.9 Cr |
| To meet working capital requirements | ₹6.42 Cr |
| General Corporate Purposes | ₹3.45 Cr |
| Issue expenses | ₹4.7 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Book Running Lead Manager’s fees | ₹0.3 Cr |
| Selling, Marketing and Underwriting Fees | ₹3.85 Cr |
| Fees payable to Market Maker to the Offer | ₹0.04 Cr |
| Fees payable to Registrar to the Offer | ₹0.02 Cr |
| Fees payable for Advertising, publication, investor relations, public relations and other issue-related marketing expenses. | ₹0.15 Cr |
| Fees payable to Regulators including Stock Exchanges & Depositories | ₹0.1 Cr |
| Payment for Printing & Stationery, Postage, etc. | ₹0.04 Cr |
| Fees payable to Statutory Auditor, Legal Advisors and other Professionals | ₹0.15 Cr |
| Others | ₹0.05 Cr |
Promoters & Shareholding
Promoters: Izhar Ahmad and Rubeena Khatoon I Ahmed
- Holding (pre-issue)
- 97.35%
- Holding (post-issue)
- 65.4%
- Dilution
- 31.95%
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW |
|---|---|---|---|---|
| UHM Vacation | 14.67 | 43.08 | 11.32x | 41.42% |
| Helloji Holidays Ltd. | 8.6 | 25.67 | 14.53x | 50.78% |
| International Travel House Ltd. | 33.96 | 206.83 | 9.86x | 17.64% |
| LGT Business Connextions Ltd. | 7.44 | 17.76 | 7.13x | 52.99% |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the UHM Vacation IPO
The UHM Vacation SME IPO is open between 4 Jun 2026 and 8 Jun 2026, offered at a price band of ₹157–166 per share, and is set to list on BSE. The IPO seeks to raise ₹34.17 crore. Retail investors bid in lots of 800 shares, a minimum application of ₹2,65,600.
Issue structure
The offer combines a fresh issue of ₹27.2 crore with an offer for sale (OFS) of ₹6.97 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward to meet the capital expenditure (₹10.47 crore), alongside to meet working capital requirements (₹6.42 crore). In all, 5 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, UHM Vacation reported revenue of ₹45.29 crore and a net profit of ₹8.05 crore. Revenue grew from ₹20.49 crore in FY2023 to ₹45.29 crore in FY2026 (+121.0%). Net worth stood at ₹30.05 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.3× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 15.36× post-issue earnings and 2.7× book value, against a return on net worth of 31.56% and a debt-to-equity ratio of 0. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Helloji Holidays Ltd. and International Travel House Ltd., with a median peer P/E of about 9.9×. The issue's own post-issue P/E works out to 15.36×.
Promoters
The promoters of the company are Izhar Ahmad and Rubeena Khatoon I Ahmed. Promoter holding stands at 97.35% before the issue and comes down to 65.4% after listing.
Subscription
The UHM Vacation IPO was subscribed 2.36 times overall. The strongest demand came from retail investors at 3.86 times, with qualified institutional buyers (QIB) at 1× and non-institutional investors (NII) at 0.86×.
Listing performance
UHM Vacation listed on 11 Jun 2026 at ₹132.8, a discount of -20.0% over the issue price of ₹166.
What to weigh
When evaluating the UHM Vacation IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and subscription demand across investor categories. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About UHM Vacation
UHM Vacation Ltd operates as a B2B travel and tourism platform offering end-to-end travel booking solutions through a unified technology interface. The company provides access to a broad range of travel services, including flight bookings, hotel stays, cruises, car rentals, visa support, airport transfers, sightseeing tours, and holiday packages. These services are sourced from multiple travel providers through direct partnerships as well as third-party aggregators, allowing travel agencies, corporate travel planners, and independent agents to search, compare, and book travel products from a single platform. Its in-house technology platform serves as a digital marketplace connecting travel suppliers with agents in real time. Suppliers can manage inventory, pricing, and availability directly on the platform, while agents can efficiently access and book available travel services without maintaining individual relationships with each supplier. This streamlined model improves booking efficiency and expands access to travel inventory. UHM Vacation has established a presence across India and in Gulf Cooperation Council (GCC) countries through its growing network of registered travel agents. Key strengths of the company include: Diverse portfolio of travel services under one platform Easy-to-use and integrated booking technology Strong reach across international markets, particularly the GCC region Asset-light and scalable business model Experienced leadership team with industry expertise and execution capabilities
UHM Vacation — Contact Details
- Registered office
- C 715, Dattani Plaza, Near E W Ind Est, Safed Pool, Saki Naka, Andheri (East), Mumbai, Maharashtra, 400072
- Phone
- 02246079484
- cs@uhmvacation.com
- Website
- www.uhmvacation.com/
- Registrar (IPO queries)
- uhmvacation.ipo@in.mpms.mufg.com
Frequently asked questions
- What is the UHM Vacation IPO price band?
- The UHM Vacation IPO price band is ₹157 to ₹166 per share, with a lot size of 800 shares.
- When does the UHM Vacation IPO open and close?
- The UHM Vacation IPO opens on 4 Jun 2026 and closes on 8 Jun 2026.
- When is the UHM Vacation IPO allotment and listing date?
- The shares are scheduled to list on 11 Jun 2026 on BSE.
- How many times was the UHM Vacation IPO subscribed?
- The UHM Vacation IPO was subscribed 2.36 times in total across all investor categories.
- What is the reservation split in the UHM Vacation IPO?
- Of the total shares offered, retail investors get 50.12%, QIBs 0.93%, non-institutional investors 48.95%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of UHM Vacation and what is their holding?
- The promoters are Izhar Ahmad and Rubeena Khatoon I Ahmed. Promoter holding is 97.35% before the issue and 65.4% after listing.
- What is the P/E ratio of the UHM Vacation IPO?
- At the upper price band, the UHM Vacation IPO is valued at 11.32× pre-issue earnings and 15.36× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the UHM Vacation IPO?
- The net proceeds go primarily toward to meet the capital expenditure, among 5 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the UHM Vacation IPO?
- The book-running lead manager is Sobhagya Capital Options Pvt.Ltd..
- Is UHM Vacation a Mainboard or SME IPO?
- UHM Vacation is an SME IPO, listing on BSE (SME platform).