Business-to-Business (B2B) travel and tourism aggregator UHM Vacation Limited had a lackluster start on the BSE SME platform, opening at Rs 132.80 per share, a significant 20% discount from its IPO price of Rs 166. The stock faced selling pressure, hitting a 5% lower circuit limit at Rs 126.20 per share post-listing.
The market debut disappointment followed subdued investor interest in the company’s IPO, which was open for subscription from June 4 to June 8. Despite an overall subscription of 2.36 times, the non-institutional investor (NII) segment saw only 0.86 times subscription, while retail investors showed stronger interest at 3.86 times.
Founded in 2009, UHM Vacation operates as a B2B travel and tourism aggregator, offering various services like airline ticketing, hotel bookings, cruise reservations, visa assistance, and holiday packages through its tech platform. It caters to travel agencies, corporate travel managers, and independent agents in India and the Gulf Cooperation Council (GCC) region.
Despite the underwhelming market debut, UHM Vacation has shown consistent financial growth, reporting revenue of Rs 45.29 crore for the period ending February 2026, up from Rs 40.20 crore in FY25. The company’s Profit after tax (PAT) also increased to Rs 8.05 crore from Rs 7.18 crore in the previous financial year.
The IPO included a fresh issue of Rs 29.04 crore and an offer for sale (OFS) of Rs 6.97 crore. UHM Vacation plans to utilize the funds from the fresh issue for capital expenditure, marketing, working capital needs, and general corporate purposes.
