UHM Vacation Summary
UHM Vacation operates in the tourism and travel services industry. The firm deals with a wide range of travel and tourism services such as B2B travel booking platform operations. Some of the travel services provided by the company include flights, hotels, cruises, car rental, visa assistance, airport transfers, sightseeing tours, and vacation packages. Such services are made available through the B2B sales channel to travel agencies, corporations and independent travel agents. Travel agency needs from India and Gulf Cooperation Council (GCC) countries are met by the firm. The company generates income using the B2B travel and tourism platform technology business model through commissions and platform usage fees among others.
In terms of operations, the company runs its business with their in-house technology platform which acts as an online marketplace for bringing together travel service providers and the agents. The firm uses cloud technology platform as well as the technology systems and lean staff for their operations processes. It is with the help of having an extensive range of travel services on their one technology platform; intuitive booking technology process; extensive geographical reach especially in the Gulf Cooperation Council nations; and being light on assets and scalable that the firm ensures continuous income generation. UHM Vacation has been operating throughout India and in some of the Gulf Cooperation Council nations through its growing base of travel agents.
UHM Vacation Ltd is launching a BSE SME book-built IPO with a face value of ₹10 per share and a price band of ₹157.00–₹166.00 per share. The total issue size is ₹36.02 Cr, comprising a fresh issue of ₹27.21 Cr and ₹6.97 Cr offer for sale, with ₹1.83 Cr reserved for the market maker. The issue is structured for QIB, NII, and Retail investors, and the tentative listing is on BSE SME on 11th June 2026.
UHM Vacation IPO Details:
UHM Vacation Limited Issue Management:
Sobhagya Capital Options Pvt.Ltd. acts as the book-running lead manager for UHM Vacation BSE SME IPO, managing underwriting and compliance.
UHM Vacation Limited IPO RTA (Registrar) Details:
MUFG Intime India Pvt.Ltd. handles allotment, refunds, and demat credits - contact at +91-22-4918 6270 or uhmvacation.ipo@in.mpms.mufg.com.
UHM Vacation Limited IPO Allotment Status:
To check your IPO allotment status:
Visit the MUFG Intime India Pvt.Ltd. IPO Application Status page.
Select the company name from the dropdown menu.
Select and enter PAN, Application Number, DP/Client ID, or Account Number/IFSC.
Click Submit to view your allotment status.
UHM Vacation SME IPO totals ₹36.02 Cr, comprising a fresh issue of ₹27.21 Cr and ₹6.97 Cr offer for sale. The face value is ₹10 per share and the price band is ₹157.00–₹166.00 per share (book-built issue on BSE SME). Additionally, ₹1.83 Cr is reserved for the market maker.
UHM Vacation Limited IPO proceeds from the fresh issue will be deployed towards:
UHM Vacation IPO offers 21,68,000 equity shares (total issue ₹36.02 Cr, net offer to public as per SME IPO norms after market-maker reservation).
UHM Vacation IPO does NOT have separate anchor investor disclosure. Anchor investors may participate within the QIB portion. The QIB portion accounts for not more than 0.2% of the net offer as per reservation details.
Profits generated by UHM Vacation Ltd come from the business to business services offered by their travel booking platform that includes flight booking, hotel stay, cruise packages, car rentals, visa assistance, airport transfers, sightseeing services, and holiday vacations. The profit for UHM Vacation Ltd is earned through booking fees, service charges, and fees for accessing the travel booking platform which is an end-to-end solution for various industries such as travel agencies and corporate travel planners.
From the standpoint of financial performance, there is no doubt that the company has grown immensely, as evidenced by the fact that the net profit of the organization went up from ₹20.49 crore in FY23 to ₹30.66 crore in FY24 and to ₹40.20 crore in FY25 (with 9M ended June 2025 showing ₹10.96 crore). Additionally, the PAT of the organization increased from ₹0.11 crore in FY23 to ₹5.27 crore in FY24 and to ₹7.18 crore in FY25. The organization’s EBITDA is ₹8.26 crore in FY25 compared to ₹5.87 crore in FY24 and ₹0.18 crore in FY23. It is important to mention that the margins of the organization were also in the positive direction owing to the fact that the EBITDA and PAT margins increased to 20.56% and 17.89%, respectively, in FY25. ROE and ROCE of the organization were extremely high at 41.42% and 46.01%, respectively, in FY25.
Action Links:
To apply for UHM Vacation Limited IPO, open a demat account here
UHM Vacation Limited IPO Subscription Status: Check live subscription here
UHM Vacation Limited IPO GMP Update: Check latest grey market premium here
UHM Vacation Key Highlights:
UHM Vacation Limited is engaged in providing services for business to business travel and tourism platform services. These travel services of the company include air ticketing, accommodation, cruise, rental car, visa processing, airport pick-ups/drop-offs, sightseeing and holiday packages. UHM Vacation Limited provides a range of travel services on one integrated technology platform according to the needs of travel agencies, corporates, and independent agents in India and GCC countries.
The strengths of UHM vacation limited include a diversified range of travel services under one technology platform; simple, easy, and integrated booking system; extensive reach into international markets, especially GCC; scalable and asset-light business model; and an experienced leadership team with industry expertise.
In recent times, the organization has shown increased efficiency as regards finances, where the total revenue earned by the firm was ₹30.66 crore in FY24 and ₹40.20 crore in FY25. On the other hand, the PAT has increased from ₹5.27 crore in FY24 to ₹7.18 crore in FY25, while the EBITDA has increased from ₹5.87 crore in FY24 to ₹8.26 crore in FY25. The margin as regards EBITDA and PAT is 20.56% EBITDA and 17.89% PAT, respectively.
UHM Vacation Risk Factors:
The risks of UHM Vacation Limited IPO are mentioned below:
Tourism and Travel Industry Dependence: The business depends on tourism activities and economic conditions. A decrease in travel activity might hurt the bottom line.
Competition from Travel Aggregators Already Present: High competition with travel booking websites and OTAs may hurt the company's market share and commission margins.
Dependence on Third-Party Suppliers: The business receives travel services from several travel agencies and aggregators; any issues related to supplier relations may hurt the quality of the service.
Technology Platform Risks: The company has high risks connected to technology and the use of an in-house platform, which can be breached.
Liquidity Risks of Listing SME at BSE: The company has liquidity risks associated with its SME listing, with shares issued being ₹36.02 Cr and market capitalization at ₹110.32 Cr.
Promoter Dilution Risk: A promoter dilution of 31.95% from 97.35% to 65.40% after the IPO shows that a considerable part of the shares are new issues and OFS.
Execution Risk of Capex: The need for ₹10.47 Cr capex and ₹4.90 Cr for marketing carries risks connected with ROI generation.
Seasonal and Cyclical Nature of the Industry: Travel services depend on seasons and the economy.
UHM Vacation Expert Analysis:
UHM Vacation's SME IPO (BSE SME) is a book-built issue with a price band of ₹157.00–₹166.00 per share (face value ₹10). The total issue size is ₹36.02 Cr, comprising a fresh issue of ₹27.21 Cr and ₹6.97 Cr offer for sale. The IPO must also reserve ₹1.83 Cr for the market maker. The issue is structured for QIB, NII (not less than 49%), and Retail (not less than 49%) investors, with the tentative listing on BSE SME on 11th June 2026.
Basic details of the IPO:
Type of IPO: Book‑built SME IPO (BSE SME)
Uses of funds: Capex (₹10.47 Cr), Marketing & promotional activities (₹4.90 Cr), Working capital (₹6.42 Cr), General corporate purposes (₹5.42 Cr)
Anchor bidding: N/A | Opens 04 June 2026 | Closes 08 June 2026 | Allotment 09 June 2026 | Listing 11 June 2026 (BSE SME).
Lead Manager: Sobhagya Capital Options Pvt. Ltd. | Registrar: MUFG Intime India Pvt. Ltd.
Expert View on the IPO:
UHM Vacation is a business-to-business travel technology platform firm operating in end-to-end travel booking solutions having impressive financials characterized by impressive profitability growth (PAT increased from ₹0.11 Cr in FY23 to ₹7.18 Cr in FY25, which is 65x growth), impressive revenue growth (Revenue grew from ₹20.49 Cr in FY23 to ₹40.20 Cr in FY25, which is ~2x growth), and impressive margins (ROE comes out to be 41.42%, ROCE comes out to be 46.01%, EBITDA Margin comes out to be 20.56% and PAT Margin comes out to be 17.89%). The company’s share is trading at P/E ratio of 11.32x (pre-IPO) and 15.45x (post-IPO) whereas P/B Valuation Ratio is 2.70x. Regarding its travel/tourism sector peer firms which are already listed such as International Travel House (P/E ratio of 9.86x, RoNW of 17.64%) and Helloji Holidays (P/E ratio of 14.53x, RoNW of 50.78%), UHM Vacation can be considered competitively priced. Nevertheless, some issues that it faces include travel industry cyclicality, intense competition from big OTAs, SME listings' illiquidity problems, and promoter dilution of 31.95%.
Should you invest in UHM Vacation?
An investor looking for a small-cap travel technology company listed on the SME board, with exceptional growth trajectory (65x PAT growth in 2 years), strong ROE/ROCE, and exposure to India's growing travel and tourism sector might find the IPO of UHM Vacation interesting provided that he can handle SME listing limitations, travel industry cyclicality, and competition risks.
Consider investing when:
You need to create awareness about the B2B Travel Technology Platform catering to travel agencies, corporate travel managers, and independent travel agents operating in India and GCC, with high ROE (41.42%) and ROCE (46.01%) and profit growth (65x PAT in two years).
No concerns related to the risks associated with illiquidity of small-cap listed securities, seasonality in the travel industry, competition from big OTAs, and promoter dilution of 31.95%.
Management can be relied upon to prudently invest IPO funds in capital expenditure (₹10.47 Cr) and marketing (₹4.90 Cr).
Excellent growth potential exists for the firm considering the revival in travel and tourism activities in India and growth opportunities in GCC.
Do not invest when:
You prefer investment in travel tech companies that have been operating in the OTA domain and are mature and large cap with more than one income source.
Concerning risks, you are apprehensive about liquidity risk of SME stocks, cyclical nature of the travel industry, competition from major travel aggregators, and seasonality of the revenue flow.
Promoter dilution (97.35% → 65.40%), operational risk in terms of capex and marketing budgets, and dependence on third-party suppliers do not suit you.
You lean towards investing in businesses that have low valuation multiples (P/E ratio less than 10; P/B ratio less than 2).
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for UHM Vacation Limited IPO, open a demat account here
UHM Vacation Limited IPO Subscription Status: Check live subscription here
UHM Vacation Limited IPO GMP Update: Check latest grey market premium here
1. What is the UHM Vacation Limited IPO open and close date?
UHM Vacation SME IPO opens on 4th June 2026 and closes on 8th June 2026. The tentative listing date on BSE SME is 11th June 2026.
Track UHM Vacation Limited IPO subscription status live here from Finnpick.
2. What is the UHM Vacation Limited IPO price band and lot size?
The IPO is a book-built SME issue with a price band of ₹157.00–₹166.00 per share (face value ₹10). The minimum bid for retail investors is 1,600 shares (2 lots), with subsequent bids in multiples of 800 shares. Minimum investment is ₹2,65,600.
3. What is UHM Vacation Limited IPO total size?
The total issue size is ₹36.02 Cr, comprising a fresh issue of ₹27.21 Cr and ₹6.97 Cr offer for sale. The net offer to the public follows SME IPO norms with not less than 49% to NII and not less than 49% to Retail, after excluding market maker reservation.
4. How to apply for the UHM Vacation Limited IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or apply ASBA by June 08, 4 PM. Monitor UHM Vacation Limited IPO subscription tracker here. Ensure your demat account is active and UPI mandate is approved before the closing time.
5. How to check UHM Vacation Limited IPO Allotment Status?
The allotment date is on June 09th and can be checked on MUFG Intime India Pvt. Ltd. RTA portal using PAN/DP ID.
6. What is UHM Vacation Limited IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹0 as of June 01, indicating listing at the price range of ₹166 - check daily updates of UHM Vacation Limited IPO GMP trends here and live subscription status here from June 04th opening only on Finnpick.
7. What does UHM Vacation Limited specialize in?
UHM Vacation is engaged in tour and travel related services, providing B2B travel booking platform services including flight bookings, hotel stays, cruises, car rentals, visa support, airport transfers, sightseeing tours, and holiday packages. The company operates an in-house technology platform serving as a digital marketplace connecting travel suppliers with agents in real time. It serves travel agencies, corporate travel planners, and independent agents across India and GCC countries.
8. When is the UHM Vacation Limited IPO listing date?
The IPO is scheduled to list on BSE SME on 11th June 2026, subject to final confirmation from the exchange. Basis of allotment is on 9th June 2026, with refunds and demat credits on 10th June 2026.
9. What are the UHM Vacation Limited IPO proceeds utilization details?
The IPO proceeds will primarily be utilized towards: Capital expenditure: ₹10.47 Cr, Marketing and promotional activities: ₹4.90 Cr, Working capital requirement: ₹6.42 Cr, General corporate purposes: ₹5.42 Cr
10. Who are the promoters of UHM Vacation Limited?
The promoters of UHM Vacation Ltd. are Izhar Ahmad and Rubeena Khatoon I Ahmed. Pre-IPO promoter holding is 97.35%, which will dilute to 65.40% post-IPO.
11. Should I apply for the UHM Vacation IPO?
You may consider applying if you are comfortable with an SME-listed B2B travel technology business with exceptional growth trajectory (65x PAT growth from ₹0.11 Cr in FY23 to ₹7.18 Cr in FY25), strong ROE (41.42%) and ROCE (46.01%), and exposure to India's travel and tourism sector recovery. Avoid if you are risk-averse to SME listing liquidity constraints, travel industry cyclicality, competition from large OTAs, seasonal revenue patterns, and significant promoter dilution (31.95%). This is for informational purposes only and not investment advice; read the RHP/DRHP and consult a SEBI-registered advisor before investing.
