About UHM Vacation IPO
UHM Vacation IPO Details
UHM Vacation IPO is a 100% book-built issue of 21.69 lakh shares worth up to ₹36.02 crore, comprising a fresh issue of ₹29.04 crore and an offer for sale (OFS) of 6.97 crore, with a face value of ₹10 per share. The company filed its DRHP with SEBI on December 31, 2025 and received approval on June 9, 2026.
The price band of the issue is set at ₹157 to ₹166 per share and the lot size for an application is 800 shares. The minimum amount of investment required by an individual investor is ₹2,65,600 (1,600 shares). The IPO will be open from June 4 to 8, 2026, on the BSE SME platform, with a tentative listing date fixed as June 11, 2026. The book-running lead manager of this issue is Sobhagya Capital Options Pvt. Ltd., while the registrar to the issue is MUFG Intime India Pvt. Ltd.
UHM Vacation IPO Date & Timeline
The UHM Vacation IPO is officially set to open for subscription on Jun 4, 2026 and will close on Jun 8, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on Jun 10, 2026 and has now finalized its schedule following SEBI approval. Once the subscription window allotment is expected on Jun 9, 2026. Following this, the company will initiate refunds and credit shares to successful investors' demat accounts on Jun 10, 2026. Finally, UHM Vacation Ltd.'s shares are tentatively scheduled to list on the stock exchanges on Jun 11, 2026.
UHM Vacation IPO Timeline
| IPO Open Date | Thu, Jun 4, 2026 |
| IPO Close Date | Mon, Jun 8, 2026 |
| Tentative Allotment | Tue, Jun 9, 2026 |
| Initiation of Refunds | Wed, Jun 10, 2026 |
| Credit of Shares to Demat | Wed, Jun 10, 2026 |
| Tentative Listing Date | Thu, Jun 11, 2026 |
| Cut-off time for UPI mandate confirmation | - |
UHM Vacation IPO Details
| Detail | Description |
|---|---|
| IPO Date | 4 to 8 Jun, 2026 |
| Listing Date | 11 Jun, 2026 |
| Face Value | ₹ 10 per share |
| Issue Price Band | ₹ 157 to ₹ 166 |
| Lot Size | 800 Shares |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 21,69,600 shares (agg. up to ₹ 36 Cr) |
| Reserved for Market Maker | 1,10,400 shares (agg. up to ₹ 2 Cr) |
| Fresh Issue(Ex Market Maker) | 16,39,200 shares (agg. up to ₹ 27 Cr) |
| Offer for Sale | 4,20,000 shares of ₹10 (agg. up to ₹ 7 Cr) |
| Net Offered to Public | 20,59,200 shares (agg. up to ₹ 34 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 48,96,236 shares |
| Share Holding Post Issue | 66,45,836 shares |
UHM Vacation IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The UHM Vacation IPO GMP is currently trading at ₹34, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹200, which is 20.48% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹166 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹0 and a lot size of 800 shares.
UHM Vacation GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 11 Jun 2026 | ₹166 | ₹0 | 11 Jun, 202609:59 AM |
| 10 Jun 2026 | ₹166 | ₹0 | 10 Jun, 202609:52 AM |
| 9 Jun 2026 | ₹166 | ₹0 | 9 Jun, 202609:57 AM |
| 8 Jun 2026 | ₹166 | ₹0 | 8 Jun, 202604:05 PM |
| 7 Jun 2026 | ₹166 | ₹34 | 8 Jun, 202610:20 AM |
| 6 Jun 2026 | ₹166 | ₹34 | 6 Jun, 202610:22 AM |
| 5 Jun 2026 | ₹166 | ₹34 | 5 Jun, 202610:10 AM |
| 4 Jun 2026 | ₹166 | ₹34 | 4 Jun, 202609:50 AM |
| 3 Jun 2026 | ₹166 | ₹0 | 03 Jun, 202610:04 AM |
| 2 Jun 2026 | ₹166 | ₹0 | 02 Jun, 202610:25 AM |
| 1 Jun 2026 | ₹166 | ₹0 | 01 Jun, 202605:38 PM |
Company Background
UHM Vacation Ltd. was incorporated as a private limited company on March 17, 2009, in Maharashtra and has grown over the years from a domestic travel service provider into a technology-backed aggregator. To proceeds with its public listing procedures, the company has transformed into a public limited company on July 31, 2024, in Andheri East, Mumbai.
The company has also expanded its presence beyond India through its wholly owned subsidiary, Arabian Wonder FZC LLC, which focuses on the Gulf Cooperation Council region. The proprietary technology platform connects travel service providers with travel buyers via a single platform for interactions.
Operations & Product Range
UHM Vacation Ltd. operates a travel distribution platform that connects primary suppliers with a network of sub-agents and corporate buyers. It offers two main product segments, airline ticketing and accommodation, along with ancillary travel services. The ticketing division handles international and domestic bookings for both Full-Service and low-cost carriers, while the accommodation division manages hotel reservations, tour transfers, vehicle rentals, sightseeing packages and visa assistance, providing a comprehensive travel procurement solution.
Facilities & Capacity
UHM Vacation Ltd. manages its workflows from its registered office at Dattani Plaza, Mumbai, Maharashtra, using digital integration frameworks like API and XML to connect with global distribution networks. To accommodate increasing transaction volumes, the infrastructure is being upgraded from a single shared server to a dual-server architecture with a content delivery network. Operational capacity was recorded at 4,840 in FY25 and reached 5,566 bookings by February 28, 2026.
Brands & Market Presence
UHM Vacation Ltd.’s market visibility depends on its registered brand name and trademark, supporting its proprietary digital aggregation architecture. It has secured intellectual property rights for its logo and word marks in India under Class 39. With active operations in major states like Maharashtra, Karnataka and Gujarat, the company has also established a significant international presence, primarily in Dubai and the Gulf Cooperation Council area, managing specialized travel workflows through its local subsidiaries.
Revenue Streams & Business Model
The business model of UHM Vacation Ltd. focuses on an asset-light technology platform that earns revenue from service charges, commissions and transactional mark-ups in travel distribution. The accommodation and ancillary services sector is the major revenue driver, contributing ₹43.09 crore, which is 95.26% in the 11 months ended February 28, 2026, up from ₹38.13 crore in FY25. The airline ticketing segment accounted for ₹2.14 crore during the same period. International operations in Dubai generated ₹34.94 crore, which is 77.26% of total revenue, while the domestic market, primarily Maharashtra, provided the rest of the percentage of the revenue.
Management & Shareholding
The promoters of UHM Vacation Ltd. are Izhar Ahmad and Rubeena Khatoon I. Before the IPO, the promoters held around a 97.22% stake and the promoters' group members held a 0.12% stake in the company, but after the IPO, the promoters’ shareholding will be diluted as the offering includes a ₹7 Cr selling shares by existing shareholders.
Board & Key Management
The leadership of UHM Vacation Ltd. is led by a team of experts with many years of experience. Izhar Ahmad serves as the Chairman & Managing Director and gives strategic direction to the firm and manages the daily operations, along with Whole-Time Directors. To ensure good governance, the board includes Independent Directors Rajan Sharrad Korgaokar and Mohd Shamim for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
UHM Vacation IPO Financial Information
Latest Revenue
45.23
₹ Crore
Profit After Tax
8.05
₹ Crore
Net Worth
30.05
₹ Crore
Total Borrowing
0.06
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 28 Feb 2026 | 43.41 | 45.23 | 8.05 | 30.05 | 25.15 | 0.06 | |||
| 31 Mar 2025 | 39.06 | 40.20 | 7.18 | 20.96 | 19.86 | 0.48 | |||
| 31 Mar 2024 | 19.34 | 30.66 | 5.27 | 13.72 | 12.62 | 0.38 | |||
| 31 Mar 2023 | 3.60 | 20.49 | 0.11 | 0.98 | 0.87 | — | |||
| Amount in ₹ Crore | |||||||||
UHM Vacation Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 31.56 % |
| ROCE | 35.14 % |
| Debt/Equity | 0 |
| RoNW | 31.56 % |
| PAT Margin | 17.8 % |
| EBITDA Margin | 20.32 % |
| Price to Book Value | 2.7 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 14.67 | 10.75 |
| P/E (x) | 11.32 | 15.45 |
UHM Vacation IPO Objectives
UHM Vacation Ltd. intended to utilise the proceeds for strategic purposes:
- • Funding to meet the capital expenditure of marketing and promotional activities
- • To meet the working capital requirements
- • General corporate purposes
UHM Vacation IPO Review
UHM Vacation Ltd. follows a business model that is focused on the B2B segment within the competitive travel distribution and technology aggregation industry, allowing it to avoid high customer acquisition costs. However, it relies heavily on its Dubai subsidiary and travel trends along the GCC route, leading to revenue concentration risks.
Financially, the company has shown strong growth; for FY25, the total income was reported at ₹40.19 crore and PAT was at ₹7.18 crore with an EBITDA of ₹8.25 crore. Notably, the top 10 customers of the company have contributed around ₹19.80 crore, which is 49.33% of the total revenue from operations.
However, the investors must be aware of the company’s potential risks, including the external factors' exposures like global aviation policies and geopolitical changes. Additionally, plans to invest in physical assets could affect its asset-light cost structure and increase working capital needs. Overall, the IPO is a good opportunity for investors to invest in a growing travel sector company, but investors should consider the company's strong financial growth and scalable B2B platform while being mindful of geographic concentration risks and evolving operational models.
Conclusion
UHM Vacation IPO is an opportunity for investors to invest in a growing company that has evolved in its travel and tourism sector for over 10 years and its digital infrastructure, customer support systems and expanded presence in lucrative international travel markets. With this listing, the company aims to fund its marketing and branding expenses, funding its working capital requirements.
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Competitive Strengths
Integrated tech connects global providers with local agents via automated APIs.
Strong operational presence in Dubai and GCC travel corridors.
Reduced reliance on volatile flight ticketing by optimizing accommodation and custom package sales.
Flexible cost structure minimizes capital overhead and enhances execution agility.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 1600 | 265600 |
| Individual investors (Retail) (Max) | 2 | 1600 | 265600 |
| S-HNI (Min) | 3 | 2400 | 398400 |
| S-HNI (Max) | 7 | 5600 | 929600 |
| B-HNI (Min) | 8 | 6400 | 1062400 |