Shares of travel services aggregator UHM Vacation made a weak D-Street debut on Thursday, listing at a steep discount to its issue price. The stock opened at Rs 132.80 on the BSE SME platform, a 25% discount to the IPO price of Rs 166.
The listing was below grey market expectations, which had indicated a flat debut. Shares of the company were trading at a grey market premium (GMP) of zero ahead of listing.
The Rs 36.02 crore IPO was open for subscription between June 4 and June 8. The issue comprised a fresh issue of Rs 29.04 crore and an offer-for-sale worth Rs 6.97 crore.
Investor demand remained modest compared with many recent SME offerings. The IPO was subscribed 2.36 times overall, with the retail investor portion receiving the strongest response at 3.86 times subscription. The non-institutional investor (NII) category was subscribed to only 0.86 times, while the QIB portion was subscribed to just once.
Incorporated in 2009, UHM Vacation operates as a B2B travel and tourism aggregator. The company provides airline tickets, hotel bookings, cruises, visa assistance, transfers, holiday packages, and other travel-related services through a single technology platform connecting suppliers and travel agents.
The company has operations across India and Gulf Cooperation Council (GCC) countries and serves travel agencies, corporate travel managers and independent travel agents through its proprietary platform.
Financially, the company reported steady growth. For the period ended February 2026, revenue stood at Rs 45.29 crore, compared with Rs 40.20 crore in FY25. Profit after tax rose to Rs 8.05 crore from Rs 7.18 crore a year earlier.
The company plans to utilise fresh issue proceeds towards capital expenditure, marketing and promotional activities, working capital requirements and general corporate purposes.
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