UHM Vacation IPO is a book-built SME public issue worth ₹36.02 crore, comprising a fresh issue of 17.49 lakh shares aggregating ₹29.04 crore and an Offer for Sale (OFS) of 4.20 lakh shares valued at ₹6.97 crore.
The IPO will remain open for subscription from June 4, 2026, to June 8, 2026. The basis of allotment is expected to be finalised on June 9, 2026, while the company's shares are scheduled to debut on the BSE SME platform on June 11, 2026.
The company has fixed a price band of ₹157–₹166 per share, with a lot size of 800 shares. Retail investors are required to apply for a minimum of 1,600 shares (2 lots), translating into an investment of ₹2,65,600 at the upper price band. For HNI investors, the minimum application size is 2,400 shares (3 lots), requiring an investment of ₹3,98,400.
The issue is being managed by Sobhagya Capital Options Pvt. Ltd. as the book-running lead manager, while MUFG Intime India Pvt. Ltd. has been appointed as the registrar to the issue. The designated market maker for the IPO is Giriraj Stock Broking Pvt. Ltd..
Investors can refer to the company's Red Herring Prospectus (RHP) for detailed information regarding the issue, business operations, financials, risks, and objectives of the IPO.
UHM Vacation IPO Objectives
UHM Vacation intends to utilise the net proceeds from the IPO for the following purposes:
- Capital Expenditure: Approximately ₹10.47 crore will be allocated towards capital expenditure to support the company's expansion plans and operational requirements.
- Marketing and Promotional Activities: The company plans to utilise around ₹4.90 crore for marketing and promotional initiatives aimed at enhancing brand awareness and expanding its customer base.
- Working Capital Requirements: About ₹6.42 crore will be used to meet the company's working capital needs and support day-to-day business operations.
- General Corporate Purposes: The remaining proceeds will be utilised for general corporate purposes, providing financial flexibility for various business and strategic requirements.
About UHM Vacation Limited
Founded in 2009, UHM Vacation Ltd. operates as a B2B travel and tourism aggregator, providing a broad range of travel-related services through a single technology-driven platform. The company enables travel agencies, corporate travel managers, and independent travel agents to access and book services such as flight tickets, hotel stays, cruises, car rentals, visa assistance, transfers, tours, and holiday packages sourced from multiple travel service providers and aggregators.
Its proprietary platform serves as a centralised marketplace that seamlessly connects suppliers and travel agents, allowing agents to compare and book travel products efficiently while enabling suppliers to manage inventory, pricing, and availability in real time. This eliminates the need for direct relationships between individual suppliers and agents, streamlining the booking process.
UHM Vacation has established a presence across India and the Gulf Cooperation Council (GCC) region through its network of registered agents. As of 31 March 2026, the company employed 20 people.
The company's key strengths include its comprehensive portfolio of travel services, user-friendly technology platform, access to international markets, scalable business model, and an experienced management team with strong project execution and implementation capabilities.
Industry Outlook
- The travel and tourism sector continues to benefit from rising global travel demand, increased mobility, and improving consumer confidence following the pandemic. The industry's contribution to the global economy is expected to exceed $11 trillion, creating favourable growth opportunities for travel-related businesses.
- UHM Vacation's IPO is valued at a P/E ratio of 15.45x, which is broadly comparable to the average valuation of listed SME peers in the travel and tourism segment, suggesting that the issue is priced in line with industry benchmarks.
- The company has demonstrated superior profitability compared with industry averages. UHM Vacation reported an EBITDA margin of 18.80% and a PAT margin of 16.24%, significantly higher than the sector averages of 12.57% and 8.04%, respectively.
- Despite its strong financial performance, the company operates in a highly fragmented travel aggregation market. The relatively low barriers to entry could intensify competition and potentially affect profitability over the long term.
- While UHM Vacation has delivered consistent growth in revenue and earnings, some market observers believe the IPO valuation leaves limited room for error. Investors may wish to evaluate subscription trends, peer comparisons, and overall market sentiment before making an investment decision.
How To Apply for the UHM Vacation IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the UHM Vacation IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of UHM Vacation IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of UHM Vacation Limited
Registered office: UHM Vacation Ltd. Address- C 715, Dattani Plaza, Near E W Ind Est, Safed Pool, Saki Naka, Andheri (East), Mumbai, Maharashtra, 400072
Phone:02246079484
E-mail:cs@uhmvacation.com
UHM Vacation IPO Reservation
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
| QIB Shares Offered | 19,200 | 0.93% | 0.88% |
| NII (HNI) Shares Offered | 10,08,000 | 48.95% | 46.46% |
| ├─ bNII (Above ₹10 lakh) | 6,72,000 | — | 30.97% |
| └─ sNII (Below ₹10 lakh) | 3,36,000 | — | 15.49% |
| Retail (RII) Shares Offered | 10,32,000 | 50.12% | 47.57% |
| Market Maker Reservation | 1,10,400 | — | 5.09% |
| Total Shares Offered | 21,69,600 | 100.00% | 100.00% |
UHM Vacation IPO Lot Size Details
| Application Category | Lots | Shares | Investment Amount |
| Retail Investor (Minimum) | 2 | 1,600 | ₹2,65,600 |
| Retail Investor (Maximum) | 2 | 1,600 | ₹2,65,600 |
| S-HNI (Minimum) | 3 | 2,400 | ₹3,98,400 |
| S-HNI (Maximum) | 7 | 5,600 | ₹9,29,600 |
| B-HNI (Minimum) | 8 | 6,400 | ₹10,62,400 |
UHM Vacation IPO Promoter Holding
The promoters of the company include Izhar Ahmad and Rubeena Khatoon I Ahmed.
| Share Holding Pre-Issue | 97.35% |
| Share Holding Post Issue | 65.40% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for UHM Vacation IPO
| KPI | Feb 28, 2026 | Mar 31, 2025 |
| Return on Equity (ROE) | 31.56% | 41.42% |
| Return on Capital Employed (ROCE) | 35.14% | 46.01% |
| Debt-to-Equity Ratio | 0.00 | 0.02 |
| Return on Net Worth (RoNW) | 31.56% | 41.42% |
| PAT Margin | 17.80% | 17.89% |
| EBITDA Margin | 20.32% | 20.56% |
| Price-to-Book Value (P/BV) | 2.70x | 3.85x |
UHM Vacation IPO Registrar and Lead Managers
UHM Vacation IPO Lead Managers
- Sobhagya Capital Options Pvt.Ltd.
Registrar for UHM Vacation IPO
MUFG Intime India Pvt.Ltd.
- Contact Number: +91-22-4918 6270
- Email Address: uhmvacation.ipo@in.mpms.mufg.com
Financial Performance of UHM Vacation Limited
| Particulars | Feb 28, 2026 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
| Assets (₹ Crore) | 43.41 | 39.06 | 19.34 | 3.60 |
| Total Income (₹ Crore) | 45.29 | 40.20 | 30.66 | 20.49 |
| Profit After Tax (PAT) (₹ Crore) | 8.05 | 7.18 | 5.27 | 0.11 |
| EBITDA (₹ Crore) | 9.19 | 8.26 | 5.87 | 0.18 |
| Net Worth (₹ Crore) | 30.05 | 20.96 | 13.72 | 0.98 |
| Reserves & Surplus (₹ Crore) | 25.15 | 19.86 | 12.62 | 0.87 |
| Total Borrowings (₹ Crore) | 0.06 | 0.48 | 0.38 | — |
UHM Vacation Limited Peer Comparison
| Company Name | EPS (Basic) (₹) | EPS (Diluted) (₹) | NAV per Share (₹) | P/E (x) | RoNW (%) |
| UHM Vacation Ltd. | 14.67 | 14.67 | 43.08 | 11.32 | 41.42 |
| LGT Business Connextions Ltd. | 7.44 | 7.44 | 17.76 | 7.13 | 52.99 |
| Helloji Holidays Ltd. | 8.60 | 8.60 | 25.67 | 14.53 | 50.78 |
| International Travel House Ltd. | 33.96 | 33.96 | 206.83 | 9.86 | 17.64 |
Strengths and Opportunities of UHM Vacation Limited
- UHM Vacation operates as a technology-driven B2B travel aggregator, enabling it to offer a wide range of travel services without owning significant physical assets. This helps keep capital requirements relatively low.
- The company's integrated platform allows travel agents to search, compare and book travel services efficiently, while suppliers can manage inventory and pricing in real time. This scalable model enables the business to handle higher transaction volumes without a corresponding increase in operating costs.
- UHM Vacation serves customers across India and the Gulf Cooperation Council (GCC) region. Its offerings cover a broad range of travel services, including flight bookings, hotel reservations, holiday packages, MICE travel, honeymoon tours and Umrah travel solutions.
- Leveraging more than 15 years of industry experience since its incorporation in 2009, the company has reported consistent growth and profitability, with revenue of ₹40.20 crore and profit after tax of ₹7.18 crore in FY25.
- A significant portion of the IPO proceeds is earmarked for capital expenditure, which is expected to support enhancements to the company's technology platform, improve operational efficiency and strengthen service capabilities.
- The planned expenditure on marketing and promotional activities could help increase brand visibility, deepen penetration in existing markets, particularly in the GCC region, and attract additional B2B travel partners.
- Rising business and leisure travel demand is encouraging travel agencies to adopt integrated booking platforms. UHM Vacation is well-positioned to benefit from this trend by expanding its network and increasing market share in the B2B travel ecosystem.
Risks and Threats of UHM Vacation Limited
- A significant share of the company's revenue is derived from the Gulf Cooperation Council (GCC) region. Any adverse changes in economic conditions, travel demand, regulations, or political developments in these markets could affect business performance.
- UHM Vacation relies on a limited number of key customers for a substantial portion of its revenue. The loss of a major client or a decline in their business activity could have a material impact on the company's earnings and cash flows.
- As the company's operations are closely linked to the travel and tourism sector, its performance may be affected by factors such as economic slowdowns, geopolitical tensions, public health crises, or other events that disrupt travel activity.
- The company depends on airlines, hotels, and other travel service providers to maintain a comprehensive offering on its platform. Any disruption in these relationships or changes in commercial terms could impact service availability and competitiveness.
- The business requires adequate working capital to support daily operations and transaction volumes. Additionally, the company faces risks related to technology infrastructure, cyber security threats, online payment systems, and potential platform disruptions that could affect customer experience and business continuity.
