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UHM Vacation Ltd IPO
Status: Closed
Overview
IPO date
04 Jun 2026 to 08 Jun 2026
Face value
₹ 10 per share
Price
₹ 157 to ₹166 per share
Issue Size
2,169,600 shares
(aggregating up to ₹ 36.02 Cr)
(aggregating up to ₹ 36.02 Cr)
Allotment Date
09 Jun 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Miscellaneous
Unlock Stock of the Month
T&C*
Strengths vs Risks of UHM Vacation Ltd
Know the pros & cons
Strengths
- Comprehensive Service Offering.
- Convenient and User-Friendly Platform.
- International Market Access.
- Scalable Business Model.
- Experienced management team with proven project management and implementation skills.
Risks
- The company derives a significant portion of its revenue from the company top customer, top 3 customer top 5 customer and top 10 customers. The loss of one or more such customers, the deterioration of their financial condition or prospects, or a reduction in their demand for the company products could adversely affect its business, results of operations, financial condition and cash flows.
- The company revenue is entirely dependent on the domestic and global travel and tourism sector. Consequently, any downturns or disruptions in this industry could adversely affect its business performance, operating results, and overall financial health of the company.
- The company derives a significant portion of its revenue from certain of the company services. If sales volume or price of such services declines in the future, or if its is unable to sell such services for any reason, the company business, financial condition, cash flows and results of operations could be adversely affected.
- The Company is dependent on the Gulf Countries market for its consolidated revenue and any downturn in it could reduce the company sales.
- The company derives a significant part of its revenue from major agents. If one or more of such agents choose not to source their requirements from its, the company business, financial condition and results of operations may be adversely affected.
- The company propose to utilize a portion of its Net Proceeds towards setting up of Customer Support Office. Any delay or failures in successfully setting up of Customer Support Office may affect the company business growth, thereby affecting its future business plans, business operations and financial conditions.
- The company requires working capital for its smooth day-to-day operations and insufficient working capital may result in the company being unable to meet its daily operational needs. This could lead to delays in paying service providers, salaries, or other operational expenses, affecting operation of business.
- The company is subject to risks related to online payment methods which may affect its business, brand, results of operations and financial condition.
- If the company is unable to continue to increase the number of agents and suppliers using its platform, the company business and results of operations may be adversely affected.
- Any adverse developments affecting the company aggregation-based business model may materially impact its operations, profitability and financial condition.
- The company has not yet placed orders in relation to the funding Capital Expenditure towards Capital Expenditure for B2B travel portal enhancement and integrations covering Mid Office, GDS, API, App, and Other Core Modules, Capital Expenditure for setting up Customer Support Office and Capital Expenditure towards Purchase of Vehicles for Business Purpose, which is proposed to be financed from the offer proceeds of the IPO. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the services and products in a timely manner, or at all, may result in time and cost over-runs and its business, prospects and results of operations may be adversely affected.
- If the company is unable to continue to provide an attractive travel distribution platform to its service providers and agents the company business and results of operations may be adversely affected.
- The Company had negative cash flows in the past years and may continue to has negative cash flows in the future.
- Investments in pre-purchased airline and accommodation inventory expose the company to demand uncertainty, pricing volatility and potential losses.
- The company Sales office and proposed Customer Support Office are located on premises taken on a lease basis and there can be no assurance that the Lease agreement will be renewed upon termination or that its will be able to obtain other premises on leave and license on same or similar commercial terms.
- The objects of the Fresh Issue for which the funds are being raised has not been appraised by any bank or financial institution. Any variation in the utilization of the company Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders' approval.
- The company is involved in certain legal proceedings, which, if determined adversely, may affect its business and financial condition.
- There has been instances of delays in payment of statutory dues, i.e. ESIC and EPF by the Company. In case of any delay in payment of statutory dues in future by the Company, the Regulatory Authorities may impose monetary penalties on its or take certain punitive actions against the Company in relation to the same which may have adverse impact on its business, financial condition and results of operations.
- The company business is subject to economic cycles and seasonality, which could materially affect its operations and financial performance.
- The company may incur costs, including those not within its control, which the company may not be able to pass on to its Agents.
- The company contingent liabilities as stated in its Restated Financial Statements could affect the company financial condition.
- There has been instances of delays in filings of certain forms which were required to be filed as per the reporting requirements under the Companies Act, 1956 and 2013 to ROC.
- The company insurance coverage may not fully address all material hazards or if there is exclusions in the policy, the company may not receive adequate compensation for certain losses. This could result in significant financial strain, as the company may has to cover these costs out of pocket.
- Any inefficiencies in or failures of the company billing and management information systems may adversely affect its business, financial condition and results of operations.
- Certain experience details of the company Directors is based on self-declarations and may not be independently verifiable.
- The company inability to collect receivables in time or at all and default in payment from its customers could result in the reduction of the company profits and affect its cash flows.
- The company brand image is integral to its success and if the company is unable to effectively maintain, promote and enhance its brand, and conduct the company sales and marketing activities effectively, its business and reputation may be adversely affected.
- Failures to protect the company intellectual property could harm its ability to compete effectively.
- Any non-compliance with the Foreign Exchange Management Act, 1999 (FEMA) and applicable regulations may adversely affect the company business and financial condition.
- The Company and its Subsidiary, Arabian Wonder FZC LLC, is engaged in similar lines of business, which may give rise to potential conflicts of interest and could adversely affect its business, financial condition and results of operations.
- The company Promoters and Directors hold Equity Shares in its Company and is therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- The company acknowledges that the success of the business heavily depends on the leadership and expertise of its Promoters and Directors and on Senior Management. The risk arises if the company faces challenges in attracting, retaining, or replacing key personnel (including executive director) and senior management.
- The company directors does not has any prior experience of being a director in any other listed company in India and this may present certain potential challenges for its Company and in the event of any material non- compliance where the company directors is held liable and responsible, its may has to appoint new directors.
- This Red Herring Prospectus contains information from an industry report prepared by Infomerics Analytics & Research, commissioned by the company for the purpose of the Offer for an agreed fee.
- If the Company cannot anticipate shifting service trends or industry preferences, it may continue to produce outdated or less desirable services. This could lead to a significant decline in market demand, affecting sales and overall revenue generation.
- Inability to maintain adequate internal controls may affect the company ability to effectively manage its operations, resulting in errors or information lapses.
- The deployment of Offer Proceeds is not subject to monitoring by an external independent agency.
- The company could be harmed by employee misconduct or errors that are difficult to detect, and any such incidences could adversely affect its financial condition, results of operations and reputation.
- If the company is unable to manage attrition and attract and retain skilled professionals, it may adversely affect its business prospects, reputation and future financial performance.
- Any significant disruption in service on the company website or platform could damage its reputation and result in a loss of customers, which may adversely affect the company business, brand, results of operations and financial condition.
- The company may be subject to different rules under different standards in relation to compliance with payment method.
- Competition from smaller and larger players given the fragmented nature of the tourism industry may impact visitors to the company platform which could adversely affect its business and results of operations.
- New age travel distribution platforms such as the Company is subject to various risks and challenges in the travel and tourism industry.
- The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Offer. Further, the company has not identified any alternate source of financing the "Objects of the Offer". Any shortfall in raising / meeting the same could adversely affect its growth plans, operations and financial performance.
- Defaults or delays in payments by the company agents may expose its to credit risk and could adversely affect the company cash flows, results of operations and financial condition.
- The company inability to obtain, renew or maintain its statutory and regulatory permits and approvals required to operates its business may has a material adverse effect on the company business, financial condition and results of operations.
- The average cost of acquisition of Equity Shares held by the company Promoters could be lower than the Offer Price.
- The company ability to pay dividends in the future will depends on its earnings, financial condition and capital requirements.
- The company Promoters may enter into ventures that may lead to real or potential conflicts of interest with its business.
- The company has in the past entered into related party transactions and may continue to does so in the future, which may potentially involve conflicts of interest with its Shareholders.
- The company will continue to be controlled by its Promoters and Promoter Group after the completion of the Offer, which will allow them to influence the outcome of matters submitted for approval of the company shareholders.
- Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Offer.
- The Company will not receive any proceeds from the Offer for Sale portion, and the Promoter Selling Shareholder shall be entitled to the Offer Proceeds to the extent of the Equity Shares offered by them in the Offer for Sale. Its Promoters is therefore interested in the Offer in connection with the Equity Shares offered by them in the Offer for Sale.
- The company may incur indebtedness during the course of business. Its cannot assure that the company would be able to service its existing and/ or additional indebtedness.
- The company may requires additional equity or debt in the future in order to continue to grow its business, which may not be available on favourable terms or at all.
- The company Equity Shares has never been publicly traded, and, after the offer, the equity shares may experience price and volume fluctuations, and an active trading market for the equity shares may not develop. Further, the price of the equity shares may be volatile, and you may be unable to resell the equity shares at or above the offer price, or at all.
- There is restrictions on daily weekly monthly movement in the price of the equity shares, which may adversely affect the shareholder's ability to sell for the price at which it can sell, equity shares at a particular point in time.
- QIB and Non-Institutional Investors is not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- Any future issuance of Equity Shares may dilute the shareholding of the Investor, or any sale of Equity Shares by the company Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
UHM Vacation Ltd Peer Comparison
Understand the company’s industry standing
UHM Vacations Limited
LGT Business Connextions Limited
Helloji Holidays Limited
Face Value
10
10
10
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
40.14
100.43
28.12
EPS-Basis
14.67
7.44
8.6
EPS-Diluted
14.67
7.44
8.6
NAV Per Share
43.08
17.76
25.67
P/E-Basic EPS
---
7.13
14.53
P/E-Diluted EPS
---
---
---
RONW(%)
41.42
52.99
50.78
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
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The IPO opens on 04 Jun 2026 & closes on 08 Jun 2026.
UHM Vacation Limited was incorporated as 'UHM Vacation Private Limited' on March 17, 2009 with the Deputy Registrar of Companies, Maharashtra, Mumbai. The Company was then converted into a public limited, and the name of Company was changed to UHM Vacation Limited' with effect from July 31, 2024, obtained from the ROC, Central Processing Centre.
Company is engaged in the business of travel and tourism services, catering to the Business-to-Business segment. It source and aggregate services from airlines operators, accommodation service providers, cruise lines, car rental companies, visa facilitators, and other travel service providers with direct connectivity or through third party aggregators and offer them to clients as per their needs. This offer customers a wide range of travel services and curated options through a single platform. Company provide international and domestic air tickets booking services, accommodation booking services and other travel and tourism related services in which include, holiday packages bookings, tours & activities bookings, transfer management services, car rental services, visa services, cruise bookings etc.
Apart from these, it provide service platform that connects travel service providers with travel buyers. Travel agencies (online and offline), corporate travel managers, and independent travel agents use this Platform to search, compare, and book travel and tourism services. These services include flights, accommodation, cruise booking, car rentals, visa assistance and more, offered by various service providers. The business platform helps buyers' book all these services at one platform. At the same time, it allows suppliers to manage their pricing, availability, and reach the right customers more easily.
Company has filed a Draft Prospectus with SEBI and is planning the aggregate issuance of 22,00,000 equity shares of Rs 10 each, comprising a fresh issue of 17,50,000 equity shares and the offer for sale of 4,50,000 equity shares.
UHM Vacation Ltd IPO will close on 08 Jun 2026.
- Comprehensive Service Offering.
- Convenient and User-Friendly Platform.
- International Market Access.
- Scalable Business Model.
- Experienced management team with proven project management and implementation skills.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Izhar Ahmad | 4285493 | 87.53 | 3865493 | 58.16 |
| 2 | Rubeena Khatoon I Ahmed | 474500 | 9.69 | 474500 | 7.14 |
| 3 | Huda Izhar | 2167 | 0.04 | 2167 | 0.03 |
| 4 | Arsalan Ahmad | 2167 | 0.04 | 2167 | 0.03 |
| 5 | Niyaz Ahmad Khan | 87 | --- | 87 | --- |
| 6 | Azfer Izhar Ahmad | 2167 | 0.04 | 2167 | 0.03 |
- The company derives a significant portion of its revenue from the company top customer, top 3 customer top 5 customer and top 10 customers. The loss of one or more such customers, the deterioration of their financial condition or prospects, or a reduction in their demand for the company products could adversely affect its business, results of operations, financial condition and cash flows.
- The company revenue is entirely dependent on the domestic and global travel and tourism sector. Consequently, any downturns or disruptions in this industry could adversely affect its business performance, operating results, and overall financial health of the company.
- The company derives a significant portion of its revenue from certain of the company services. If sales volume or price of such services declines in the future, or if its is unable to sell such services for any reason, the company business, financial condition, cash flows and results of operations could be adversely affected.
- The Company is dependent on the Gulf Countries market for its consolidated revenue and any downturn in it could reduce the company sales.
- The company derives a significant part of its revenue from major agents. If one or more of such agents choose not to source their requirements from its, the company business, financial condition and results of operations may be adversely affected.
- The company propose to utilize a portion of its Net Proceeds towards setting up of Customer Support Office. Any delay or failures in successfully setting up of Customer Support Office may affect the company business growth, thereby affecting its future business plans, business operations and financial conditions.
- The company requires working capital for its smooth day-to-day operations and insufficient working capital may result in the company being unable to meet its daily operational needs. This could lead to delays in paying service providers, salaries, or other operational expenses, affecting operation of business.
- The company is subject to risks related to online payment methods which may affect its business, brand, results of operations and financial condition.
- If the company is unable to continue to increase the number of agents and suppliers using its platform, the company business and results of operations may be adversely affected.
- Any adverse developments affecting the company aggregation-based business model may materially impact its operations, profitability and financial condition.
- The company has not yet placed orders in relation to the funding Capital Expenditure towards Capital Expenditure for B2B travel portal enhancement and integrations covering Mid Office, GDS, API, App, and Other Core Modules, Capital Expenditure for setting up Customer Support Office and Capital Expenditure towards Purchase of Vehicles for Business Purpose, which is proposed to be financed from the offer proceeds of the IPO. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the services and products in a timely manner, or at all, may result in time and cost over-runs and its business, prospects and results of operations may be adversely affected.
- If the company is unable to continue to provide an attractive travel distribution platform to its service providers and agents the company business and results of operations may be adversely affected.
- The Company had negative cash flows in the past years and may continue to has negative cash flows in the future.
- Investments in pre-purchased airline and accommodation inventory expose the company to demand uncertainty, pricing volatility and potential losses.
- The company Sales office and proposed Customer Support Office are located on premises taken on a lease basis and there can be no assurance that the Lease agreement will be renewed upon termination or that its will be able to obtain other premises on leave and license on same or similar commercial terms.
- The objects of the Fresh Issue for which the funds are being raised has not been appraised by any bank or financial institution. Any variation in the utilization of the company Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders' approval.
- The company is involved in certain legal proceedings, which, if determined adversely, may affect its business and financial condition.
- There has been instances of delays in payment of statutory dues, i.e. ESIC and EPF by the Company. In case of any delay in payment of statutory dues in future by the Company, the Regulatory Authorities may impose monetary penalties on its or take certain punitive actions against the Company in relation to the same which may have adverse impact on its business, financial condition and results of operations.
- The company business is subject to economic cycles and seasonality, which could materially affect its operations and financial performance.
- The company may incur costs, including those not within its control, which the company may not be able to pass on to its Agents.
- The company contingent liabilities as stated in its Restated Financial Statements could affect the company financial condition.
- There has been instances of delays in filings of certain forms which were required to be filed as per the reporting requirements under the Companies Act, 1956 and 2013 to ROC.
- The company insurance coverage may not fully address all material hazards or if there is exclusions in the policy, the company may not receive adequate compensation for certain losses. This could result in significant financial strain, as the company may has to cover these costs out of pocket.
- Any inefficiencies in or failures of the company billing and management information systems may adversely affect its business, financial condition and results of operations.
- Certain experience details of the company Directors is based on self-declarations and may not be independently verifiable.
- The company inability to collect receivables in time or at all and default in payment from its customers could result in the reduction of the company profits and affect its cash flows.
- The company brand image is integral to its success and if the company is unable to effectively maintain, promote and enhance its brand, and conduct the company sales and marketing activities effectively, its business and reputation may be adversely affected.
- Failures to protect the company intellectual property could harm its ability to compete effectively.
- Any non-compliance with the Foreign Exchange Management Act, 1999 (FEMA) and applicable regulations may adversely affect the company business and financial condition.
- The Company and its Subsidiary, Arabian Wonder FZC LLC, is engaged in similar lines of business, which may give rise to potential conflicts of interest and could adversely affect its business, financial condition and results of operations.
- The company Promoters and Directors hold Equity Shares in its Company and is therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- The company acknowledges that the success of the business heavily depends on the leadership and expertise of its Promoters and Directors and on Senior Management. The risk arises if the company faces challenges in attracting, retaining, or replacing key personnel (including executive director) and senior management.
- The company directors does not has any prior experience of being a director in any other listed company in India and this may present certain potential challenges for its Company and in the event of any material non- compliance where the company directors is held liable and responsible, its may has to appoint new directors.
- This Red Herring Prospectus contains information from an industry report prepared by Infomerics Analytics & Research, commissioned by the company for the purpose of the Offer for an agreed fee.
- If the Company cannot anticipate shifting service trends or industry preferences, it may continue to produce outdated or less desirable services. This could lead to a significant decline in market demand, affecting sales and overall revenue generation.
- Inability to maintain adequate internal controls may affect the company ability to effectively manage its operations, resulting in errors or information lapses.
- The deployment of Offer Proceeds is not subject to monitoring by an external independent agency.
- The company could be harmed by employee misconduct or errors that are difficult to detect, and any such incidences could adversely affect its financial condition, results of operations and reputation.
- If the company is unable to manage attrition and attract and retain skilled professionals, it may adversely affect its business prospects, reputation and future financial performance.
- Any significant disruption in service on the company website or platform could damage its reputation and result in a loss of customers, which may adversely affect the company business, brand, results of operations and financial condition.
- The company may be subject to different rules under different standards in relation to compliance with payment method.
- Competition from smaller and larger players given the fragmented nature of the tourism industry may impact visitors to the company platform which could adversely affect its business and results of operations.
- New age travel distribution platforms such as the Company is subject to various risks and challenges in the travel and tourism industry.
- The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Offer. Further, the company has not identified any alternate source of financing the "Objects of the Offer". Any shortfall in raising / meeting the same could adversely affect its growth plans, operations and financial performance.
- Defaults or delays in payments by the company agents may expose its to credit risk and could adversely affect the company cash flows, results of operations and financial condition.
- The company inability to obtain, renew or maintain its statutory and regulatory permits and approvals required to operates its business may has a material adverse effect on the company business, financial condition and results of operations.
- The average cost of acquisition of Equity Shares held by the company Promoters could be lower than the Offer Price.
- The company ability to pay dividends in the future will depends on its earnings, financial condition and capital requirements.
- The company Promoters may enter into ventures that may lead to real or potential conflicts of interest with its business.
- The company has in the past entered into related party transactions and may continue to does so in the future, which may potentially involve conflicts of interest with its Shareholders.
- The company will continue to be controlled by its Promoters and Promoter Group after the completion of the Offer, which will allow them to influence the outcome of matters submitted for approval of the company shareholders.
- Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Offer.
- The Company will not receive any proceeds from the Offer for Sale portion, and the Promoter Selling Shareholder shall be entitled to the Offer Proceeds to the extent of the Equity Shares offered by them in the Offer for Sale. Its Promoters is therefore interested in the Offer in connection with the Equity Shares offered by them in the Offer for Sale.
- The company may incur indebtedness during the course of business. Its cannot assure that the company would be able to service its existing and/ or additional indebtedness.
- The company may requires additional equity or debt in the future in order to continue to grow its business, which may not be available on favourable terms or at all.
- The company Equity Shares has never been publicly traded, and, after the offer, the equity shares may experience price and volume fluctuations, and an active trading market for the equity shares may not develop. Further, the price of the equity shares may be volatile, and you may be unable to resell the equity shares at or above the offer price, or at all.
- There is restrictions on daily weekly monthly movement in the price of the equity shares, which may adversely affect the shareholder's ability to sell for the price at which it can sell, equity shares at a particular point in time.
- QIB and Non-Institutional Investors is not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- Any future issuance of Equity Shares may dilute the shareholding of the Investor, or any sale of Equity Shares by the company Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
The Issue type of UHM Vacation Ltd is Book Building - SME.
The minimum application for shares of UHM Vacation Ltd is 1600.
The total shares issue of UHM Vacation Ltd is 2169600.
Initial public offering of 21,69,600 equity shares of face value of Rs. 10 each ("Equity Shares") of UHM Vacation Limited ("Company" or the "Issuer") for cash at a price of Rs. 166 per equity share (including a share premium of Rs. 156 per equity share) ("Offer Price") aggregating Rs. 36.02 Crores comprising a fresh issue of 17,49,600 equity shares aggregating Rs. 29.04 Crores by the company ("Fresh Issue") and an offer for sale of 4,20,000 equity shares aggregating Rs. 6.97 Crores (the "Offered Shares") comprising 4,20,000 equity shares by Izhar Ahmad aggregating Rs. 6.97 Crores (the "Selling Shareholder" and such offer, the "Offer For Sale") (the "Offer For Sale" and together with the fresh issue, the "Offer") of which 1,10,400 equity shares aggregating to Rs. 1.83 Crores will be reserved for subscription by market maker to the offer (the "Market Maker Reservation Portion"). The offer, less market maker reservation, i.e. Net offer 20,59,200 equity shares of face value of Rs. 10 each at price of Rs. 166 per equity share aggregating to Rs. 34.18 Crores is herein after referred to as the "Net Offer". The offer and the net offer will constitute 32.65% and 30.98% respectively of the fully-diluted post- offer paid-up equity share capital of the company.
Price Band: Rs. 166 per equity share of face value of Rs. 10 each.
The floor price is 16.60 times of the face value.
Bids can be made for a minimum of 1600 equity shares and in multiples of 800 equity shares thereafter.