BSE SME Travels & Rentals makes a good debut

The scrip was listed at Rs 55, a premium of 37.50% compared with the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% over its listing price.

The counter hit a high of Rs 57.75 and a low of Rs 52.25. About 19.98 lakh shares of the company changed hands at the counter.

Travels & Rentals' IPO was subscribed 578.15 times. The issue opened for bidding on 29 August 2024 and it closed on 2 September 2024. The price of the IPO was set at Rs 40 per share.

The IPO comprised fresh issue of 30,60,000 shares. The promoter and promoter group shareholding diluted to 62.86% from 86.48% pre-IPO.

The company intends to utilize the net proceeds for working capital requirements and general corporate purpose.

Travels & Rentals offers a comprehensive range of travel-related products and services for end-to-end travel solutions, including airline tickets, hotels and tour packages, rail tickets as well as ancillary value-added services such as travel insurance, passport & visa processing and tickets for activities and attractions. As on 31 March 2024, the company has 58 employees.

The company recorded revenue from operations of Rs 7.52 crore and net profit of Rs 2.96 crore for the period as on 31 March 2024.