{"id":113922,"date":"2026-06-11T11:20:48","date_gmt":"2026-06-11T05:50:48","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=113922"},"modified":"2026-06-11T11:20:49","modified_gmt":"2026-06-11T05:50:49","slug":"uhm-vacation-ipo-listing-analysis","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/uhm-vacation-ipo-listing-analysis\/","title":{"rendered":"UHM Vacation IPO Listing on BSE SME: Opens at Rs 132.80 (-20% Discount to Issue Price Rs 166) and Falls Further to Rs 126.20 on Listing Day"},"content":{"rendered":"<div class=\"meta-block\"><\/div>\n<p style=\"border-left: 4px solid #1F4E79; background: #EBF3FB; padding: 10px 16px; font-style: italic;\"><em>UHM Vacation IPO listing (BSE SME, June 11, 2026): Issue price Rs 166. Listing open Rs 132.80 (-20.0% from issue price). CMP Rs 126.20 (-23.98%). Day high Rs 132.80, low Rs 126.20. Subscription: 2.36x (Retail 3.86x, QIB 1x, NII 0.86x). Issue size Rs 36.02 Cr. GMP before listing: Rs 0 (no grey market premium).<\/em><\/p>\n<p>The <strong><a href=\"https:\/\/univest.in\/user\/stocks\/uhmvl\/uhm-vacation-limited-share-price-today\">UHM Vacation<\/a> IPO<\/strong> made a disappointing debut on the BSE SME platform on Thursday, June 11, 2026, listing at Rs 132.80, a 20% discount to the issue price of Rs 166 per share. The <strong>UHM Vacation IPO<\/strong> listing performance data (BSE symbol: UHMVL), which shows the stock opened at Rs 132.80, with both the day&#8217;s high and opening price being identical at Rs 132.80, before declining further to Rs 126.20, a loss of approximately 23.98% from the issue price of Rs 166. The weak <strong>UHM Vacation IPO<\/strong> listing was anticipated by the grey market, which showed zero GMP before listing, an unusual signal for an IPO and an early warning of potential weak listing sentiment. The IPO&#8217;s modest overall subscription of 2.36 times, with the HNI (NII) category falling below full subscription at 0.86 times, reflected limited institutional conviction in the B2B travel aggregator&#8217;s valuation at the IPO price.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&amp;utm_medium=uhm-vacation-ipo\"><strong>Click Here &#8211; Get Free Research From Univest<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/uhm-vacation-ipo-listing-analysis\/#UHM_Vacation_IPO_Listing_Complete_Data\" title=\"UHM Vacation IPO Listing: Complete Data\">UHM Vacation IPO Listing: Complete Data<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/uhm-vacation-ipo-listing-analysis\/#Why_Did_UHM_Vacation_IPO_List_at_a_Steep_Discount\" title=\"Why Did UHM Vacation IPO List at a Steep Discount?\">Why Did UHM Vacation IPO List at a Steep Discount?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/uhm-vacation-ipo-listing-analysis\/#UHM_Vacation_The_Business_Case\" title=\"UHM Vacation: The Business Case\">UHM Vacation: The Business Case<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/uhm-vacation-ipo-listing-analysis\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/uhm-vacation-ipo-listing-analysis\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/uhm-vacation-ipo-listing-analysis\/#Why_did_UHM_Vacation_IPO_list_at_a_discount_to_issue_price\" title=\"Why did UHM Vacation IPO list at a discount to issue price?\">Why did UHM Vacation IPO list at a discount to issue price?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/uhm-vacation-ipo-listing-analysis\/#What_does_UHM_Vacation_Limited_do\" title=\"What does UHM Vacation Limited do?\">What does UHM Vacation Limited do?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/uhm-vacation-ipo-listing-analysis\/#Should_you_hold_UHM_Vacation_shares_after_the_weak_listing\" title=\"Should you hold UHM Vacation shares after the weak listing?\">Should you hold UHM Vacation shares after the weak listing?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"UHM_Vacation_IPO_Listing_Complete_Data\"><\/span><strong>UHM Vacation IPO Listing: Complete Data<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"width: 100%; border-collapse: collapse; font-size: 14px;\">\n<thead>\n<tr>\n<th style=\"border: 1px solid #000; padding: 7px 9px; background: #000; color: #fff; text-align: left;\">Parameter<\/th>\n<th style=\"border: 1px solid #000; padding: 7px 9px; background: #000; color: #fff; text-align: left;\">Details<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Exchange<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">BSE SME<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Symbol<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">UHMVL<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">IPO Issue Price<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 166 per share (upper band)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Price Band<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 157-166 per share<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Listing Price (Open)<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 132.80 (-20.0% from issue price)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">CMP<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 126.20 (-23.98% from issue price)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Day High<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 132.80<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Day Low<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 126.20<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">IPO Subscription<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">2.36x (retail 3.86x, QIB 1.00x, NII 0.86x)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Issue Size<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 36.02 crore (Fresh issue Rs 29.04 Cr + OFS Rs 6.97 Cr)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Face Value<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 10<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Lot Size<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">800 shares<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Min Retail Investment<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 2,65,600 (2 lots = 1,600 shares)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Allotment Date<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">June 9, 2026<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Business<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">B2B travel and tourism aggregator<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Revenue FY25<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 40.20 crore (+31% from Rs 30.66 crore in FY24)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">PAT FY25<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 7.18 crore (+36% from Rs 5.27 crore in FY24)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Lead Manager<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Sobhagya Capital Options Pvt. Ltd.<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Registrar<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">MUFG Intime India Pvt. Ltd.<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Pre-IPO GMP<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 0 (no grey market premium before listing)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div style=\"background: #E8EAFF; border-radius: 14px; padding: 22px 26px 18px; margin: 24px 0; cursor: pointer;\">\n<p style=\"font-size: 18px; font-weight: bold; color: #0a0a23; margin: 0 0 8px;\">Track UHM Vacation and All SME IPO Listings on Univest<\/p>\n<p style=\"font-size: 14px; color: #3a3a5c; margin: 0 0 10px;\">Univest covers all SME IPO listings with listing-day performance, GMP tracking, and post-listing analysis.<\/p>\n<ul style=\"margin: 0 0 12px 18px; color: #3a3a5c; font-size: 14px; line-height: 1.8;\">\n<li>Live UHM Vacation IPO price tracking post-listing<\/li>\n<li>All BSE\/NSE SME IPO listing performance and hold\/exit analysis<\/li>\n<li>GMP and subscription data from Univest research<\/li>\n<\/ul>\n<p style=\"font-size: 14px; color: #3a3a5c; margin: 0 0 12px;\">Explore the latest <a style=\"color: #3b7fff; font-weight: bold;\" href=\"https:\/\/univest.in\/user\/payment?planType=ALL_PRO%20PLANS\">Top Stock Picks<\/a> on Univest<\/p>\n<p><a style=\"display: inline-block; background: #3B7FFF; color: #fff; font-size: 14px; font-weight: 600; padding: 10px 22px; border-radius: 50px; text-decoration: none;\" href=\"https:\/\/univest.in\/user\/payment?planType=ALL_PRO%20PLANS\" target=\"_blank\" rel=\"noopener\">See the Stocks \u2192<\/a><\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Why_Did_UHM_Vacation_IPO_List_at_a_Steep_Discount\"><\/span><strong>Why Did UHM Vacation IPO List at a Steep Discount?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>UHM Vacation IPO<\/strong>&#8216;s 20% listing discount stems from a confluence of factors. First, the pre-IPO grey market premium was zero, signalling that sophisticated grey market traders did not see an arbitrage opportunity at the Rs 166 issue price. Second, the NII (HNI) category was not fully subscribed at 0.86x, which typically correlates with weak listing performance since HNI investors are often the most informed about IPO valuations. Third, the B2B travel sector, while growing, operates in a fragmented and competitive space with thin margins, and the <strong>UHM Vacation IPO<\/strong> valuation at Rs 166 implied a P\/E of approximately 23x on FY25 PAT of Rs 7.18 crore, which the market is now not willing to support at the issue price.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"UHM_Vacation_The_Business_Case\"><\/span><strong>UHM Vacation: The Business Case<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite the weak <strong>UHM Vacation IPO<\/strong> listing, the company&#8217;s underlying business shows healthy growth: revenue grew 31% year on year to Rs 40.20 crore in FY25, and PAT grew 36% to Rs 7.18 crore. The B2B travel platform model, serving travel agencies and corporate travel managers through a unified technology interface, is capital-efficient and scalable. The company&#8217;s GCC market presence differentiates it from purely domestic peers. IPO proceeds from the fresh issue of Rs 29.04 crore will fund growth initiatives. The long-term business case has merit, but the market will need to see sustained earnings growth before re-rating the <strong>UHM Vacation IPO<\/strong> listing price upward.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Screen UHM Vacation and All SME IPO Listings on the Univest Screener<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>UHM Vacation IPO<\/strong> has had a disappointing listing day, opening 20% below the issue price at Rs 132.80 and currently at Rs 126.20 (-24% from Rs 166). Zero pre-listing GMP and sub-1x NII subscription were early warning signals that materialised. IPO allottees should assess their risk tolerance and the company&#8217;s long-term growth before deciding to hold or exit. Track live <strong>UHM Vacation IPO<\/strong> price and post-listing performance on Univest.<\/p>\n<p style=\"margin-top: 24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track UHM Vacation IPO share price and all SME IPO listings on Univest.<\/em><\/p>\n<div style=\"background: #CC0000; border-radius: 8px; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"color: #ffffff; font-size: 13px; line-height: 1.7; margin: 0;\"><strong style=\"color: #ffffff;\">Disclaimer:<\/strong> Data sourced from NSE\/BSE\/public filings. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776). Investments are subject to market risk. Consult a SEBI-registered financial advisor before investing.<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Why_did_UHM_Vacation_IPO_list_at_a_discount_to_issue_price\"><\/span><strong>Why did UHM Vacation IPO list at a discount to issue price?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans. UHM Vacation IPO listed at a 20% discount to the issue price of Rs 166, opening at Rs 132.80 on BSE SME. The weak listing reflects multiple factors: the IPO was only marginally subscribed at 2.36 times overall, with the NII (HNI) category showing sub-1x subscription at 0.86x, indicating limited institutional and HNI enthusiasm. The pre-IPO grey market premium was zero, which is a reliable indicator of weak listing sentiment. The B2B travel aggregator business, while growing, operates in a competitive and fragmented sector, and the valuation at Rs 166 may have appeared stretched to investors given the company&#8217;s Rs 7.18 crore PAT for FY25.<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_does_UHM_Vacation_Limited_do\"><\/span><strong>What does UHM Vacation Limited do?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans. UHM Vacation Limited, incorporated in 2009, is a B2B travel and tourism aggregator that provides a technology-driven platform enabling travel agencies, corporate travel managers, and independent travel agents to search, compare, and book travel services. Its product portfolio covers airline tickets (domestic and international), hotel accommodations, cruise packages, car rentals, visa assistance, transfers, and holiday packages. The company distributes primarily through third-party aggregators and direct integrations. It has established a footprint in GCC (Gulf Cooperation Council) countries, catering to India&#8217;s large NRI diaspora.<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Should_you_hold_UHM_Vacation_shares_after_the_weak_listing\"><\/span><strong>Should you hold UHM Vacation shares after the weak listing?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans. IPO allottees who received UHM Vacation shares at Rs 166 are sitting on a loss of approximately 24% at the current price of Rs 126.20. The weak listing combined with the fact that the stock is trading below the grey market premium expectation (which was zero) suggests limited near-term catalyst. For allottees, holding through a 24% loss requires conviction in the long-term business case. UHM Vacation&#8217;s revenue grew 31% YoY to Rs 40.20 crore and PAT grew 36% to Rs 7.18 crore in FY25, which are healthy growth metrics, but the market has not rewarded the valuation at IPO price. Assess individual risk tolerance before deciding. This is not investment advice.<\/strong><\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Why did UHM Vacation IPO list at a discount to issue price?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"UHM Vacation IPO listed at a 20% discount to the issue price of Rs 166, opening at Rs 132.80 on BSE SME. The weak listing reflects multiple factors: the IPO was only marginally subscribed at 2.36 times overall, with the NII (HNI) category showing sub-1x subscription at 0.86x, indicating limited institutional and HNI enthusiasm. The pre-IPO grey market premium was zero, which is a reliable indicator of weak listing sentiment. The B2B travel aggregator business, while growing, operates in a competitive and fragmented sector, and the valuation at Rs 166 may have appeared stretched to investors given the company's Rs 7.18 crore PAT for FY25.\"}},{\"@type\":\"Question\",\"name\":\"What does UHM Vacation Limited do?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"UHM Vacation Limited, incorporated in 2009, is a B2B travel and tourism aggregator that provides a technology-driven platform enabling travel agencies, corporate travel managers, and independent travel agents to search, compare, and book travel services. Its product portfolio covers airline tickets (domestic and international), hotel accommodations, cruise packages, car rentals, visa assistance, transfers, and holiday packages. The company distributes primarily through third-party aggregators and direct integrations. It has established a footprint in GCC (Gulf Cooperation Council) countries, catering to India's large NRI diaspora.\"}},{\"@type\":\"Question\",\"name\":\"Should you hold UHM Vacation shares after the weak listing?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"IPO allottees who received UHM Vacation shares at Rs 166 are sitting on a loss of approximately 24% at the current price of Rs 126.20. The weak listing combined with the fact that the stock is trading below the grey market premium expectation (which was zero) suggests limited near-term catalyst. For allottees, holding through a 24% loss requires conviction in the long-term business case. UHM Vacation's revenue grew 31% YoY to Rs 40.20 crore and PAT grew 36% to Rs 7.18 crore in FY25, which are healthy growth metrics, but the market has not rewarded the valuation at IPO price. Assess individual risk tolerance before deciding. This is not investment advice.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>UHM Vacation IPO lists at Rs 132.80 (-20% to issue price Rs 166). Now Rs 126.20 (-24%). 2.36x subscribed. Zero GMP. B2B travel aggregator. 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