Helloji Holidays Limited, offering customised holiday packages and complete travel solutions for leisure and corporate travellers including domestic and international flights, hotels, resorts, cruises, luxury cars, sightseeing, destination management, travel insurance, passport and visa assistance serving both business-to-business segment, made a modest debut on BSE SME on December 9, 2025. After closing its IPO bidding between December 2-4, 2025, the company commenced trading with a premium of 5.00% opening at ₹123.90 (matching upper circuit) and touched ₹123.90 (up 5.00%).

Helloji Holidays Limited Listing Details

Helloji Holidays launched its IPO at ₹118 per share with minimum investment of 2,400 shares costing ₹2,83,200. The IPO received strong response with subscription of 30.16 times - individual investors at 22.80 times, QIB at 34.40 times, NII at 41.60 times.

First-Day Trading Performance

Listing Price: Helloji Holidays opened at ₹123.90 representing premium of 5.00% from issue price of ₹118.00, touched upper circuit high of ₹123.90 (up 5.00%) and low of ₹115.00 (down 2.54%), with VWAP at ₹118.61, reflecting modest listing gains with upper circuit hit despite strong subscription of 30.16 times.

Growth Drivers and Challenges

Growth Drivers:

Strong Profitability Metrics: Exceptional ROE of 50.78%, robust ROCE of 44.38%, RoNW of 33.51%, minimal debt-to-equity of 0.01 demonstrating strong capital efficiency, revenue increased 8% and PAT rose 16% between FY24 and FY25.
Comprehensive Service Portfolio: One-stop provider for all travel and related services including air ticketing, packaged tours, hotel reservations worldwide, cab booking, visa and passport assistance, travel insurance, MICE corporate travel and event management, synergistic distribution model targeting both business and leisure travelers.
Business Model Diversification: Revenue split between B2B segment at 56.98% providing stable corporate client base and B2C segment at 43.02% offering direct consumer engagement, strong customer retention base, organizational stability supported by experienced management team.

Challenges:

Sustainability Concerns: Despite exceptional ROE of 50.78%, analyst review highlights company outperformed industry standards in bottom lines raising eyebrows and concern over sustainability, average financial performance with questionable margin quality in competitive travel segment.
Extremely Weak Growth: Revenue increased only 8% and PAT rose merely 16% for FY25 which is extremely slow for SME company, highly competitive space dominated by large online travel aggregators including MakeMyTrip, EaseMyTrip, and Yatra plus offline agents creating pricing pressures

Utilisation of IPO Proceeds

Working Capital and Technology: ₹5.04 crore for working capital requirements supporting business operations, ₹2.90 crore for capital expenditure towards purchase of software enhancing operational efficiency and customer service capabilities.
General Corporate Purposes: ₹1.60 crore allocated for general corporate purposes supporting operational needs and strategic initiatives to maintain competitive positioning in travel and tourism market.

Financial Performance

Revenue: ₹28.18 crore for FY25, modest growth of 8% from ₹25.97 crore in FY24, reflecting slow expansion in travel services business across B2B and B2C segments despite comprehensive service portfolio and dual distribution model.
Net Profit: ₹2.10 crore in FY25, growth of 16% from ₹1.80 crore in FY24, demonstrating limited profit expansion with margins that analyst questions sustainability given industry dynamics and competitive pressures from established players.
Financial Metrics: Exceptional ROE of 50.78%, robust ROCE of 44.38%, minimal debt-to-equity of 0.01, RoNW of 33.51%, PAT margin of 7.45%, EBITDA margin of 10.07%, price-to-book of 4.71x, post-issue EPS of ₹6.11, P/E of 19.30x, net worth of ₹6.26 crore, negligible borrowings of ₹0.04 crore, and market capitalisation of ₹42.50 crore.