<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">A travel companion is something every family looks for when planning a holiday. With many travel options out there, here comes a fast-growing player raising funds to make vacations smoother, affordable, and unforgettable for every Indian traveller.<div dir="ltr" style="margin-left:0pt;" align="left"><table style="border: none; border-collapse: collapse; width: 100%;"><thead><tr style="height:0pt;"><th style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word; text-align: left;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Parameter</th><th style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Details</th></tr><tr style="height:0pt;"><th style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word; text-align: left;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Issue Type</th><th style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word; text-align: left;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">100% Fresh Issue</th></tr><tr style="height:0pt;"><th style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word; text-align: left;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Issue Size</th><th style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word; text-align: left;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">9,28,800 shares</th></tr><tr style="height:0pt;"><th style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word; text-align: left;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Price Band / Issue Price</th><th style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word; text-align: left;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Rs 110-118 per share</th></tr><tr style="height:0pt;"><th style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word; text-align: left;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Lot Size</th><th style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word; text-align: left;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">1,200 shares&nbsp;</th></tr></thead><tbody><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Total Issue</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">9,28,800 shares</td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Issue To Market Maker</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">48,000 shares</td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Net Issue</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">8,80,800 shares</td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Investor Allocation</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">QIB + Retail + NII&nbsp;</td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Listing Platform</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">BSE SME</td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Issue Opens</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">December 2, 2025</td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Issue Closes</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">December 4, 2025</td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Listing Date (Tentative)</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">December 9, 2025</td></tr></tbody></table></div> <span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">(The Helloji Holidays Ltd Share Price will be finalised post-allotment, while grey market cues through the Helloji Holidays Ltd IPO GMP will likely reflect market sentiment closer to listing.)Powered by <a href="https://www.froala.com/wysiwyg-editor?pb=1" title="Froala Editor">Froala Editor</a>

<ul style="margin-top:0;margin-bottom:0;padding-inline-start:48px;" data-pasted="true"><li dir="ltr" style="list-style-type:disc;font-size:10pt;font-family: initial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Capex Expansion:&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Funding expenditure required for its software platform.</li><li dir="ltr" style="list-style-type:disc;font-size:10pt;font-family: initial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Working Capital:&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Maintaining debtors and other assets for sales &amp; business expansion.</li><li dir="ltr" style="list-style-type:disc;font-size:10pt;font-family: initial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">General Corporate Purpose:&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Required for administrative and operational-related expenses.&nbsp;</li></ul> <span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Overall, the company aims to raise funds to expand its working capital and software base. It will be able to effectively cater for its customers&#39; needs by having a larger scale of air tickets, hotel and other travel-related services.&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">It can be said that the money is being used for the company&rsquo;s primary purpose for expansion in tour &amp; travel services. <span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Strength and Risk<div dir="ltr" style="margin-left:0pt;" align="left"><table style="border: none; border-collapse: collapse; width: 100%;"><tbody><tr style="height:22.490763346354168pt;"><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Strength</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Risk</td></tr><tr style="height:11.05pt;"><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Effective cost management.</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Intensive Competitive Pressure.</td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Cordial relations across industry &amp; client base.</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Threat from natural disasters &amp; pandemics.</td></tr><tr style="height:25.490763346354168pt;"><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Experienced and goal-oriented team.</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">The industry is prone to policy change.</td></tr><tr style="height:9.65pt;"><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">In-depth commercial and industrial knowledge.</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Need for an aggressive marketing strategy.&nbsp;</td></tr></tbody></table></div> <span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Final Words<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">At Alpha Venture X Fund, we assess opportunities through our&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">LMVT framework &mdash; Leadership, Moat, Valuation, and Tailwinds<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;&mdash; enabling us to identify scalable businesses with durable fundamentals.&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Leadership:<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;Promoted by Hitesh Kumar Singla and family with&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">10+ years<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;in travel aggregation, and proven ability to scale revenue from 17.2Cr in FY23 to 28.1Cr in FY25 while remaining&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">debt‑free.<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Moat:<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;Company has a strong B2B focus with&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">57% revenue from repeat<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;corporate clients, high-touch servicing and credit terms.&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Tailwinds:<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;Rising share of higher-margin packages and increasing revenue from<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;MICE services<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">. Software&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">upgradation and higher working<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;capital lead to an effective client experience.<span style="font-size:10pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Valuation:<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;The company is&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">undervalued&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">with a P/E &amp; EV/EBITDA ratio at 19.3x &amp; 8.7x, respectively. Providing an upside to the shareholders. <span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Bottom Line:<span style="font-size:11pt;font-family:Roboto,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Helloji Holidays is risky, given its tiny scale and concentrated customers. However, the company is currently undervalued, has high ROE and low debt, making it a&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">selective,<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;not an automatic buy.&nbsp;Powered by <a href="https://www.froala.com/wysiwyg-editor?pb=1" title="Froala Editor">Froala Editor</a>

A travel companion is something every family looks for when planning a holiday. With many travel options out there, here comes a fast-growing player raising funds to make vacations smoother, affordable, and unforgettable for every Indian traveller.

IntroductionPowered by <a href="https://www.froala.com/wysiwyg-editor?pb=1" title="Froala Editor">Froala Editor</a>

<span style="font-size:12pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Indian Tourism IndustryPowered by <a href="https://www.froala.com/wysiwyg-editor?pb=1" title="Froala Editor">Froala Editor</a>

<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Management &amp; GovernancePowered by <a href="https://www.froala.com/wysiwyg-editor?pb=1" title="Froala Editor">Froala Editor</a>

<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Peer ComparisonPowered by <a href="https://www.froala.com/wysiwyg-editor?pb=1" title="Froala Editor">Froala Editor</a>

<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">IPO ObjectivesPowered by <a href="https://www.froala.com/wysiwyg-editor?pb=1" title="Froala Editor">Froala Editor</a>

Parameter	Details
Issue Type	100% Fresh Issue
Issue Size	9,28,800 shares
Price Band / Issue Price	Rs 110-118 per share
Lot Size	1,200 shares
Total Issue	9,28,800 shares
Issue To Market Maker	48,000 shares
Net Issue	8,80,800 shares
Investor Allocation	QIB + Retail + NII
Listing Platform	BSE SME
Issue Opens	December 2, 2025
Issue Closes	December 4, 2025
Listing Date (Tentative)	December 9, 2025

Helloji Holidays Ltd IPO Analysis