1. At a Glance
Delhi-based Helloji Holidays Ltd. wants to take you on a ride — literally and financially. With an IPO size of just ₹10.96 crore, this travel company has decided to test the BSE SME waters with a dream valuation of around ₹40.46 crore. The IPO opens on December 2, 2025, and closes on December 4, 2025, with a listing expected on December 9, 2025.
The issue price band of ₹110–₹118 per share feels like a business-class ticket pricing for an economy cabin, given its small scale. Retail investors need at least ₹2.83 lakh (for 2,400 shares), while HNIs need to shell out ₹4.24 lakh minimum — enough to actually fund a Maldives trip through the same company they’re investing in.
Promoters Hitesh Kumar Singla, Nikhil Singla, Nitin Dixit, and Anil Kumar Sharma are diluting their stake from a near-dictatorial 96% to 70%, keeping the control but sharing the turbulence risk.
Despite the company’s modest revenue of ₹28.18 crore in FY25, it has delivered a PAT of ₹2.10 crore, with a mind-blowing ROE of 50.78% — numbers that can make even MakeMyTrip blush. But before you book your ticket to profitland, remember — such high returns in a low-margin business can either mean operational genius or accounting gymnastics.
2. Introduction
Welcome aboard Helloji Holidays Airlines, where the destinations are dreamy, but the valuation is déjà vu. The Delhi-based tour operator has been running travel packages for both corporate and leisure travelers — and now, it wants to sell a different kind of ticket: equity.
The travel sector in India is booming post-pandemic, and every second entrepreneur from Delhi seems to have a travel desk and an IPO dream. From air ticketing to hotel booking, MICE events, and visa assistance, Helloji wants to be your one-stop travel planner — the “MakeMyTrip for everyone who still calls IRCTC for flight queries.”
But jokes aside, the company’s model is actually hybrid — balancing B2B (56.98%) and B2C (43.02%) segments. That’s like running a cab service where half the passengers are corporate packages and the rest are your relatives from Punjab.
Financially, the firm has been profitable for the past three years, with revenue growing from ₹17.18 crore in FY23 to ₹28.18 crore in FY25, and PAT jumping 10x since FY23. However, the IPO valuation makes it a ₹40 crore company — a bit steep for a travel aggregator that’s still smaller than the average MakeMyTrip franchise counter in Gurgaon.
So, let’s unpack the baggage — and see whether Helloji is flying business or just selling tickets to itself.
3. Business Model – WTF Do They Even Do?
Helloji Holidays is in the business of selling dreams — and occasionally, flight delays.
They offer everything a traveler could want: domestic and international flight bookings, hotel reservations, customized tours, car rentals, cruises, and travel insurance. Their “MICE” vertical — Meetings, Incentives, Conferences, and Events — handles corporate travel, which is code for “we book Goa trips for HR departments and call it strategic bonding.”
The company operates through both B2B and B2C models:
- B2B: Working with travel agents, corporate clients, and institutional bookings.
- B2C: Catering to individual wanderlusters, honeymooners, and “influencers” who think Ladakh is a personality.
The USP? They call it a “Synergistic Distribution Model” — which is basically a fancy way of saying “we sell to both companies and individuals.”
Their competitive strengths include “strong customer retention base” and an “experienced management team,” which every RHP claims — but to their credit, they’ve managed to scale up profitably.
Still, in an era where online platforms dominate and AI bots plan trips better than human agents, Helloji’s growth strategy will need more than just “Delhi jugad” — it’ll need serious tech muscle. And yes, ₹2.9 crore from IPO proceeds will go toward software — hopefully not just for Excel macros.
4. Financials Overview
Let’s unpack the numbers — the only luggage worth carrying
