Shares of travel services aggregator UHM Vacation are set to make their stock market debut on the BSE SME platform on Thursday, June 11, with grey market signals pointing to a subdued listing. The company's shares were trading with a grey market premium (GMP) of 0% ahead of listing, indicating that the stock may debut around its issue price of Rs 166 per share.While GMP is an unofficial indicator and actual listing performance may differ, the absence of any premium reflects cautious investor sentiment.The Rs 36.02 crore IPO was open for subscription between June 4 and June 8. The issue comprised a fresh issue of Rs 29.04 crore and an offer-for-sale worth Rs 6.97 crore.Investor demand remained modest compared with many recent SME offerings. The IPO was subscribed 2.36 times overall, with the retail investor portion receiving the strongest response at 3.86 times subscription. The non-institutional investor (NII) category was subscribed to only 0.86 times, while the QIB portion was subscribed to just once.Incorporated in 2009, UHM Vacation operates as a B2B travel and tourism aggregator. The company provides airline tickets, hotel bookings, cruises, visa assistance, transfers, holiday packages, and other travel-related services through a single technology platform connecting suppliers and travel agents.The company has operations across India and Gulf Cooperation Council (GCC) countries and serves travel agencies, corporate travel managers and independent travel agents through its proprietary platform.Financially, the company reported steady growth. For the period ended February 2026, revenue stood at Rs 45.29 crore, compared with Rs 40.20 crore in FY25. Profit after tax rose to Rs 8.05 crore from Rs 7.18 crore a year earlier.The company plans to utilise fresh issue proceeds towards capital expenditure, marketing and promotional activities, working capital requirements and general corporate purposes.With subscription levels remaining relatively low and the GMP indicating no premium, investors will closely watch whether the company's financial performance and asset-light technology-driven business model can support gains after listing or whether the stock sees a muted debut on the SME platform.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)