Here is the confirmed timeline for the Shipwaves Online Ltd. IPO, which is scheduled to open on September 30, 2025, and list on the BSE SME platform:
Price Band
| Parameter | Details |
|---|
| Issue Type | SME IPO (Fixed Price) |
| Face Value | ₹1 per share |
| Issue Price | ₹12 per share |
| Premium | ₹11 per share |
| Minimum Lot Size | 10,000 shares |
| Investment for Minimum Lot | ₹1,20,000 |
| Total Shares Offered | 4,700,000 shares |
| Total Issue Size | ₹56.35 crore |
🚢 Company Overview
Shipwaves Online Ltd. is a logistics technology company established in 2015 and headquartered in Mangalore, India. It offers an integrated platform for global shipping and logistics across ocean, land, and air. The company provides two primary services:
- Digital Freight Forwarding: End-to-end multimodal transport with real-time tracking, automated documentation, and customs support.
- Enterprise SaaS Solutions: Tools for supply chain visibility, analytics, demand forecasting, and process automation.
These services aim to help businesses move cargo efficiently, reduce costs, and gain full control over their logistics operations.
📊 Financial Performance
| Financial Year | Revenue (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) | EBITDA Margin | PAT Margin | EPS (₹) | ROE (%) | ROCE (%) | Debt-to-Equity |
|---|---|---|---|---|---|---|---|---|---|
| FY25 (Annualized) | 108.28 | 18.96 | 10.83 | 17.51% | 10.00% | 1.15 | 41.86% | 25.79% | 1.33 |
| FY24 | 96.71 | 11.04 | 5.84 | 11.42% | 6.04% | 0.62 | 38.65% | 22.78% | 1.60 |
| FY23 | 69.30 | 4.06 | 2.24 | 5.86% | 3.23% | 0.24 | 23.98% | 15.41% | 1.48 |
| FY22 | 57.88 | 1.27 | 0.06 | 2.19% | 0.10% | 0.88 | 0.88% | 6.97% | 1.73 |
Note: Figures for FY25 are annualized based on the first half of the fiscal year.
💰 Key Financial Metrics
- Net Worth: ₹25.87 crore (as of FY25)
- Total Debt: ₹34.52 crore (as of FY25)
- Market Capitalization: ₹212.24 crore (based on IPO price)
- P/E Ratio: 10.93 times
- P/BV Ratio: 2.58 times
- EV/EBITDA: 13.00 times
🧾 IPO Financial Highlights
- Issue Size: ₹56.35 crore
- Price Band: ₹12 per share (fixed price)
- Face Value: ₹1 per share
- Minimum Lot Size: 10,000 shares (₹1,20,000 investment)
- Listing: BSE SME Platform
- Listing Date: October 9, 2025 (tentative)
✅ Strengths
- Integrated Digital Logistics Platform
- Provides end-to-end freight forwarding and supply chain solutions.
- Combines ocean, air, and land transport in one platform, improving efficiency for clients.
- Growing Revenue and Profitability
- Revenue has grown from ₹57.88 Cr (FY22) → ₹108.28 Cr (FY25 annualized).
- PAT has improved from ₹0.06 Cr (FY22) → ₹10.83 Cr (FY25 annualized), showing strong growth.
- Experienced Management Team
- Leadership with expertise in logistics and technology helps in strategic scaling and partnerships.
- B2B SaaS Revenue Model
- Enterprise clients and recurring revenue streams reduce dependency on one-time shipments.
- SME IPO Advantage
- Listing on BSE SME provides access to capital for growth and enhances brand credibility.
⚠️ Weaknesses / Risks
- High Debt Levels
- Debt-to-Equity ratio around 1.33 (FY25), indicating reliance on borrowed funds.
- Limited Market Presence
- Primarily focused on India and a few international trade routes; may face competition from global logistics giants.
- Profit Margins Volatility
- EBITDA margin fluctuated from 2.19% (FY22) → 17.51% (FY25 annualized), showing sensitivity to operational costs and freight rates.
- Competition & Market Risk
- Intense competition from larger logistics players and tech-enabled startups could impact market share.
- Regulatory & Operational Risks
- Compliance with international shipping, customs regulations, and technology-related risks.
Shipwaves Online Ltd. IPO – FAQs
1. What is the issue size of Shipwaves Online Ltd. IPO?
- The IPO size is ₹56.35 crore, with 4,700,000 equity shares being offered.
2. What is the IPO price / price band?
- This is a fixed-price issue at ₹12 per share (Face Value ₹1 + Premium ₹11).
3. When does the IPO open and close?
- Opening Date: September 30, 2025
- Closing Date: October 6, 2025
4. What is the minimum application lot?
- 10,000 shares per lot, amounting to ₹1,20,000 investment.
5. On which stock exchange will the shares be listed?
- The IPO is to be listed on the BSE SME platform.
6. Who is the Lead Manager / Merchant Banker for this IPO?
- Finshore Management Services Ltd.
7. Who is the Registrar for the IPO?
- Cameo Corporate Services Ltd.
8. When will the allotment be finalized?
- Tentatively on October 7, 2025.
9. When will refunds be processed?
- Tentatively on October 8, 2025.
10. When will the shares be credited and listed?
- Credit of shares: October 8, 2025
- Listing Date: October 9, 2025
