The Initial Public Offering (IPO) landscape continues to be vibrant, especially within the SME segment, bringing innovative technology-driven businesses into the public eye. Shipwaves Online Limited, a player in the digital freight forwarding and enterprise SaaS solutions space, is set to launch its maiden public offering. Understanding the nuances of this SME IPO—from financials to objectives—is crucial for any prospective investor looking to capitalize on growth in the logistics technology sector.
Understanding Shipwaves Online: The Business at a Glance
Incorporated in 2015, Shipwaves Online Limited has positioned itself at the intersection of technology and logistics. The company specializes in providing tech-savvy solutions to manage complex global supply chains. They aim to offer efficiency and transparency in a traditionally complex industry.
Core Business Offerings
- Digital Freight Forwarding: Streamlining end-to-end global shipment management across ocean, land, and air using advanced technology.
- Enterprise SaaS Solutions: Deploying software designed to digitize logistics, offering real-time data crucial for operational optimization.
- Ancillary Services: Comprehensive support including trade finance, insurance, warehousing, and customs clearance.
Competitive Advantages
The company highlights several strengths that position it well in a competitive market:
- A foundation built on an experienced management team and capable promoters.
- Focus on proprietary and innovative software solutions to modernize logistics.
- A commitment to delivering cost-efficient and high-quality logistics services.
- Serving a diversified client base across various industry sectors.
Shipwaves Online IPO Key Subscription Details
This is a Fixed Price IPO aiming to raise capital primarily through a fresh issuance of shares, exclusively listing on the BSE SME platform.
IPO Snapshot
| Metric | Detail |
|---|---|
| Issue Type | Fixed Price IPO (Fresh Issue) |
| Total Issue Size (Value) | ₹56.35 Crores |
| Face Value Per Share | ₹1.00 |
| Issue Price Per Share | ₹12.00 |
| Listing Platform | BSE SME |
| Pre-IPO Market Cap | ₹169.79 Cr |
Application and Lot Size Structure
The application structure is defined by a fixed lot size, which dictates the minimum investment for retail participation.
| Investor Category | Minimum Lots | Shares Applied | Minimum Investment |
|---|---|---|---|
| Retail Individual Investor (Minimum) | 2 Lots | 20,000 | ₹2,40,000 |
| HNI (Minimum) | 3 Lots | 30,000 | ₹3,60,000 |
Tentative IPO Timeline and Progress Bar
Mark your calendars for the subscription window, allotment, and expected listing date.
| Milestone | Tentative Date |
|---|---|
| IPO Opens | Wednesday, December 10, 2025 |
| IPO Closes | Friday, December 12, 2025 |
| Allotment Finalization | Monday, December 15, 2025 |
| Share Credit to Demat / Refunds | Tuesday, December 16, 2025 |
| Tentative Listing Date (BSE SME) | Wednesday, December 17, 2025 |
Subscription Progress Placeholder (Conceptual):
Financial Health and Valuation Insights
Analyzing the recent financial trajectory provides context for the offered valuation.
Year-on-Year Financial Performance (Figures in ₹ Crore)
| Parameter | FY 2023 | FY 2024 | H1 FY26 (Sep '25) |
|---|---|---|---|
| Total Income | 69.49 | 97.28 | 41.71 |
| Profit After Tax (PAT) | 2.24 | 6.29 | 4.68 |
| Net Worth | -1.31 | 14.82 | 30.77 |
Observation suggests significant year-over-year PAT growth (approximately 94% between FY24 and FY25), indicating strong recent profitability improvements.
Key Performance Indicators (KPIs as of March 31, 2025)
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 50.85% |
| Return on Capital Employed (ROCE) | 25.79% |
| Debt/Equity Ratio | 1.33 |
| PAT Margin | 10.01% |
Valuation Metrics Comparison
| Metric | Pre-IPO EPS (₹) | Post-IPO P/E (x) |
|---|---|---|
| Value | 1.29 | 8.12 |
Equity Structure and Promoter Strength
The IPO involves a significant dilution of promoter holding, common in fresh issue structures for growth capitalization.
- Promoter Holding Pre-Issue: 99.96%
- Promoter Holding Post-Issue: 66.73%
- Key Promoters: The company is steered by Mr. Kalandan Mohammed Haris, Mr. Kalandan Mohammed Althaf, Mr. Kalandan Mohammad Arif, Mr. Abid Ali, Mrs. Bibi Hajira, and Mr. Mohammed Sahim Haris.
- Anchor Investors: Information regarding specific anchor investor participation for this SME issue is generally confirmed closer to the opening date.
Objectives Driving Capital Infusion
The funds raised are earmarked for strengthening the balance sheet and supporting operational expansion, rather than solely rewarding existing shareholders.
| Purpose | Amount (₹ in Crores) |
|---|---|
| Working Capital (Issuer Company) | 17.13 |
| Subsidiary Working Capital Funding | 10.00 |
| Debt Repayment/Prepayment | 15.00 |
| General Corporate Purposes | 8.45 |
Intermediaries for the Public Issue
The successful execution of the IPO relies on experienced intermediaries.
- Book Running Lead Manager (BRLM): Finshore Management Services Ltd.
- Registrar: Cameo Corporate Services Ltd. (Contact: +91-44-28460390, ipo@cameoindia.com)
- Market Maker: Anant Securities.
A Balanced View: SWOT Analysis of Shipwaves Online
A structured assessment helps weigh the potential upsides against inherent risks in the logistics technology sector.
Strengths (Internal Positive Factors)
- Strong demonstrated profitability improvement in recent fiscal periods.
- Proprietary technology platforms providing a digital edge in a traditional industry.
- Low initial shareholding by the public, indicating high promoter commitment until now.
Weaknesses (Internal Negative Factors)
- The Debt-to-Equity ratio of 1.33 suggests a moderately leveraged balance sheet requiring monitoring.
- Reliance on technology platforms that require continuous updates and security maintenance.
Opportunities (External Positive Factors)
- Growing global emphasis on supply chain digitalization and efficiency.
- Potential to expand service offerings (trade finance, insurance) leveraging existing customer relationships.
Threats (External Negative Factors)
- The logistics sector is highly competitive and fragmented, presenting pricing pressure risks.
- Rapid technological changes could necessitate high future capital expenditure to maintain platform relevance.
Final Considerations on the Offering
The Shipwaves Online SME IPO presents an opportunity to invest in a digital logistics facilitator showing impressive recent financial momentum. While the segment is competitive, the utilization of funds for working capital and debt reduction indicates a focus on sustainable near-term operations. Prospective retail applicants must be prepared for the minimum investment requirement of ₹2,40,000, which is substantial for an SME listing.
Investors should conduct thorough due diligence, paying close attention to the Grey Market Premium trends and final subscription figures as the bidding window approaches, to gauge market appetite before making an application decision.