Fly-Hi Maritime Travels Ltd. IPO: price ₹102, issue size ₹52.64 crore, BSE SME listing outcome

Fly-Hi Maritime Travels Limited came to the market with an SME initial public offering (IPO) on BSE SME at a fixed price of ₹102 per share. The total issue size was ₹52.64 crore, comprising a ₹42.44 crore fresh issue and a ₹10.20 crore offer for sale (OFS). The IPO opened on September 1, 2026 and closed on September 3, 2026, with listing on September 8, 2026. The shares listed at ₹81.60, a -20.00% change versus the issue price.

What Fly-Hi Maritime Travels does: marine crew logistics and travel management

Fly-Hi Maritime Travels Limited is a niche marine travel management company focused on end-to-end crew logistics for commercial shipping operators. The work sits at the intersection of travel execution and operational coordination, where the deliverable is not only flight booking but also getting seafarers to the correct port on schedule.

As described, the company’s scope covers flight ticketing, route design, ground transfers, hotels, visa and immigration coordination, “OK to board” clearances, and 24/7 disruption handling. This combination indicates a service model where coordination across multiple vendors and jurisdictions is part of day-to-day delivery.

The operations setup is centralized, with a corporate office in Mumbai. The company serves shipping clients across multiple countries, and it is supported by supplier tie-ups and aggregators for airline and hotel access as well as an overseas distributor presence in the UAE. The prospectus context also highlights growth strategy themes that include building distributor relationships and using digital tools.

IPO structure and proposed use of proceeds

The Fly-Hi Maritime Travels IPO was structured as a combination of fresh issue and OFS. Fresh issue proceeds accrue to the company, while OFS proceeds accrue to the selling shareholders.

Based on the stated objects, the company proposed to use fresh issue proceeds primarily for working capital requirements. Other proposed uses included repayment and/or pre-payment (in part) of borrowings, talent acquisition for business marketing and development activities, and general corporate purposes. These are proposed uses of funds, and the offer document framing is about intended deployment rather than completed spending.

The issue was offered at a fixed price of ₹102 per share, with a lot size of 1,200 shares. The IPO was positioned for listing on the SME platform of BSE Limited (BSE SME), and the company prepared restated standalone financial information for inclusion in the prospectus.

Corporate milestones and listing context

Two milestones are explicitly highlighted in the provided context. Fly-Hi Maritime Travels was incorporated in 2021 as Fly-Hi Maritime Travels Private Limited. In 2025, it converted from a private limited company to a public limited company and was renamed Fly-Hi Maritime Travels Limited.

The IPO, as described, is an SME listing, which typically implies a different market segment and trading framework from mainboard issues. The company’s disclosure set in the supplied context centers on the business model, strategy, and the audited/restated standalone financial track record supporting the offer.

Financial trajectory across FY2024–FY2026

The restated standalone financials show changes in scale and profitability over the reported period, along with a rise in total assets.

From FY2024 to FY2026, total revenue increased from ₹45.41 crore to ₹62.21 crore. Profit after tax (PAT) rose from ₹1.82 crore to ₹8.43 crore, and PAT margin increased from 4.01% to 13.54% over the same period. Total assets expanded from ₹16.47 crore in FY2024 to ₹37.94 crore in FY2026.

In the context of the stated business model, these reported numbers provide the baseline investors typically track alongside working-capital indicators, because a crew-logistics travel operation can involve paying suppliers while collecting from clients later. The company’s IPO objectives also explicitly include working capital funding and partial repayment or pre-payment of borrowings, which connects the capital raise to the funding mix used in operations.

Valuation and key metrics disclosed with the offer

The IPO disclosures include key performance indicators (KPIs) and valuation references commonly used for SME IPO comparisons.

Earnings per share (EPS) is disclosed at ₹8.41, and the pre-IPO price-to-earnings (P/E) multiple is stated at 12.13 times. The price-to-book multiple is disclosed at 5.69 times.

Profitability and return metrics reported include return on equity (ROE) at 61.29%, return on capital employed (ROCE) at 67.22%, and return on net worth (RoNW) at 61.29%. The EBITDA margin (EBITDA defined as earnings before interest, tax, depreciation and amortisation) is disclosed at 20.14%, and the reported PAT margin is disclosed at 13.58%. Debt-to-equity is stated at 0.72 times.

These figures are presented as disclosed metrics from the offer context and provide reference points for investors assessing profitability, capital efficiency, and leverage alongside the company’s stated plan to allocate a portion of fresh issue proceeds to repay or pre-pay borrowings.

Subscription, GMP observations, and listing outcome

The IPO subscription data provided in the context reports an overall subscription of 0.08 times. Category-level data in the same snapshot shows bids recorded under retail individual investors and non-institutional investors (NII). The table line for qualified institutional buyers (QIB) in the provided subscription snapshot shows zero shares offered and zero bids.

Grey market premium (GMP) is an unofficial indicator and not an exchange-reported price. The supplied GMP observations (up to 10) show GMP moving from ₹12–₹20 on September 2–3, 2026 to ₹1 across multiple observations dated September 3–8, 2026, referenced to the ₹102 issue price.

On listing, Fly-Hi Maritime Travels debuted on BSE SME on September 8, 2026 at ₹81.60, which corresponds to a -20.00% change versus the issue price.

Key risks highlighted and monitoring points

The provided context flags several business sensitivities that flow from operating a specialized, cross-border travel execution model for shipping clients.

A key exposure identified is the revenue mix, with the context indicating that approximately 90% of revenue is from outside India. This creates sensitivity to changes in foreign rules, sanctions, or demand conditions, with limited domestic cushion as framed. The context also highlights customer concentration, noting reliance on a few customers and the potential for a material impact if a major client is lost.

Working-capital intensity is another stated theme: longer receivable days can strain liquidity and may require higher borrowing, which can raise finance costs. On the delivery side, the company’s dependence on third-party aggregators for airlines, hotels, and related services is highlighted, alongside potential margin impact from volatile airfares and hotel rates. The context also notes that manual, customized itinerary tracking increases workload and can increase the risk of human error.

Additional threats cited include competition from domestic and international travel management firms, regulatory changes (including forex and taxation), technology shifts in booking and automation without ongoing investment, and talent retention challenges and rising HR costs.

Monitoring points, based on the disclosed model and stated objectives:

• Movement in receivables and the working-capital cycle alongside changes in borrowing levels.
• Changes in customer concentration, including the share of revenue coming from the largest shipping clients.
• Execution quality in disruption handling and multi-leg international coordination, given the company’s positioning around 24/7 service.
• Updates on the company’s proposed deployment of fresh issue proceeds toward working capital, partial debt repayment/pre-payment, and talent acquisition for business marketing and development.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (19 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.