- Issue price
- ₹12per share
- Issue size
- ₹56.35 Cr46,96,000 shares
- Face value
- ₹1per equity share
- Lot size
- 10,000 sharesMin. ₹1.2 L at the upper price
- OpensWed, 2025
- ClosesFri, 2025
- AllotmentTue, 2025Refunds and Demat credit same day
- ListingWed, 2025
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Fixed price, fresh issue
- Fresh issue
- 46,96,000 shares (₹56.35 Cr)
- Offer for sale
- None
- Total issue
- 46,96,000 shares (₹56.35 Cr)
- Market maker portion
- 23,50,000 shares
- Face value
- ₹1
- Listing at
- BSE SME
- Promoter holding
- 99.97% → 66.79%
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail47.5%
- NII47.5%
- Market maker5.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 2,23,10,000 | 50.01% | 50% |
| Non-institutional investors (NII) | 2,23,00,000 | 49.99% | — |
| Market maker | 23,50,000 | — | 5% |
Source: ProspectusUpdated
Lot size
Amounts at ₹12 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 2 | 20,000 | ₹2.4 L |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2024-25, pre-issue- EPS (basic)
- ₹1.15
- P/E
- 10.43×
- NAV per share (As of Sep 30, 2025)
- ₹6.16
- RoNW
- 41.89%
- ROCE
- 25.79%
- Debt to equity
- 1.33
- EBITDA margin
- 17.51%
- PAT margin
- 10.01%
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 30 Sep 20256 months | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|---|
| Revenue from operations | 40.98 | 108.28 | 96.71 | 69.31 |
| Total income | 41.71 | 108.65 | 97.28 | 69.49 |
| EBITDA | 7.89 | 18.96 | 11.04 | 4.06 |
| Profit after tax | 4.46 | 10.84 | 5.84 | 2.24 |
| Net worth | 30.77 | 25.87 | 14.82 | 9.04 |
| Reserves and surplus | 21.32 | 16.42 | 5.37 | -0.41 |
| Total assets | 98.37 | 81.86 | 53.98 | 26.43 |
| Total borrowing | 40.04 | 34.52 | 24.14 | 13.11 |
FY 2024-25 vs FY 2023-24: revenue +12.0%, profit after tax +85.7%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: ProspectusUpdated
About the company
The company runs a digital freight forwarding business that moves cargo by ocean, land and air using a web platform for bookings, tracking and documentation. It also sells enterprise SaaS tools for supply chain planning, analytics and inventory management. It additionally offers ancillary services such as customs clearance, warehousing, insurance and trade finance.
- Incorporated
- 2015
- Industry
- Logistics
- Sector
- Logistics and Transport
- CIN
- U74900KA2015PLC079072
- Website
- shipwaves.com
Source: ProspectusUpdated
Promoters and shareholders
| Name | Type | Before issue | After issue |
|---|---|---|---|
| Mohammed Sahim Haris | Promoter | — | — |
| Abid Ali | Promoter | 42.02% | 28.08% |
| Kalandan Mohammed Haris | Promoter | 31.58% | 21.10% |
| Kalandan Mohammad Arif | Promoter | 10.53% | 7.03% |
| Kalandan Mohammed Althaf | Promoter | 10.53% | 7.03% |
| Bibi Hajira | Promoter | 5.23% | 3.50% |
| Faiza Atheeq | Promoter group | 0.08% | 0.05% |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Working capital requirements of the company | 17.13 |
| Investment in subsidiary for its working capital requirements | 10.00 |
| Repayment or prepayment of certain borrowings | 15.00 |
| General corporate expenses | 8.45 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Tiger Logistics (India) Limited | ₹2.56 | 15.17× | 19.53% | ₹13.08 |
| Lancer Container Lines Limited | -₹0.01 | -1442.00× | -0.07% | ₹19.45 |
| Timescan Logistics (India) Limited | ₹8.38 | 7.36× | 22.33% | ₹37.55 |
| Shipwaves Online LimitedIssuer | ₹1.15 | 10.47× | 41.89% | ₹2.74 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Offers a single platform covering ocean, land and air freight with end-to-end services.
- Combines digital freight forwarding with an enterprise SaaS offering for supply chain management.
- Revenue has grown over the last three fiscal years, with a rising EBITDA margin.
- Has a long-standing promoter group and a track record of operations since 2015.
Risks
- A large share of revenue comes from a few customers, and the top customer accounted for a high share of revenue.
- Depends on a limited number of suppliers for most of its purchases.
- Several litigations are pending against the company, its promoters and group companies.
- Registered and Mumbai branch offices are leased, so relocation or lease disruption could affect operations.
- Relies on related-party freight income from group companies, and borrowings are significant relative to net worth.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹12) appear here after the shares list on BSE SME.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Shipwaves Online IPO open and close?
According to the Prospectus, the issue opens on Wednesday, 10 December 2025 and closes on Friday, 12 December 2025.
What is the Shipwaves Online IPO price band?
The final issue price is ₹12 per share.
What is the lot size of the Shipwaves Online IPO?
One lot is 10,000 shares, which is ₹1.2 L at ₹12 per share.
Where will Shipwaves Online shares list?
On BSE SME. The tentative listing date is Wednesday, 17 December 2025.
Who is the registrar of the issue?
Cameo Corporate Services Limited (SEBI registration INR000003753). Allotment status is checked on the registrar's website.
How do I check the Shipwaves Online IPO allotment status?
The basis of allotment is expected to be finalised on Tuesday, 16 December 2025. After that, search by PAN, application number or DP/client ID on the registrar's website (Cameo Corporate Services Limited) or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹17.13 Cr for working capital requirements of the company, ₹10 Cr for investment in subsidiary for its working capital requirements, ₹15 Cr for repayment or prepayment of certain borrowings, ₹8.45 Cr for general corporate expenses.
Related IPOs
More logistics and transport IPOs
- Skyways Air Services₹131–138Listed · 24 Aug – 27 Aug 2026
- Sampark India Logistics₹84Listed · 30 Jun – 2 Jul 2026
- Shadowfax Technologies₹124Listed · 20 Jan – 22 Jan 2026
- Jayesh Logistics₹122Listed · 27 Oct – 29 Oct 2025
Also managed by Finshore Management Services
- Leapfrog Engineering ServicesTBAListed · 17 Jun – 19 Jun 2026
- Gurunanak Agriculture India₹75Listed · 24 Sept – 26 Sept 2025
Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.