Shipwaves Online
December 10, 2025 – December 12, 2025
| Price | ₹12 - ₹12 |
| GMP Rumors * | ₹4 |
|---|---|
| Lot size | 10000 |
| Issue size | ₹56.35 cr |
| Allotment | Dec 15, 2025 |
| Listing | Dec 17, 2025 |
Shipwaves Online Subscription
Last updated on 10-Dec-2025 17:04:33
| Category | Offered | Applied | Times |
|---|---|---|---|
| HNIs | 22300000 | 5090000 | 0.23 |
| Individual | 22310000 | 14900000 | 0.67 |
| Total | 44610000 | 19990000 | 0.45 |
Application-Wise Breakup  | |||
|---|---|---|---|
| Category | Reserved | Applied | Times |
| HNIs (3-10L) | 743 | 60 | 0.08 |
| Individual | 1116 | 745 | 0.67 |
Shipwaves Online Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 20000 | 240000 | 1116 |
| HNI | 3 | 30000 | 360000 | 743 |
Shipwaves Online Reservation
| Category | Shares Offered | % |
|---|---|---|
| HNI | 22300000 | 47.49% |
| INDIVIDUAL | 22310000 | 47.51% |
| Market Maker | 2350000 | 5% |
| Total | 46960000 | 100% |
Shipwaves Online About
IPO Details
| Total Issue Size | 4,69,60,000 shares (aggregating up to ₹56.35 Cr) |
| Fresh Issue | 4,69,60,000 shares (aggregating up to ₹56.35 Cr) |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 9,45,35,000 shares |
| Share Holding Post Issue | 14,14,95,000 shares |
| Reserved for Market Maker | 23,50,000 shares (aggregating up to ₹2.82 Cr) |
| Market Maker | Anant Securities |
Key Performance Indicators (KPI)
| KPI | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| RONW | 14.49% | 41.89% | 39.38% | 24.78% |
| ROCE | 10.18% | 25.79% | 22.78% | 15.41% |
| Debt/ Equity | 1.3 | 1.33 | 1.63 | 1.45 |
| P/E Pre IPO | 9.3 | |||
| P/E Post IPO | 18.12 |
Company Financial (In ₹Crore)
| Period Ended | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 98.37 | 81.86 | 53.98 | 26.43 |
| Total Income | 41.71 | 108.65 | 97.28 | 69.49 |
| Profit After Tax | 4.68 | 12.2 | 6.29 | 2.24 |
| EBITDA | 7.89 | 18.96 | 11.04 | 4.06 |
| NET Worth | 30.77 | 25.87 | 14.82 | -1.31 |
| Reserves and Surplus | 21.32 | 16.42 | 5.37 | -0.41 |
| Total Borrowing | 40.04 | 34.52 | 24.14 | 8.89 |
Peer Comparision (Valuation)
| Company | P/E (x) | CMP (₹) | Face value (₹) |
|---|---|---|---|
| Tiger Logistics (India) | 15.17 | 38.84 | 10.0 |
| Lancer Container Lines | -1,442.00 | 14.42 | 5.0 |
| Timescan Logistics (India) | 7.36 | 61.7 | 10.0 |
| Shipwaves Online | 9.3 | 12 | 1.0 |
Source:RHP,CMP as on 21/11/2025 for Peer Group and IPO price for Shipwaves.In the above peer comparison table, we have shown the P/E ratio of the IPO issuer company based on the pre-IPO valuation.
Peer Comparision (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Tiger Logistics (India) | 13.08 | 19.53 | 2.56 |
| Lancer Container Lines | 19.45 | -0.07 | -0.01 |
| Timescan Logistics (India) | 37.55 | 22.33 | 8.38 |
| Shipwaves Online | 2.74 | 41.89 | 1.15 |
About Company
Service Offerings
Digital Freight Forwarding: Shipwaves leverages advanced technology to streamline logistics operations, offering end-to-end digital support for global shipments through a modern, automated freight forwarding process.
Enterprise SaaS Solutions: The company provides software solutions designed to digitalize shipping and logistics workflows. These tools offer real-time visibility, data insights, and improved operational efficiency for enterprises.
Additional Logistics Services: Shipwaves also provides a wide range of value-added services, including trade finance, cargo insurance, warehousing, customs clearance, and relocation services—ensuring secure and efficient global logistics management.
Strength
Experienced Promoters and Strong Management Team: The company is led by experienced Promoters with over 40 years of collective logistics industry expertise. Their strategic leadership, supported by a qualified management team and strong internal processes, enables consistent business growth and high client satisfaction.
Proprietary Innovative Logistics Software: The company is developing a unified logistics software platform that is unique within the industry. Once fully operational, this platform is expected to significantly enhance operational efficiency, improve customer experience, and become a major future revenue driver.
Focus on Cost Efficiency and Operational Excellence: The company’s systematic approach to optimizing procurement, inventory, transportation, and distribution ensures strong cost efficiency. By leveraging technology and strategic partnerships, it delivers reliable, high-quality logistics solutions while maintaining competitive pricing.
Weakness
CELAR CUT AVOID AS PER SOME SOCIAL MEDIA INFLUENCERS
Dependence on Leased Office Premises: The company operates from leased offices in Mangalore and Mumbai, and does not own these properties. Any non-renewal, termination, or disruption related to these leases may adversely impact business operations and continuity.
Revenue Concentration from Limited Customers: A significant portion of revenue comes from a small number of customers. Cancellation, reduction, or delays in orders from these clients may materially affect the company’s business performance, financial condition, and growth prospects.
Ongoing Related Party Transactions: The company engages in related party transactions with its Promoters, Directors, and Group Companies. Although these are conducted on an arm’s-length basis, there is no assurance that more favorable terms could not have been achieved. Future related party transactions may pose potential risks to business operations and financial stability.
Shipwaves Online Lead Manager(s)
Shipwaves Online Address
18-2-16/4(3), 3rd Floor,
Mukka Corporate House 1st cross,
Attavara, Dakshina Kannada
Shipwaves Online Registrar
Shipwaves Online Reviewers
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