Fly-Hi Maritime IPO Analysis: Should You Apply? GMP, Review & Details

Fly-Hi Maritime is a SME IPO in the Tour, Travel Related Services sector. Issue size is ₹52.63 crore. Current GMP is +0.98% over the issue price (unofficial, subject to change).

Fly-Hi Maritime IPO — Key Details

Company Overview

Fly-Hi Maritime Travels Ltd is a company that manages travel arrangements for the crew of commercial shipping companies. It specializes in crew travel management, ticketing, visa assistance, and global travel coordination, ensuring timely crew movements and compliance with international travel requirements. The company emphasizes reliability and operational efficiency, leveraging strong airline partnerships to support maritime operations worldwide.

Financial Performance

Total income was ₹45.41 Cr in the year ending 31 Mar 2024, slightly increasing to ₹45.75 Cr by 31 Mar 2025, and further rising to ₹62.21 Cr by 31 Mar 2026. This indicates a positive trend in revenue over the periods. Profit After Tax was ₹1.82 Cr for the year ending 31 Mar 2024, increasing to ₹3.44 Cr by 31 Mar 2025, and further rising to ₹8.43 Cr by 31 Mar 2026. This shows a strong growth in profitability across the periods.

Objects of the Issue

The company plans to use the funds from the IPO for several purposes: ₹24.24 Cr for working capital requirements, ₹4.00 Cr for repayment of borrowings, ₹1.80 Cr for business marketing and development, ₹6.37 Cr for general corporate purposes, and ₹6.03 Cr for issue expenses.

Strengths & Weaknesses

Strengths

Fly-Hi Maritime has a proven track record, established relationships with customers, a skilled workforce, and experienced management.

Understanding Grey Market Premium (GMP)

The Grey Market Premium (GMP) reflects the price at which an IPO is expected to trade in the grey market before its official listing. A positive GMP indicates that the IPO may list at a higher price than its issue price, while a negative GMP suggests the opposite. Investors should consider GMP as one of many factors when evaluating an IPO.

Subscription Status

As of 3rd September 2026, the IPO was subscribed 2.12 times overall, with the retail category seeing a subscription of 3.66 times and the non-institutional investors (HNI) category at 0.58 times.

IPO Timeline

The IPO opens for subscription on 1st September 2026 and closes on 3rd September 2026. Allotment of shares will be done on 4th September 2026, with the listing date set for 8th September 2026.

Should You Apply for Fly-Hi Maritime IPO?

Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy, considering factors such as the company's growth potential and market conditions.

Investors who prefer stable, established companies with predictable earnings may want to avoid IPOs like this, which can carry higher risks and uncertainties.

This is general risk-profile education, not a personal recommendation to apply or avoid this specific IPO — TopFund is not a SEBI-registered investment adviser.

Listing Day Risks

Listing gains refer to the potential profit an investor can make when selling shares on the listing day at a price higher than the issue price. However, these gains are not guaranteed and depend on market conditions, investor sentiment, and the company's performance post-listing. Investors should be aware that the stock price can be volatile on the listing day.

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Disclaimer: This is educational content, not investment advice. GMP is an unofficial grey-market indicator, unregulated and never guaranteed. TopFund is not a SEBI-registered investment adviser — please do your own research or consult a qualified adviser before applying to any IPO.