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Shipwaves Online IPO
Price Band
₹
Issue Size
₹56.35 Cr
Lot Size
10,000 shares
Min Investment
₹240,000
2 LOTS MIN
GMP
—
Issue Price
₹12.0
Shipwaves Online IPO AI Summary
- Shipwaves Online IPO is listed on BSE SME in the Logistics Solution Provider sector.
- Subscription window: 10 Dec–12 Dec 2025, listing on 17 Dec 2025.
Shipwaves Online Limited is a logistics solution provider with a focus on digital freight forwarding and SaaS solutions. The company is looking to raise ₹56.35 Cr through its IPO, with an issue price of ₹12.0 per share. The IPO opens on December 10, 2025, and aims to strengthen its working capital and fund various corporate expenses.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Shipwaves Online IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 12 Dec 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Shipwaves Online IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
About the Company
Incorporated in 2015, Shipwaves Online Limited is engaged in the business of digital freight forwarding and enterprise SaaS solutions. The company offers a unified platform for shipping and logistics, providing multimodal transportation solutions ocean, land, and air ensuring efficient, cost-effective, and reliable global shipment management. Services: Digital Freight Forwarding:Leveraging advanced technology to streamline logistics processes, providing end-to-end support for global shipments. Enterprise SaaS Solutions:Offering software solutions that digitalize shipping and logistics, delivering real-time data insights to enhance operational efficiency. Other Services: The company offers trade finance, insurance, warehousing, customs clearance, and relocation services for secure, efficient global logistics. As of the October 31, 2025, the company had 35 employees on payroll. Competitive Strengths: Experienced Promoters and Qualified Management Team Innovative Software: Revolutionizing Logistics Solutions Commitment to Cost Efficiency and Excellence in Logistics Diverse Customer Base Across Many Sectors Comprehensive and Customized Third-Party Logistics Solutions
Company Financials (₹ Cr)
As of 2025-09-30
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 98.37 | 81.86 | 53.98 | 26.43 |
| Total Income | 41.71 | 108.65 | 97.28 | 69.49 |
| Profit After Tax | 4.68 | 12.20 | 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 |
Key Ratios
EPS
₹1.29
NAV
₹2.74
ROE
50.85%
ROCE
25.79%
RoNW
41.89%
P/B Value
4.38
P/E Ratio
9.3
Market Cap
₹169.79 Cr
PAT Margin
10.01%
Debt/Equity
1.33
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic |
|---|---|---|---|---|
| Shipwaves Online | 2.74 | 41.89% | 10.47 | 1.15 |
| Timescan Logistics (India) | 37.55 | 22.33% | 7.36 | 8.38 |
| Lancer Container Lines | 19.45 | -0.07% | -1442 | -0.01 |
| Tiger Logistics (India) This IPO | 13.08 | 19.53% | 15.17 | 2.56 |
Promoters
Kalandan Mohammed Haris, Kalandan Mohammed Althaf, Kalandan Mohammad Arif, Abid Ali, Bibi Hajira and Mohammed Sahim Haris
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 To meet Working Capital Requirements of Issuer Company 17.13 2 Investment in Subsidiary for funding its working capital requirements 10.00 3 Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Issuer Company 15.00 4 General Corporate Expenses 8.45 5 Issue expenses 5.77 Total 56.35
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total Income was ₹69.49 Cr for the year ended 31 Mar 2023, increasing to ₹97.28 Cr by 31 Mar 2024, and further rising to ₹108.65 Cr by 31 Mar 2025. However, for the period ending 30 Sep 2025, Total Income was ₹41.71 Cr, which is a 9-month figure and not directly comparable to the full fiscal years.
Profit Trend
Profit After Tax was ₹2.24 Cr for the year ended 31 Mar 2023, increasing to ₹6.29 Cr by 31 Mar 2024, and then rising to ₹12.20 Cr by 31 Mar 2025. For the period ending 30 Sep 2025, Profit After Tax was ₹4.68 Cr, though this is a 9-month figure and not a full year, so isn't directly comparable.
Valuation
Shipwaves Online's implied P/E at the issue price is approximately 9.3, compared to peers trading at a P/E range of 7.36 to 15.17.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the price at which an IPO is expected to trade in the grey market before it is officially listed. A positive GMP suggests that the stock may list at a higher price than the issue price, while a negative GMP indicates potential listing below the issue price. However, GMP is not a guaranteed indicator of actual listing performance.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and market conditions. It's essential to consider the company's fundamentals and growth potential.
Who May Want to Wait
Investors who are risk-averse or prefer stable, established companies may want to avoid IPOs like this, especially if they are not comfortable with the uncertainties associated with new market entrants.
IPO Timeline, Explained
The IPO opens for subscription on December 10, 2025, and closes on December 12, 2025. Allotment of shares will be done on December 15, 2025, with the listing date set for December 17, 2025.
Listing Gains — The Risk
Listing-day gains can be unpredictable. While some IPOs may see significant price increases on their first day of trading, others may not perform as well. Factors influencing listing performance include market conditions, investor sentiment, and the company's financial health.
This evaluation is generated from Shipwaves Online's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
When does Shipwaves Online IPO open and close?
Shipwaves Online IPO opens on 10 December 2025 and closes on 12 December 2025.
When does Shipwaves Online IPO list on the stock exchange?
Shipwaves Online IPO listed on 17 December 2025 at ₹12.0.
What is the lot size for Shipwaves Online IPO?
The lot size for Shipwaves Online IPO is 10000 shares, requiring a minimum investment of ₹240,000 (2 lots).
What is the lot size for the Shipwaves Online IPO?
The lot size for the Shipwaves Online IPO is 10,000 shares.
What is the minimum investment required for this IPO?
The minimum investment required for this IPO is ₹240,000.
What is the issue price of the Shipwaves Online IPO?
The issue price of the Shipwaves Online IPO is ₹12.0 per share.
When does the Shipwaves Online IPO open and close?
The Shipwaves Online IPO opens on December 10, 2025, and closes on December 12, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected price at which an IPO may trade before its official listing.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
10 Dec 2025
Close
12 Dec 2025
Allotment
15 Dec 2025
Listing
17 Dec 2025
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