October 31, 2025
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IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | Oct 2025 |
| IPO Closes on | Oct 2025 |
| Allotment on | Oct 2025 |
| Credit of shares on | Oct2025 |
| Tentative Listing on | Oct .2025 |
| Registered office in.. |
| Mangaluru, Karnataka |
| Lead Manager of the IPO |
| Finshore Management Services ltd |
| Registrar to the IPO |
| Cameo Corporate Services ltd |
Business:
Incorporated in 2015, Shipwaves Online Ltd. is engaged in the business of digital freight forwarding and enterprise SaaS-based logistics solutions.
The company provides a unified digital platform for global shipping and logistics, offering multimodal transportation solutions across ocean, land, and air, ensuring efficient, reliable, and cost-effective shipment management.
Key Services:
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Digital Freight Forwarding: Uses advanced technology to simplify global logistics operations and provide end-to-end shipment support.
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Enterprise SaaS Solutions: Offers software platforms that digitalize shipping and logistics processes, enabling real-time data insights and improving operational efficiency.
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Other Services: Includes trade finance, insurance, warehousing, customs clearance, and relocation services, creating a complete ecosystem for seamless global logistics.
Shipwaves aims to position itself as a tech-driven logistics enabler, connecting global trade partners through innovation and digital efficiency.
IPO Details
| IPO opens on | October 2025 |
| IPO closes on | October 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 4,69,60,000 Shares / Rs 56.35Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 2350,000 Shares |
| Net offer to Public | 4,46,10,000 Shares Rs. 53.53 Crores |
| Face Value per share | Rs. 1 |
| Price Band | Rs. 12 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 10,000 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered % |
| Market Maker | 5.00 |
| QIB | – |
| NII (HNI) | 47.49 |
| Retail | 47.51 |
| Total Shares | 100.00 |
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 20,000 | Rs.2,40,000 |
| Retail (Max) | 2 | 20,000 | Rs.2,40,000 |
| HNI (Min) | 3 | 30,000 | Rs.3,60,000 |
The Promoters’ Holding
The promoters hold 99.96% of the pre-IPO capital
The Objects of the IPO
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
| Objects of the Issue | Rs. in crores |
| To meet Working Capital Requirements of Issuer Company | 17.13 |
| Investment in Subsidiary for funding its working capital requirements | 10 |
| Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Issuer Company | 15 |
| Issue Related Expenses | 5.77 |
| General Corporate Expenses | 8.45 |
Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 |
| Assets | 81.86 | 53.98 |
| Total Income | 108.65 | 97.28 |
| Profit After Tax | 12.2 | 6.29 |
| EBITDA | 18.96 | 11.04 |
| NET Worth | 25.87 | 14.82 |
| Reserves and Surplus | 16.42 | 5.37 |
| Total Borrowing | 34.52 | 24.14 |
| Amount in Rs. Crore | ||
Peer Comparison:
| Company Name | P/E (x) | RoNW (%) |
| Tiger Logistics (India) | 20.12 | 19.54 |
| Lancer Container Lines | -1,262.00 | -0.07 |
| Timescan Logistics (India) | 7.04 | 22.32 |
| Shipwaves Online | 10.47 | 41.89 |
Key Financial Indicators
| KPI | Values |
| ROE | 50.85% |
| ROCE | 25.79% |
| Debt/Equity | 1.33 |
| RoNW | 41.89% |
| PAT Margin | 10.01% |
| EBITDA Margin | 17.51% |
| Price to Book Value | 4.38 |
| EPS | 1.29 |
| PER | 9.3 |
IPO Recommendation/Concise Review-
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