Fly-Hi Maritime IPO
SMEFly-Hi Maritime provides marine logistics, ship management, and offshore maritime support services.
Verdict: Avoid
Est. GMP
+₹1 (+1%)
Price range
₹102
Lot size
—
Issue size
—
Allotment
04 Sept
Listing
08 Sept
Review
1. Grey market premium
★★★★★Grey market premium is flat at ~1%, indicating virtually no listing gain expectations.
2. Company financials
★★★★★Operates at a modest scale with high exposure to maritime freight and vessel utilization cycles.
3. Subscription status
★★★★★Subscription demand has remained subdued across retail and non-institutional categories.
4. Anchor investors
★★★★★Anchor allocation was not meaningful or not publicly disclosed for this SME issue.
Company financials
Amount ₹ in Crores
| Period ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹45.41 | ₹42.87 | ₹1.82 | ₹16.47 |
| 2025 | ₹45.75 | ₹41.03 | ₹3.44 | ₹23.00 |
| 2026 | ₹62.21 | ₹50.85 | ₹8.43 | ₹37.94 |
Subscription
Anchor investors
Anchor book details pending.
No institutional anchor backing of note.
Risks
- CyclicalOperations are vulnerable to sharp fluctuations in global freight rates and maritime trade volumes.
- ValuationNegligible grey market premium offers no margin of safety given SME liquidity risks.
- ConcentrationRevenues are heavily dependent on a limited roster of shipping clients and routes.
- FinancialHigh working capital requirements and credit exposure to charterers pose liquidity risks.