Shipwaves Online Limited is launching its Initial Public Offering (IPO) on the BSE SME platform. It is a logistics tech company offering digital freight forwarding and SaaS solutions. You can also find the details of other upcoming, live and closed IPOs at our IPO calendar.
The subscription for this public issue will open on December 10, 2025, and close on December 12, 2025.
The company aims to raise ₹56.35 crores through a 100% fresh issue of shares.
The issue price is fixed at ₹12 per share, with a minimum lot size of 10,000 shares.
Shipwaves has shown strong revenue growth and margin expansion, but investors should be aware of its high customer concentration and significant debt. If you’re new to investing, it’s wise to first understand how different investment products work through our Mutual Fund Learning Section and also estimate your future wealth using our SIP Calculator.
In this article, you will find Shipwaves Online IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.
Briefs of Shipwaves Online IPO Details
- Price: ₹12 per share (Fixed Price)
- IPO Open / Close Dates: December 10, 2025 – December 12, 2025
- Lot Size: 10,000 Shares
- Issue Size: 4,69,60,000 shares (aggregating up to ₹56.35 Crores)
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Cameo Corporate Services Ltd.
- Listing Exchange: BSE SME
What is The Shipwaves Online IPO GMP Today?
You can find more about grey market premium of this issue and others at our grey market premium hub page. (The Grey Market Premium (GMP) is an unofficial indicator ).
What Are The Shipwaves Online IPO Dates & Allotment Schedule?
- IPO Open & Close Date: December 10, 2025 – December 12, 2025
- Basis of Allotment Date: December 15, 2025
- Refund Initiation Date: December 16, 2025
- Credit of Shares: December 16, 2025
- Listing Date: December 17, 2025
What Are The Objectives of Shipwaves Online IPO?
The company intends to utilise the net proceeds from the public offering for debt repayment and operational expansion:
- Repayment of Borrowings (₹15.00 Crores): To reduce outstanding debt, which will lower finance costs and improve the balance sheet.
- Working Capital Requirements (₹17.13 Crores): A significant portion is allocated to manage the growing operational cycle.
- Investment in Subsidiary (₹10.00 Crores): To fund its Dubai subsidiary, supporting international expansion.
- General Corporate Purposes: The balance amount will be used for other strategic requirements.
How is The Financial Performance of Shipwaves Online?
The following table summarizes the company's financial performance based on restated consolidated data.
(Amounts in ₹ Crores)
Particulars | Period Ended 30 Sep 2025 | Period Ended 31 Mar 2025 | Period Ended 31 Mar 2024 | Period Ended 31 Mar 2023 |
Total Income | 41.71 | 108.65 | 97.28 | 69.49 |
Profit After Tax | 4.46 | 10.84 | 5.84 | 2.24 |
EBITDA | 7.89 | 18.96 | 11.04 | 4.06 |
Total Borrowings | 40.04 | 34.52 | 24.14 | 13.11 |
Assets | 98.37 | 81.86 | 53.98 | 26.43 |
Source: RHP
Key Financial Observations:
Profit After Tax (PAT):
Shipwaves has delivered impressive profit growth, with PAT nearly doubling from ₹5.84 Crores in FY24 to ₹10.84 Crores in FY25. This 85% jump reflects the company's successful pivot towards higher-margin SaaS revenue.
Total Income:
Revenue has grown consistently at a CAGR of over 25% between FY23 and FY25, reaching ₹108.65 Crores. This growth is driven by increasing demand for digital logistics solutions and expansion in the SaaS segment.
EBITDA:
Operational efficiency has improved significantly, with EBITDA margins expanding from roughly 6% in FY23 to over 17.5% in FY25. This margin expansion is a positive sign, driven by cost optimization and a better revenue mix.
Total Borrowings:
Debt has increased to ₹40.04 Crores as of September 2025 to support working capital needs.
While the debt-to-equity ratio is manageable at 1.3x, the IPO proceeds allocated for repayment will provide much-needed relief.
Assets:
The asset base has grown to ₹98.37 Crores, supporting the company's expanding scale of operations.
P/E Ratio & Peer Comparison
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹1.15, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 10.4x at the issue price of ₹12.
This valuation appears attractive when compared to its listed industry peers.
| Company Name | P/E Ratio | RoNW (%) (FY25) | EPS (₹) |
Shipwaves Online (at IPO price) | ~10.4x | 41.89% | 1.15 |
| Tiger Logistics (India) Ltd | 15.17x | 19.53% | 2.56 |
| Timescan Logistics (India) Ltd | 7.36x | 22.33% | 8.38 |
Analysis for Investors:
Shipwaves Online is priced competitively, with a P/E ratio lower than Tiger Logistics but higher than Timescan Logistics.
However, its Return on Net Worth (RoNW) of nearly 42% is significantly superior to both peers, indicating highly efficient use of shareholder capital.
This high profitability ratio, coupled with a reasonable valuation, makes the IPO pricing look compelling.
Industry Outlook
The Indian logistics industry is undergoing a digital transformation, driven by government initiatives like PM GatiShakti and the National Logistics Policy. Shipwaves operates at the intersection of logistics and technology, offering digital freight forwarding and enterprise SaaS solutions. The global digital freight forwarding market is growing rapidly, and Shipwaves' focus on SaaS provides a scalable, high-margin growth avenue. Its expansion plans into the Middle East and North Africa further broaden its market potential.
What Are The Strengths and Risks of Shipwaves Online IPO?
Strengths:
- High Growth & Margins: Consistent revenue growth and a significant expansion in EBITDA and PAT margins.
- Technology Focus: A strong SaaS segment that offers higher margins and recurring revenue potential.
- Superior Return Ratios: Best-in-class RoNW compared to listed peers.
- Experienced Management: Promoters have over 40 years of experience in the logistics industry.
Risks:
- High Customer Concentration: The top 10 customers contribute over 80% of revenue, a major risk if key accounts are lost.
- Asset-Light Dependency: Reliance on third-party service providers for transportation creates operational risks.
- Rising Debt: Increasing borrowings to fund growth could strain cash flows if not managed well.
- SME Segment Risks: The stock will be listed on the BSE SME platform, which typically has lower liquidity.
What Are The Expert Recommendations – Should You Apply?
Subscribe
The Shipwaves Online IPO presents an attractive opportunity to invest in a high-growth, tech-enabled logistics company at a reasonable valuation.
- For Value Investors: The P/E of ~10.4x combined with exceptional return ratios makes this an interesting value pick.
- For Growth Investors: The company's pivot to high-margin SaaS and international expansion plans offer strong future potential.
- Our View: Despite the customer concentration risk, the company's strong financials, debt reduction plan, and attractive pricing make it a worthy investment. We recommend "Subscribe".
Key Takeaways
- IPO Price: ₹12 per share (Fixed Price)
- Lot Size: 10,000 Shares (Minimum Investment: ₹1,20,000). Note: Minimum investment is ₹2,40,000 for retail as per lot size table (2 lots).
- GMP Today: ₹0 (Not trading)
- Allotment & Listing Dates: Tentative listing on December 17, 2025.
- Recommendations of experts: A "Subscribe" recommendation. A financially strong logistics-tech company with superior margins offered at a fair valuation.
FAQs on Shipwaves Online IPO
What is Shipwaves Online IPO price?
The issue price for the Shipwaves Online IPO is fixed at ₹12 per share.
What is Shipwaves Online IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Monday, December 15, 2025.
How to check Shipwaves Online IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized. You can also check the ipo allotment status of other ipos at our allotment status hub page.
What is Shipwaves Online IPO listing date?
The company's shares are tentatively scheduled to be listed on the BSE SME platform on Wednesday, December 17, 2025.
Should I apply for Shipwaves Online IPO?
Yes, this is a recommended IPO. The company has demonstrated strong financial performance, is offered at a valuation comparable to its peers but with superior return ratios, and operates in a high-growth sector. However, investors should be aware of the high customer concentration risk.
Disclaimer:
This content is for educational purposes only and not investment advice. IPO investments are subject to market risks. Please consult a certified financial advisor before investing.
