India’s IPO market continues to attract interest from niche and technology-driven companies. Shipwaves Online Ltd., a digital freight forwarding and enterprise SaaS solutions provider, is opening its IPO on September 30, 2025. This IPO presents investors an opportunity to gain exposure to the rapidly growing logistics sector.
About Shipwaves Online Ltd.
Incorporated in 2015, Shipwaves Online Limited provides a unified digital platform for shipping and logistics, offering multimodal transport solutions across ocean, land, and air. The company enables efficient, cost-effective, and reliable global shipment management.
Services Offered:
- Digital Freight Forwarding: Streamlined end-to-end logistics support leveraging technology.
- Enterprise SaaS Solutions: Real-time digital tools to enhance operational efficiency.
- Other Services: Trade finance, insurance, warehousing, customs clearance, and relocation solutions.
Competitive Strengths:
- Experienced promoters and a qualified management team
- Innovative logistics software
- Cost-efficient and reliable operations
- Diversified customer base across industries
- Comprehensive third-party logistics solutions
Shipwaves Online IPO Details
The Shipwaves Online IPO is a fixed price issue of ₹56.35 crore, entirely a fresh issue of 4.70 crore shares. The IPO will list on BSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 30, 2025 |
| IPO Close Date | Oct 6, 2025 |
| Tentative Allotment | Oct 7, 2025 |
| Initiation of Refunds | Oct 8, 2025 |
| Credit of Shares to Demat | Oct 8, 2025 |
| Tentative Listing Date | Oct 9, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Oct 6, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹1 per share |
| Issue Price | ₹12 per share |
| Lot Size | 10,000 shares |
| Total Issue Size | 4.696 crore shares (₹56.35 Cr) |
| Reserved for Market Maker | 23.5 lakh shares (₹2.82 Cr) |
| Net Offered to Public | 4.461 crore shares (₹53.53 Cr) |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 9.4535 crore shares |
| Shareholding Post-Issue | 14.1495 crore shares |
Investor Category Reservation:
| Investor Category | Shares Offered |
| Market Maker | 23,50,000 (5%) |
| NII (HNI) | 2,23,00,000 (47.49%) |
| Retail (RII) | 2,23,10,000 (47.51%) |
| Total | 4,69,60,000 (100%) |
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 20,000 | ₹2,40,000 |
| Retail (Max) | 2 | 20,000 | ₹2,40,000 |
| HNI (Min) | 3 | 30,000 | ₹3,60,000 |
Promoter Holding:
Promoters: Mr. Kalandan Mohammed Haris, Mr. Kalandan Mohammed Althaf, Mr. Kalandan Mohammad Arif, Mr. Abid Ali, Mrs. Bibi Hajira, Mr. Mohammed Sahim Haris
- Pre-IPO: 99.96%
- Post-IPO: 66.73%
Book Running Lead Manager: Finshore Management Services Ltd.
Registrar: Cameo Corporate Services Ltd.
Company Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 |
| Assets | 81.86 | 53.98 |
| Total Income | 108.65 | 97.28 |
| Profit After Tax | 12.20 | 6.29 |
| EBITDA | 18.96 | 11.04 |
| Net Worth | 25.87 | 14.82 |
| Reserves & Surplus | 16.42 | 5.37 |
| Total Borrowing | 34.52 | 24.14 |
Key Performance Indicators (FY2025):
| KPI | Value |
| Market Capitalisation | ₹169.79 Cr |
| 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 (₹) (Pre-IPO / Post-IPO) | 1.29 / 0.86 |
| P/E (x) (Pre-IPO / Post-IPO) | 9.3 / 13.92 |
Objects of the Issue
| S.No | Objects | Expected Amount (₹ Cr) |
| 1 | Working Capital Requirements of the Issuer | 17.13 |
| 2 | Investment in Subsidiary for working capital | 10.00 |
| 3 | Repayment/Prepayment of borrowings | 15.00 |
| 4 | Issue Related Expenses | 5.77 |
| 5 | General Corporate Expenses | 8.45 |
Shipwaves Online IPO: Peer Comparison
Shipwaves Online IPO can be compared with peers like Blackbuck Ltd, FarEye Solutions Ltd, Loadshare Networks Ltd, Delhivery Ltd, and Ecom Express Ltd. Reviewing these companies helps investors gauge Shipwaves Online’s position in the digital logistics and enterprise SaaS sector and make informed decisions.
Conclusion
Shipwaves Online Ltd. provides an opportunity to invest in digital logistics and enterprise SaaS solutions with consistent revenue and profitability growth. Its innovative platform, experienced management, and diverse service offerings give it a competitive edge in India’s logistics technology space. Investors should note risks such as dependency on B2B clients, technology adoption challenges, and competition in logistics software solutions.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
