India’s SME primary market continues to see strong interest from investors looking for niche, tech-enabled businesses. Within this backdrop, Shipwaves Online Limited is coming out with its IPO in December 2025, giving investors an opportunity to participate in the growth of a digital freight forwarding and logistics technology platform.
Here is a detailed look at Shipwaves Online Limited, its IPO structure, financial performance, and business outlook.
About Shipwaves Online Ltd.
Incorporated in 2015, Shipwaves Online Limited operates in the digital freight forwarding and enterprise SaaS space. The company provides a unified technology-driven platform that helps customers manage global shipping and logistics across ocean, land, and air routes.
Its core offerings include:
- Digital Freight Forwarding: Tech-enabled end-to-end logistics solutions that streamline shipment planning, documentation, tracking, and coordination for international cargo.
- Enterprise SaaS Solutions: Software products that digitalise shipping and logistics workflows, delivering real-time data and insights to improve operational efficiency.
- Other Services: Trade finance, insurance, warehousing, customs clearance, and relocation services, which complement its logistics platform and support secure global cargo movement.
As of October 31, 2025, Shipwaves Online had 35 employees on its payroll.
The company highlights several competitive strengths, such as experienced promoters, innovative software-led logistics solutions, focus on cost efficiency, a diverse customer base across sectors, and comprehensive third-party logistics services under one roof.
Shipwaves Online IPO Details
Shipwaves Online IPO is a fixed price issue of ₹56.35 crore, entirely comprising a fresh issue of equity shares. The company plans to use the net proceeds to fund working capital, support the growth of its subsidiary, repay borrowings, and meet general corporate expenses.
Key aspects of the IPO structure are as follows:
Important IPO Timeline
| Event | Date |
| IPO Open Date | Wed, Dec 10, 2025 |
| IPO Close Date | Fri, Dec 12, 2025 |
| Tentative Allotment Date | Mon, Dec 15, 2025 |
| Initiation of Refunds | Tue, Dec 16, 2025 |
| Credit of Shares to Demat | Tue, Dec 16, 2025 |
| Tentative Listing Date | Wed, Dec 17, 2025 |
| Cut off time for UPI mandate confirmation | 5 PM on Fri, Dec 12, 2025 |
Key IPO Details
| IPO Date | Wed, Dec 10, 2025 to Fri, Dec 12, 2025 |
| Face Value | ₹1 per share |
| Issue Price | ₹12 per share |
| Lot Size | 10,000 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Total Issue Size | 4,69,60,000 shares (aggregating up to ₹56.35 Cr) |
| Reserved for Market Maker | 23,50,000 shares (aggregating up to ₹2.82 Cr) Anant Securities |
| Net Offered to Public | 4,46,10,000 shares (aggregating up to ₹53.53 Cr) |
| Share Holding Pre Issue | 9,45,35,000 shares |
| Share Holding Post Issue | 14,14,95,000 shares |
Finshore Management Services Ltd. is the book-running lead manager, and Cameo Corporate Services Ltd. is the registrar of the issue. The Market Maker of the company is Anant Securities.
Shipwaves Online IPO Reservation
Shipwaves Online IPO offers a total of 4,69,60,000 shares, including the Market Maker portion. The public issue is split between retail investors and non-institutional investors (HNI).
| Investor Category | Shares Offered | Percentage of Issue |
| Market Maker | 23,50,000 | 5.00% |
| NII (HNI) | 2,23,00,000 | 47.49% |
| Retail Individual Investors (RII) | 2,23,10,000 | 47.51% |
| Total | 4,69,60,000 | 100.00% |
Lot Size of Shipwaves Online IPO
Investors need to apply for a minimum of 20,000 shares, and applications must be in multiples of 10,000 shares thereafter.
| Application Category | Lots | Shares | Amount |
| Individual investors (Retail) Minimum | 2 | 20,000 | ₹2,40,000 |
| Individual investors (Retail) Maximum | 2 | 20,000 | ₹2,40,000 |
| HNI Minimum | 3 | 30,000 | ₹3,60,000 |
Shipwaves Online Ltd. Financials
Shipwaves Online has reported consistent growth in revenue and profitability over the last three financial years, along with an improvement in net worth from negative levels to a positive base.
Key Company Financials (Restated Consolidated)
Amount in ₹ crore
| Particulars | 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 Performance Indicators
Shipwaves Online’s KPIs for the period ended March 31, 2025, are as follows:
| KPI | Value |
| Return on Equity (ROE) | 50.85% |
| Return on Capital Employed (ROCE) | 25.79% |
| Debt to Equity | 1.33 |
| Return on Net Worth | 41.89% |
| PAT Margin | 10.01% |
| EBITDA Margin | 17.51% |
| Price to Book Value | 4.38 |
Earnings and Valuation
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 1.29 | 0.66 |
| P E (x) | 9.30 | 18.12 |
| Promoter Holding (%) | 99.96% | 66.73% |
Mr. Kalandan Mohammed Haris, Mr. Kalandan Mohammed Althaf, Mr. Kalandan Mohammad Arif, Mr. Abid Ali, Mrs. Bibi Hajira and Mr. Mohammed Sahim Haris are the promoters of the company.
Shipwaves Online IPO: Objects of the Issue
The net proceeds from the Shipwaves Online IPO are proposed to be used for the following purposes:
| S. No. | Objects of the Issue | Expected Amount (₹ in crore) |
| 1 | To meet the working capital requirements of the Issuer Company | 17.13 |
| 2 | Investment in a subsidiary for funding its working capital requirements | 10.00 |
| 3 | Repayment and or prepayment, in full or part, of certain borrowings availed by the Issuer Company | 15.00 |
| 4 | General corporate expenses | 8.45 |
Shipwaves Online Ltd.: Business and Industry Outlook
Shipwaves Online operates at the intersection of logistics and technology, providing digital freight forwarding and SaaS solutions for global shipments. As trade flows become more complex and customers demand visibility and efficiency, tech-enabled logistics platforms are increasingly preferred over purely manual processes.
The company positions itself as a one-stop solution for ocean, land and air cargo, supported by software that offers real-time insights and process automation. Ancillary offerings such as trade finance, insurance, warehousing, customs clearance, and relocation services help deepen relationships with clients and create multiple revenue streams.
At the same time, the logistics and freight space is highly competitive and fragmented, with both traditional players and new-age digital platforms vying for market share. Execution strength, technology reliability, and ability to scale cost-effectively will be key differentiators for Shipwaves Online going ahead.
Shipwaves Online IPO: Peer Comparison
Shipwaves Online IPO can be compared with peers such as Tiger Logistics (India) Ltd, Lancer Containers Lines Ltd, and Timescan Logistics (India) Ltd. Reviewing these companies helps investors gauge Shipwaves Online’s position within the logistics and freight management sector, offering insights into how it stands relative to established players in terms of scale, services, and market presence, enabling more informed investment decisions.
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Conclusion
Shipwaves Online IPO gives investors an opportunity to invest in a digital freight forwarding and logistics SaaS company that has shown:
- Steady growth in revenue and profit over the past three years.
- Significant improvement in net worth from negative to positive levels.
- Healthy profitability ratios, including strong ROE and decent margins.
- A clear focus on technology-driven logistics solutions and value-added services.
On the other hand, investors should keep in mind:
- The company operates in a competitive logistics and technology market.
- Leverage is relatively high, even though part of the IPO proceeds will go towards debt repayment.
- Post issue valuation, as reflected in the higher P/E multiple, factors in expectations of continued growth and execution.
Overall, Shipwaves Online IPO may appeal to investors who understand the risks of SME listings and are comfortable with the dynamics of the logistics and tech-enabled freight segment. As always, applicants should review the detailed RHP, assess their own risk profile, and consider diversification before taking any investment decision.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
