Fly-Hi Maritime Travels IPO
LISTEDSMEListing Performance
▼ 20.00%
Issue Price
₹102
Listing Price
₹82
Listed On
08 Sep 2026
- Price Band
- ₹102 – ₹102
- Lot Size
- 1,200
- Lot Value
- ₹1,22,400
- Open Date
- 01 Sep01 Sep 2026
- Close Date
- 03 Sep03 Sep 2026
- Min Investment
- ₹1,22,400
About Fly-Hi Maritime Travels
Fly-Hi Maritime Travels provides end-to-end crew travel management solutions for commercial shipping companies, handling airline tickets, ground travel, hotel accommodations, visa and immigration arrangements for seamless crew movement from home country to port of boarding. The company operates as a niche maritime travel services provider dependent on the industry experience and professional networks of its promoters.
The company generates revenue by providing integrated crew travel ticketing, accommodation arrangements, and visa & immigration services to commercial shipping clients, with a significant portion of revenue denominated in foreign currencies (AED and Euro).
Use of IPO Proceeds
Total allocation: ₹36.4 Cr (excludes issue expenses)
Promoters
Jitendra Kumar Negi
Managing Director & Chairman · age 45
15+ Years
Bachelor of Business Administration from Kumaun University
Pre-issue: 49.05% · Post-issue: 27.61%
Mridul Dilip Singhvi
Whole Time Director · age 44
22+ Years
Bachelor of Management Studies, Post Graduate Diploma in Business Administration (Marketing & International Business) and Master of Commerce
Pre-issue: 30.95% · Post-issue: 21.87%
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: BSE SME
Strengths (6)
- •Proven track record with consistent performance during geopolitical challenges
- •Experienced management with deep maritime industry knowledge and business acumen
- •Established relationships with marquee multinational customers across diverse geographies
- •Skilled and hardworking workforce dedicated to crew travel solutions
- •Niche market focus exclusively serving commercial shipping industry needs
- •Recurring revenue stream from consistently growing global maritime industry
Risk Factors (6)
- •First public issue with no formal market history; issue price 20.4x face value may not reflect post-listing market price
- •Investments in equity securities involve high degree of risk; investors may lose entire investment if company underperforms
- •Active and sustained trading in equity shares after listing cannot be assured; trading price uncertainty post-listing
- •Company operations dependent on maritime travel sector cyclicality, economic conditions, and tourism demand fluctuations
- •Regulatory changes in maritime, aviation, and travel sectors could materially impact business operations and profitability
- •Limited financial track record as recently converted public company; minimal operating history as listed entity
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 2.06x (NII 0.62x, Retail 3.65x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (1 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,22,400 |
| Retail (max) | 1 | 1,200 | ₹1,22,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,44,800 |
| S-HNI (max) | 8 | 9,600 | ₹9,79,200 |
| B-HNI (min) | 9 | 10,800 | ₹11,01,600 |
Subscription Status
| Category | Day 2 | Day 3 |
|---|---|---|
| QIB | — | — |
| sNII (S-HNI) | — | — |
| bNII (B-HNI) | — | — |
| Retail | 0.14x | 3.65x |
| Total | 0.13x | 2.06x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
3.65x
Allotment Ratio
1 lot per 4 applicants
Allotment Probability
~27.4%
Non-Institutional Investors (NII / HNI)
Subscription
0.62x
Allotment Type
Proportionate allotment
Total Subscription
2.06x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
01 Sep 2026 · Tue
Issue Closes
03 Sep 2026 · Thu
Bidding Cut-off (UPI Mandate)
03 Sep 2026 · 5:00 PM IST
Allotment
04 Sep 2026 · Fri
Listing
08 Sep 2026 · Tue
Issue Opens
01 Sep 2026 · Tue
Issue Closes
03 Sep 2026 · Thu
Bidding Cut-off (UPI Mandate)
03 Sep 2026 · 5:00 PM IST
Allotment
04 Sep 2026 · Fri
Listing
08 Sep 2026 · Tue
IPO Details
| Registrar | KFin Technologies Limited |
| Exchange | BSE SME |
| ISIN | — |
| Face Value | ₹5 |
| Issue Size | ₹52.63 Cr |
| Fresh Issue | ₹42.44 Cr |
| OFS Size | ₹10.20 Cr |
| Lead Managers | Corporate Makers Capital Limited |
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 62.04 | 8.43 | 8.41 | — | 61.29% |
| FY24 | 45.4 | 3.44 | — | — | — |
| FY23 | 45.08 | 1.82 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Total Income | 45.41 | 45.75 | 62.21 |
| EBITDA | 2.68 | 5.27 | 12.49 |
| Net Worth | 6.09 | 9.53 | 17.96 |
| Cash Flow — Operating | -0.92 | 0.92 | -0.98 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
12.1x
Price ÷ EPS
EPS (FY25)
₹8
Earnings per share
RoNW
61.29%
Return on net worth
ROCE
67.22%
as reported in filing
EBITDA margin
20.1%
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Check the valuation yourself
Company Fundamentals
10 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹5.01 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Fly-Hi Maritime Travels offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Fly-Hi Maritime Travels's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Fly-Hi Maritime Travels's filing.
Source: Fly-Hi Maritime Travels offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- Retail50.00%
OFS Selling Shareholders
- Mr. Jitendra Kumar Negi₹10.20 Cr
Source: Fly-Hi Maritime Travels offer document (DRHP/RHP).
Board & Management
Board of Directors (5)
- Jitendra Kumar Negi
Promoter, Managing Director & Chairman
Bachelor of Business Administration from Kumaun University
14+ years in travel and hospitality business
- Mridul Dilip Singhvi
Promoter, Whole-time Director
Bachelor of Business Administration from Kumaun University
21+ years, property consultant and operations head at 99 Hospitality
- Arshita Singh₹0.01 Cr p.a.
Non-Executive, Independent Director
B.B.A. LL.B. from Symbiosis Law School, Pune; LL.M. in Business Law from NLU Jabalpur
6+ years in civil and corporate litigations
- Vipin Kumar Chhawchhriya₹0.01 Cr p.a.
Non-Executive, Independent Director
Company Secretary from Institute of Company Secretaries of India; Bachelor in Commerce
10+ years in secretarial compliance and corporate governance
- Deepesh Mittal₹0.01 Cr p.a.
Non-Executive, Independent Director
Chartered Accountant from Institute of Chartered Accountants of India
10+ years in auditing, due diligence, investigations, valuation and financial controlling
Key Managerial Personnel (2)
- Pinki Dipesh Mistry
Chief Financial Officer
Bachelor of Commerce from University of Mumbai
21+ years in auditing, financial management, analytics and strategic consultancy
- Renu Agrawal₹0.01 Cr p.a.
Company Secretary and Compliance Officer
Company Secretary from Institute of Company Secretaries of India
12+ years in corporate governance and legal functions
Source: Fly-Hi Maritime Travels offer document (DRHP/RHP).
Industry & Market
Industry & market data not disclosed in this filing.Market-size/industry detail was not extracted from Fly-Hi Maritime Travels's filing.
Material Litigation
Frankfinn Aviation Services Private Limited has filed a civil case against Fly-Hi Maritime Travels and promoter Mridul Dilip Singhvi seeking to restrain use of trademark 'FLY HI' claiming it conflicts with their registered 'FLY HIGH' mark, with damages demanded of ₹2 crore. Additionally, promoter Jitendra Kumar Negi is involved in two criminal cases: one for non-payment of sailor wages totaling ₹59.12 lakh, and another under the Delhi Excise Act related to an illicit liquor vehicle incident.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Fly-Hi Maritime Travels IPO opening?
The Fly-Hi Maritime Travels IPO opens on 01 Sep 2026 and closes on 03 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Fly-Hi Maritime Travels IPO?
The price band for the Fly-Hi Maritime Travels IPO is ₹102 to ₹102. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Fly-Hi Maritime Travels IPO?
The minimum lot size is 1200 shares with a minimum investment of ₹1,22,400. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Fly-Hi Maritime Travels IPO today?
The latest Grey Market Premium for Fly-Hi Maritime Travels is ₹1 (+0.98%). GMP is unofficial data and is not a guarantee of listing price.
When will the Fly-Hi Maritime Travels IPO list on NSE and BSE?
The Fly-Hi Maritime Travels IPO is expected to list on 08 Sep 2026 on BSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Fly-Hi Maritime Travels IPO allotment status?
The registrar for this IPO is KFin Technologies Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Fly-Hi Maritime Travels IPO a mainboard or SME issue?
Fly-Hi Maritime Travels is a SME IPO that will list on the NSE Emerge or BSE SME platform. SME IPOs require a minimum application value of one lakh rupees.
How do I apply for the Fly-Hi Maritime Travels IPO?
You can apply for the Fly-Hi Maritime Travels IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Fly-Hi Maritime Travels IPO?
The GMP-implied price (unofficial, not a forecast) is ₹103: the upper price band of ₹102 plus the latest grey market premium of ₹1, as of 28 Sep 2026, 01:00 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Fly-Hi Maritime Travels IPO?
Based on the retail subscription of 3.65x, the estimated allotment ratio is 1 lot per 4 applicants (approximately 27.4% chance of allotment). This is an estimate and actual allotment may vary.
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