Shipwaves Online Ltd. IPO Review| Deep Dive Analysis: Shipwaves Online Ltd

Shipwaves Online IPO Review| Shipwaves Online Ltd IPO Date| Shipwaves Online IPO GMP| Shipwaves IPO Price Band| Shipwaves Online Financials

Shipwaves Online Ltd. is set to launch its Initial Public Offering (IPO) on the BSE SME platform. This digital freight forwarding and logistics-tech company aims to raise ₹56.35 Crores to fuel its working capital, subsidiary investments, and debt reduction.

The company operates a hybrid business model, combining traditional freight forwarding with a modern “Logistics SaaS” layer. This dual approach positions them uniquely in the Indian logistics market, which is rapidly digitizing under initiatives like PM Gati Shakti.

Critical Dates

Event	Date
IPO Open Date	December 10, 2025
IPO Close Date	December 12, 2025
Basis of Allotment	December 15, 2025
Refunds Initiation	December 16, 2025
Credit to Demat	December 16, 2025
Listing Date	December 17, 2025 (Tentative)

1. Business Model: The “Phygital” Advantage

Shipwaves Online Ltd. was incorporated in 2015 and has evolved into a digital-first logistics player. Their business model solves a critical pain point in the shipping industry: opacity. Traditional freight forwarding is often bogged down by paperwork, untracked shipments, and delayed communication.

Core Offerings:

• Digital Freight Forwarding: The company provides end-to-end multimodal transport solutions (Ocean, Air, and Road). Unlike traditional forwarders, Shipwaves offers a digital front-end where shippers can book, track, and manage shipments in real-time.
• Enterprise SaaS Solutions: This is the high-margin component of their business. They offer software tools to large enterprises for supply chain visibility, automated documentation, demand forecasting, and freight rate management.

Revenue Streams:

1. Freight Spreads: The margin between the buy rate (from carriers like Maersk, MSC) and the sell rate (to exporters/importers).
2. SaaS Subscriptions: Recurring revenue from licensing their logistics software to enterprise clients.
3. Value-Added Services: Customs clearance, cargo insurance, and warehousing fees.

2. Financial Health

Shipwaves has demonstrated impressive financial growth, particularly in the fiscal year 2025. The shift towards higher-margin SaaS revenue appears to be aiding their bottom line.

Key Financial Metrics (₹ in Crores):

Particulars	FY 2024	FY 2025	H1 FY26 (Sep ’25)
Revenue	96.71	108.28	40.98
Expenses	90.03	96.50	36.15
Net Profit (PAT)	5.83	10.83	4.45
PAT Margin	6.03%	10.00%	10.88%
EBITDA Margin	~11.4%	17.51%	–

Analysis:

• Revenue Growth: The company saw a ~12% jump in revenue from FY24 to FY25.
• Profit Surge: More importantly, PAT nearly doubled in FY25. This suggests that operational leverage is kicking in—revenue grew by 12%, but profit grew by ~85%.
• Margins: The improvement in PAT margins from 6% to over 10% is a strong signal of efficiency, likely driven by the scalable nature of their tech platform.

3. IPO Valuation

• IPO Price: ₹12 per share (Fixed Price).
• EPS (FY25): ₹1.15 (approx).
• P/E Ratio: ~10.4x.

Valuation Verdict:

At a P/E of roughly 10.4x based on FY25 earnings, the issue appears attractively priced. Most logistics peers on the mainboard trade at P/E multiples of 30x to 50x. Even factoring in the “SME discount” (SME stocks often trade at lower multiples due to liquidity risks), a P/E of 10x leaves significant money on the table for investors, assuming the numbers are sustainable.

4. SWOT Analysis

Strengths:

• Tech-First Approach: The proprietary platform offers a competitive moat against traditional, offline freight forwarders.
• Asset-Light Model: They do not own ships or trucks, reducing capital expenditure risks.
• Promoter Experience: The Kalandan family has over 40 years of collective experience in the logistics domain.

Weaknesses:

• Low Barriers to Entry: The freight forwarding business is fragmented. Global giants (like Kuehne+Nagel) also have digital platforms.
• Cash Flow Volatility: Logistics businesses often face high working capital cycles (paying carriers upfront while waiting for client payments).

Opportunities:

• PM Gati Shakti: The Indian government’s push for a National Logistics Policy directly benefits tech-enabled players who can reduce logistics costs.
• SaaS Expansion: Scaling the software vertical to international clients could exponentially increase margins.

Threats:

• Freight Rate Fluctuations: A sudden drop in global ocean freight rates (as seen post-2022) can compress the gross margins of freight forwarders.
• Geopolitical Instability: Wars or canal blockages (e.g., Suez/Panama issues) disrupt trade routes and volume.

5. Peer Comparison

While there are no direct listed peers in the SME space with this exact “SaaS + Logistics” mix, we can compare them to broader logistics players:

• Tiger Logistics: Primarily traditional forwarding. Trades at higher valuations.
• Total Transport Systems: Similar NVOCC model but less tech-focused.
• Cartrade/Zomato (Tech proxies): While different industries, Shipwaves seeks a valuation closer to tech platforms than pure logistics, but its current pricing (~10x P/E) is priced like a traditional logistics firm.

6. Grey Market Premium (GMP)

Current GMP: ₹0 (Flat)

Estimated Listing Price: ₹12

Note: As of early December 2025, the GMP is quiet. This is typical for fixed-price SME IPOs until the subscription numbers start pouring in. If the retail portion gets oversubscribed on Day 1, expect the GMP to spike to ₹5-₹8 levels.

7. The Verdict: Should You Invest?

Review: Subscribe for Long Term / High Risk

Shipwaves Online Ltd. offers a compelling narrative. They are profitable, growing, and priced cheaply (P/E ~10x). The combination of logistics infrastructure with a SaaS layer is the “holy grail” for modern investors seeking scalability.

However, the risks are inherent to the SME sector: low liquidity and high volatility. The flat GMP currently indicates a lack of immediate speculative hype, which might actually be a good thing for genuine value investors who want to enter at a reasonable price without fighting massive oversubscription.

Strategy:

• Retail: Good for a high-risk, high-reward bet.
• HNI: Watch the QIB/NII subscription figures on Day 2 before committing large funds.

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Shipwaves Online IPO Review| Shipwaves Online Ltd IPO Date| Shipwaves Online IPO GMP| Shipwaves IPO Price Band| Shipwaves Online Financials

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