The logistics sector forms the backbone of India’s economy, driving the movement of goods across its vast landscape. As the country aims for a $5.5 trillion GDP by 2027, logistics transformation has become essential.
Against this backdrop, Shipwaves Online Ltd. is coming out with a ₹56.35 Cr fixed price IPO at ₹12, entirely a fresh issue of 4.70 Cr shares, opening on 30 September 2025.
Read this blog to learn more about the Shipwaves Online IPO, its timeline, face value, price band, allotment details, GMP, and other important information.
Shipwaves Online IPO Details
Here are some key details regarding the Shipwaves Online IPO:
| IPO Open Date | 30 Sep 2025 |
| Close Date | 6 October 2025 |
| Face Value | ₹1 |
| Fixed Price | ₹12 |
| Issue size | 4,69,60,000 Equity Shares |
| Market Lot | 10,000 shares (minimum 2 lots) |
| Sale Type | Fresh capital |
| Offer for Sale | Not applicable |
| Fresh Issue | 4,69,60,000 Equity Shares |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Total Issue Size (₹ Cr) | ₹ 5,635.20 Lakhs |
| Reserved for Market Maker | Up to 23,50,000 Equity Shares |
| Net Offered to Public | 4,46,10,00 equity shares |
| Minimum Investment(₹) | ₹2,40,000 |
| Retail Discount | Undisclosed |
Shipwaves Online IPO Timeline
Review the Shipwaves Online IPO timeline below:
| IPO Open Date | 30 September 2025 |
| IPO Closing Date | 6 October 2025 |
| Allotment Date | 7 October 2025 |
| Refunds Initiation | 8 October 2025 |
| Credit of Shares | 8 October 2025 |
| Tentative Listing Date | 9 October 2025 |
| Cut-off Time for UPI Mandate Confirmation | 7 October 2025 |
Shipwaves Online IPO Grey Market Premium (GMP Today)
| Date | GMP (₹) | Estimated Listing Price (₹) |
| 7 October 2025 | ₹0 | ₹12 |
Shipwaves Online IPO Reservation
Shipwaves Online Ltd. has made the following reservations for the Shipwaves Online IPO shares across various investor categories:
| Category | % of Shares Offered | Shares offered |
| QIBs | Not Applicable | Not Applicable |
| Retail Investors | 47.51 | 2,23,10,000 |
| NII | 47.49 | 2,23,00,000 |
| Market makers | 5.00 | 23,50,000 |
Shipwaves Online Key Performance Indicator
Financial Health: A Three-Year Overview of Shipwaves Online’s Key Performance Indicators (KPIs).
| KPIs | 2025 | 2024 | 2023 |
| ROE (%) | 50.85 | 48.34 | 28.29 |
| ROCE (%) | 25.79 | 22.78 | 15.41 |
| Debt to Equity Ratio (in times) | 1.33 | 1.63 | 1.45 |
| RoNW (%) | 41.89 | 39.38 | 24.78% |
| PAT Margin (%) | 10.01 | 16.04 | 3.23 |
| EBITDA Margin (%) | 17.51 | 11.42 | 5.86 |
Shipwaves Online IPO Financials
This table presents Shipwaves Online Ltd.’s financial performance over the last three years.
| 2025 (₹ lakh) | 2024 (₹ lakh) | 2023 (₹ lakh) | |
| Revenue | 10865.39 | 9727.60 | 6948.93 |
| Total Asset | 8186.15 | 5398.35 | 2643.04 |
| Profit | 1,083.77 | 583.68 | 224.11 |
Shipwaves Online IPO Lot Size
Know more about the Shipwaves Online, including IPO lot size and minimum investments for different investor categories.
| Application | Lot Size | Shares | Amount(in ₹) |
| Individual investors (Retail) (Min) | 2 | 20,000 | 2,40,000 |
| Individual investors (Retail) (Max) | 2 | 20,000 | 2,40,000 |
| HNI (Min) | 3 | 30,000 | 3,60,000 |
Shipwaves Online IPO Promoter Holding
The % of holdings by promoters, Mr. Kalandan Mohammed Haris, Mr. Kalandan Mohammed Althaf, Mr. Kalandan Mohammad Arif, Mr. Abid Ali, Mrs. Bibi Hajira, and Mr. Mohammed Sahim Haris, before and after the IPO.
| Pre-Issue Holding | 99.96% |
| Post-Issue Holding | 66.73% |
Shipwaves Online IPO Prospectus
For further details on the Shipwaves Online IPO, please refer to the official filings with SEBI.
About Shipwaves Online
Founded in: 27 February 2015
Chairman: Kalandan Mohammed Haris
Shipwaves Online Limited is a logistics company that offers a single unified platform designed to meet customers’ shipping and logistical needs. It offers multimodal transportation solutions, including end-to-end support for shipments across Land, Air, and Water.
The company’s platform provides customers with complete transparency and control over their logistics operations, offering real-time visibility from the point of origin to the final destination.
Objectives of the Shipwaves Online
The Company plans to utilise the net proceeds from this offer in the following ways:
| Fund Utilisation | % of Net Proceeds | Amount (in ₹ lakh) |
| Working capital needs of the company | 30.40 | 1,713.05 |
| Investment in subsidiary for working capital | 17.75 | 1,000.00 |
| Repayment or pre-payment of some or all portion of debts | 26.62 | 1,500.00 |
| Issue expenses | 10.24 | 576.87 |
| General expenses | 15.00 | 845.28 |
| Total IPO Proceeds | 100 | 5,635.20 |
Strength Of Shipwaves Online
- Seasoned Pros: The promoters of the company have over 40 years of experience in logistics. Supported by its qualified management team, they drive growth and enable the company to achieve customer satisfaction.
- In-house Tech Mastery: The company is developing its own platform, which offers integrated solutions for all shipping needs. This platform shall enhance efficiency and customer satisfaction and drive revenue for the Company.
- Strong Stakeholder Relationship: The company has built a diverse and trusted customer base across many sectors and supplier relationships over the years.
- Expanding Global Boundaries: Along with offices across India and a base in the UAE, the company is strategically planning to increase its customer base in Middle Eastern and North African (MENA) countries.
Risk of Shipwaves Online
- Legal Complications: The company, its director, promoters, and group companies are liable to legal proceedings for certain litigations. Negative proceedings shall affect operations and performance.
- Reliance on Limited Customers: The company derives a significant portion of revenue from its top five customers. If even one of these key customers walks away, it could impact its financials adversely.
- Third-Party Dependence: The business model of the company is highly dependent on third-party transporters; any disruptions might lead to compromising quality, increased costs, or affect profits.
- Competition and Regulatory Constraints: The company faces continuous challenges from import and export regulations, global uncertainties, and competition within the logistics sector.
Other Recent IPO List
Here’s a list of the latest IPOs and upcoming IPOs in India, 2025:
| Greenleaf Envirotech IPO | B.A.G. Convergence IPO |
| Om Metallogic IPO | VijayPD Ceuticals IPO |
| Sodhani Capital IPO | Glottis IPO |
Conclusion
Shipwaves Online IPO offers an opportunity to invest in an expanding logistics company backed by a seasoned leadership team, strong industrial experience, and increasing presence across India and the UAE.
The company’s platform and key customer base enhance operational efficiency. However, investors should carefully measure the risks, such as reliance on limited customers and third parties, and ongoing legal proceedings, before making any investment decision.
Shipwaves Online IPO FAQs
Shipwaves Online IPO is a fixed price issue of ₹ 5,635.20 lakhs, which is a fresh issue of 4,69,60,000 equity shares priced at ₹12 each.
Log in to Zerodha Kite → Search “Shipwaves Online IPO” → Click “Apply” → Enter your UPI ID, quantity, and price → Tick the undertaking box → Submit → Accept the mandate on your UPI app.
The Shipwaves Online IPO opens on 30 September 2025 and closes on 6 October 2025.
The lot size of Shipwaves Online IPO is 10,000 shares with a minimum of 2 lots, requiring a minimum investment of ₹2,40,000 for retail investors.
Investors can apply for the Shipwaves Online IPO through ASBA using their bank account or through platforms such as Zerodha, Groww, or Upstox, using UPI.
The allotment of Shipwaves Online IPO shares is expected to be on 7 October 2025.
The Shipwaves Online IPO is scheduled to list on 9 October 2025 on BSE SME.
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