Fly-Hi Maritime Travels IPO Lists at ₹81.60 on BSE SME

Fly-Hi Maritime Travels shares made a weak stock market debut on September 8, 2026, listing at ₹81.60 per share on the BSE SME platform. The listing price represented a 20% discount to the IPO issue price of ₹102 per share.

The listing followed the company’s ₹52.63 crore IPO, which was open for subscription from September 1 to September 3, 2026. The public issue was subscribed 2.12 times by the end of the bidding period.

Fly-Hi Maritime Travels’ IPO comprised a fresh issue of ₹42.44 crore and an offer for sale (OFS) of ₹10.20 crore.

Incorporated in 2021, Fly-Hi Maritime Travels is a specialised maritime travel company providing end-to-end crew travel and mobility solutions for commercial shipping companies.

Fly-Hi Maritime Travels IPO Listing Details

Fly-Hi Maritime Travels launched its ₹52.63 crore fixed-price IPO, comprising a fresh issue of ₹42.44 crore and an offer for sale of ₹10.20 crore. The bidding window opened on September 1 and closed on September 3, 2026.

The IPO issue price was fixed at ₹102 per equity share, with a face value of ₹5 per share. The lot size was 1,200 shares, while the minimum individual application was 2 lots or 2,400 shares, requiring an investment of ₹2,44,800.

The IPO received an overall subscription of 2.12 times. The individual investor category was subscribed 3.65 times, while the non-institutional investor category received 0.58 times subscription.

Fly-Hi Maritime Travels subsequently made its stock market debut at ₹81.60 per share on the BSE SME platform, representing a discount of 20% to its IPO issue price.

• Issue Price: ₹102 per share
• BSE SME Listing Price: ₹81.60 per share
• Listing Discount: 20%
• IPO Size: ₹52.63 crore
• Fresh Issue: ₹42.44 crore
• Offer for Sale: ₹10.20 crore
• Lot Size: 1,200 shares
• Minimum Individual Application: 2,400 shares
• Minimum Individual Investment: ₹2,44,800
• IPO Open Date: September 1, 2026
• IPO Close Date: September 3, 2026
• Allotment Date: September 4, 2026
• Listing Date: September 8, 2026
• Listing Platform: BSE SME

First-Day Trading Performance

Listing Price: Fly-Hi Maritime Travels share price debuted at ₹81.60 per share on the BSE SME platform against its IPO issue price of ₹102, translating into a listing discount of 20%.

Following the weak opening, the stock extended its losses during early trading. As of around 9:50 AM on September 8, Fly-Hi Maritime Travels shares were trading at ₹77.55, down 23.97% from the IPO issue price.

The stock had therefore declined another 4.96% from its ₹81.60 listing price during early trade.

The weak listing followed the company’s ₹52.63 crore IPO, which was subscribed 2.12 times overall. Individual investors led demand, with their portion subscribed 3.65 times, while the NII category received 0.58 times subscription.

Growth Drivers and Challenges

Growth Drivers

Niche Maritime Focus: Specialises in commercial crew travel solutions.

International Client Base: Serves customers across multiple global markets.

Integrated Travel Services: Provides comprehensive crew mobility solutions.

Strong Profit Growth: PAT increased significantly during FY26.

IATA Accreditation: Supports credibility across international travel operations.

Challenges

Customer Concentration: Revenue depends significantly on major customers.

Distributor Dependence: International operations rely on overseas distribution.

Working Capital Needs: Operations require substantial ongoing working capital.

Higher Borrowings: Total borrowings increased during fiscal 2026.

Industry Exposure: Performance depends on maritime travel demand.

Utilisation of IPO Proceeds

Fly-Hi Maritime Travels’ ₹52.63 crore IPO comprised a fresh issue of ₹42.44 crore and an offer for sale of ₹10.20 crore.

The company intends to utilise the net proceeds from the fresh issue primarily towards funding working capital requirements, repayment or prepayment of certain borrowings, business marketing and development activities and general corporate purposes.

The public issue comprised:

• Fresh issue of ₹42.44 crore
• Offer for sale of ₹10.20 crore
• Total IPO size of ₹52.63 crore
• Funding working capital requirements
• Repayment or prepayment of borrowings
• Business marketing and development activities
• General corporate purposes
• Issue-related expenses

Corporate Makers Capital Limited acted as the lead manager for the IPO, while KFin Technologies Limited served as the registrar.

Business and IPO Overview

Incorporated in September 2021, Fly-Hi Maritime Travels Limited is a specialised maritime travel company providing end-to-end crew travel and mobility solutions for commercial shipping companies.

The company manages travel arrangements for seafarers travelling from their home countries to ports of boarding. Its service portfolio includes airline ticketing, route planning, ground transportation, hotel bookings, visa coordination, travel monitoring and round-the-clock support.

Headquartered in Mumbai and supported by a distributor in the UAE, the company serves clients across international markets including Cyprus, Greece, the USA, the UK, Singapore and the UAE, alongside India.

Fly-Hi Maritime Travels is IATA-accredited and employed 54 personnel as of July 31, 2026.

The company reported total income of ₹62.21 crore in FY26, compared with ₹45.75 crore in FY25 and ₹45.41 crore in FY24.

Profit after tax increased to ₹8.43 crore in FY26 from ₹3.44 crore in FY25 and ₹1.82 crore in FY24. Net worth stood at ₹17.96 crore as of March 31, 2026, while total borrowings increased to ₹12.97 crore from ₹10.03 crore in the previous financial year.

Fly-Hi Maritime Travels entered the public markets through a ₹52.63 crore fixed-price IPO comprising a fresh issue of ₹42.44 crore and an offer for sale of ₹10.20 crore. The issue opened on September 1 and closed on September 3, 2026, with the issue price fixed at ₹102 per share.

The IPO was subscribed 2.12 times overall. The individual investor category was subscribed 3.65 times, while the NII portion was subscribed 0.58 times.

Fly-Hi Maritime Travels made a weak stock market debut on September 8, 2026, with shares listing at ₹81.60 on the BSE SME platform, representing a 20% discount to the IPO issue price of ₹102.

Following the listing, the stock declined further during early trade. At around 9:50 AM, shares were trading at ₹77.55, down 23.97% from the IPO issue price and around 4.96% below the listing price.