Shipwaves Online Limited Makes Flat Debut at Par Followed by Lower Circuit, Lists at ₹12.00 Against Poor Subscription

Shipwaves Online Limited, incorporated in 2015 engaged in digital freight forwarding and enterprise SaaS solutions offering unified platform for shipping and logistics providing multimodal transportation solutions across ocean, land, and air ensuring efficient, cost-effective, and reliable global shipment management leveraging advanced technology to streamline logistics processes, made a flat debut on BSE SME on December 17, 2025. After closing its IPO bidding between December 10-12, 2025, the company commenced trading at par opening at ₹12.00 and quickly hit lower circuit at ₹11.40 (down 5.00%).

Shipwaves Online Limited Listing Details

Shipwaves launched its IPO at ₹12 per share with minimum investment of 20,000 shares costing ₹2,40,000. The IPO received poor response with subscription of 1.64 times - individual investors at 2.92 times, NII at just 0.36 times.

First-Day Trading Performance

Listing Price: Shipwaves Online opened at ₹12.00 representing flat listing at par with issue price, quickly hit lower circuit at ₹11.40 (down 5.00%), with VWAP at ₹11.99.

Growth Drivers and Challenges

Growth Drivers:

Strong Profitability Growth: Revenue increased 12% and PAT surged 94% between FY24 and FY25, exceptional ROE of 50.85%, ROCE of 25.79%, RoNW of 41.89%, PAT margin of 10.01%, EBITDA margin of 17.51% demonstrating operational efficiency.

Technology Platform: Innovative software revolutionizing logistics solutions, enterprise SaaS offering providing real-time data insights to enhance operational efficiency, unified platform for multimodal transportation across ocean, land, and air.

Comprehensive Services: Digital freight forwarding leveraging advanced technology to streamline processes, trade finance, insurance, warehousing, customs clearance, and relocation services, diverse customer base across many sectors, comprehensive and customized third-party logistics solutions, commitment to cost efficiency and excellence.

Challenges:

Severe Market Rejection: Flat listing followed by immediate lower circuit hit at 5% down creating instant investor losses, extremely poor subscription of 1.64 times with NII at dismal 0.36 times representing institutional disinterest.

Operational Limitations: Limited scale with just 35 employees, high debt-to-equity of 1.33, total borrowings of ₹34.52 crore increasing to ₹40.04 crore in H1-FY26, ₹15.00 crore of IPO proceeds for debt repayment, significant promoter dilution from 99.96% to 66.73%, thin PAT margin of 10.01%, vulnerable to freight rate volatility, fuel price fluctuations, and global trade disruptions, digital freight forwarding market facing intense competition from established logistics providers and new tech platforms.

Utilisation of IPO Proceeds

Working Capital: ₹17.13 crore for meeting working capital requirements of issuer company, ₹10.00 crore for investment in subsidiary for funding its working capital requirements.

Debt Repayment: ₹15.00 crore for repayment and prepayment of certain borrowings strengthening balance sheet and reducing interest burden.

General Corporate Purposes: ₹8.45 crore allocated for general corporate expenses supporting operational needs and strategic initiatives to maintain competitive positioning in digital freight forwarding market.

Financial Performance

Revenue: ₹108.65 crore for FY25, modest growth of 12% from ₹97.28 crore in FY24, reflecting expanding digital freight forwarding and enterprise SaaS solutions business across ocean, land, and air transportation verticals.

Net Profit: ₹12.20 crore in FY25, impressive growth of 94% from ₹6.29 crore in FY24.

Financial Metrics: Exceptional ROE of 50.85%, ROCE of 25.79%, high debt-to-equity of 1.33, RoNW of 41.89%, PAT margin of 10.01%, EBITDA margin of 17.51%, price-to-book of 4.38x, post-issue EPS of ₹0.66, P/E of 18.12x, net worth of ₹25.87 crore, total borrowings of ₹34.52 crore increasing to ₹40.04 crore, and market capitalisation of ₹161.30 crore representing severe market rejection with flat listing immediately followed by lower circuit hit creating 5% instant losses.