Shreeji Shipping Files DRHP with SEBI for IPO Fundraising

Shreeji Shipping Global Limited, a shipping and logistics solutions provider based in Jamnagar, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) on Saturday, January 25.

The company plans to generate capital through a fresh equity share issuance in the Indian stock market. Operating across 17 domestic ports in India, Shreeji Shipping also extends its services to three international ports—Puttalam in Sri Lanka, along with Konta and Boffa in West Africa—based on data from its official website.

Shreeji Shipping IPO Details

As per the DRHP, the company is launching an entirely fresh issue of up to 2 crore equity shares, each carrying a face value of ₹10. Notably, there is no offer-for-sale (OFS) component in this IPO, ensuring that all funds raised will be directed towards the company’s financial requirements.

A significant portion of the proceeds—₹289.43 crore—will be allocated for acquiring dry bulk carriers in the "Supramax category" from the secondary market. Additionally, ₹19.5 crore will be used for repaying or prepaying the company’s outstanding borrowings, either partially or fully. The remaining funds will be reserved for general corporate purposes.

The company's promoters include Ashokkumar Haridas Lal and Jitendra Haridas Lal.

Beeline Capital Advisors Pvt Ltd and Elara Capital India Pvt Ltd have been appointed as the book-running lead managers (BRLMs) for the IPO, while Bigshare Services Pvt Ltd is handling the registrar responsibilities.

Shreeji Shipping Financial Overview

According to financial records in the draft filing, the company reported a net profit of ₹80.53 crore for the quarter ending September 30, 2024, with a total income of ₹300.97 crore. Its net worth stood at ₹297.17 crore as of the same period.

For the fiscal year 2023-24, the company recorded a net profit of ₹124.51 crore, marking a 4.7% increase compared to ₹118.88 crore in the previous financial year. Additionally, the firm reported a net profit of ₹83.46 crore for the financial year 2021-22.