Shipwaves Online Services IPO has caught investor attention for its digital-first logistics model and rapid profitability growth. Amid a strong wave of tech-driven logistics startups, the company’s listing on BSE SME has sparked discussions about whether it can sustain long-term momentum. Despite a muted grey market premium (GMP), investor sentiment remains optimistic, thanks to solid financial performance and sector tailwinds.
About the Company
Shipwaves Online Limited, incorporated in 2015 and later converted into a public company in 2022, is a technology-enabled logistics firm. It provides end-to-end multimodal freight solutions—covering ocean, land, and air transport—through its digital freight forwarding platform and enterprise SaaS tools.
The company’s platform simplifies real-time tracking, automated documentation, and customs clearance, making logistics operations faster and cost-efficient. With operations in India and the UAE, Shipwaves serves a growing base of global trade clients.
Promoters: Kalandan Mohammed Haris, Kalandan Mohammed Althaf, and others.
Headquarters: Mangaluru, Karnataka.
Employees: Around 35 as of August 2025.
Shipwaves Online Services IPO Details
| Parameter | Details |
|---|---|
| IPO Type | Fixed Price SME IPO |
| Issue Size | ₹56.35 crore |
| Price Band | ₹12 per share |
| Lot Size | 10,000 shares (Retail minimum: 20,000 shares = ₹2,40,000) |
| Retail Quota | 50% |
| HNI Quota | 50% (Min. 3 lots = ₹3,60,000) |
| Market Maker Reservation | ₹3.53 crore |
| Lead Manager | Finshore Management Services Ltd. |
| Registrar | Cameo Corporate Services Ltd. |
| Post-Issue Market Cap | ₹169.79 crore |
| Allotment Date | October 7, 2025 |
| Listing Date | October 9, 2025 |
| Exchange | BSE SME |
| Symbol / ISIN | SHIPWAVES / INE0GXD01019 |
Shipwaves IPO GMP Today
As of today, the Shipwaves Online Services IPO GMP has closed post-listing. During the IPO period (September 30 – October 6, 2025), no significant activity was recorded in the grey market, reflecting neutral pre-listing sentiment.
- GMP Trend (Pre-listing): ₹0 to ₹1 (Neutral)
- Estimated Listing Gain: 0–5%
- Current Status: Listed on BSE SME — check live price updates on BSEIndia.com.
💡 A neutral GMP often indicates a fair valuation and low speculation-driven premium before listing.
Financial Summary (₹ in crore)
| Financial Year | Revenue | Profit After Tax (PAT) | EPS (₹) |
|---|---|---|---|
| FY2023 | 96.85 | 6.30 | 0.48 |
| FY2024 | 97.05 | 6.30 | 0.48 |
| FY2025 | 108.65 | 12.20 | 0.86 |
Highlights:
- Revenue grew 12% YoY in FY2025.
- PAT nearly doubled (↑94%), signaling operational efficiency.
- Post-IPO P/E: ~14x — reasonable compared to SME logistics peers.
- Return on Net Worth (RoNW): ~25% post-issue.
Strengths and Risks
✅ Key Strengths
- Strong foothold in digital logistics and freight automation.
- Rapid growth in profitability and return ratios.
- Diversified multimodal operations (air, sea, land).
- Tech platform advantage reduces logistics costs by up to 30%.
- Operating presence in India and UAE, offering international exposure.
⚠️ Risks to Consider
- Heavy dependence on third-party transporters and agents.
- Small team size may limit scalability.
- High competition from established players like Delhivery and BlackBuck.
- SME stocks can be volatile post-listing.
Expert Review
Market experts view Shipwaves Online Services as a promising player in the digital freight forwarding space. The IPO valuation was seen as fair with strong fundamentals and clear profitability.
However, analysts suggest long-term investors can consider subscribing due to consistent growth, while short-term traders should be cautious because of neutral GMP and SME listing volatility.
Verdict: Apply for Long-Term Gains
(Avoid for short-term listing flips)
Allotment Status
The allotment for Shipwaves Online Services IPO was finalized on October 7, 2025, and shares were credited to demat accounts by October 8, 2025.
How to Check Allotment:
- Visit Cameo India.
- Go to “IPO Allotment Status.”
- Enter PAN / Application Number / DP ID to view results.
Refunds were processed by October 8, 2025, and successful applicants saw the stock listed on October 9, 2025 on BSE SME.
Listing & Performance
- Listing Date: October 9, 2025
- Exchange: BSE SME
- Symbol: SHIPWAVES
- Opening Performance: Listed near issue price, traded flat with moderate volume.
- Expected Short-Term Return: 0–10% based on early GMP trends.
Investors should track logistics sector updates and company announcements for potential long-term price appreciation.
Conclusion
The Shipwaves Online Services IPO reflects India’s growing appetite for digital logistics solutions. With steady revenue growth, strong profit margins, and fair valuation, the company has the potential to create long-term shareholder value.
While short-term gains appear limited due to muted GMP, long-term investors can consider holding or accumulating gradually as the digital logistics sector expands in the next 2–3 years.
FAQs
What is the GMP of Shipwaves Online Services IPO today?
The IPO has already listed on BSE SME, and the grey market premium (GMP) is no longer active. Pre-listing GMP was around ₹0–₹1 (neutral).
Is Shipwaves Online Services IPO good for the long term?
Yes. Strong financial growth, fair valuation, and sector tailwinds make it suitable for long-term investors.
What are the Shipwaves IPO allotment and listing dates?
Allotment: October 7, 2025; Listing: October 9, 2025, on BSE SME.
What is the lot size and price band of this IPO?
Lot size is 10,000 shares; price band is ₹12 per share.
How can I check my Shipwaves IPO allotment status?
Visit Cameo India, go to IPO Allotment Status, and enter your PAN or Application Number.
What is the expert view on Shipwaves Online IPO?
Analysts recommend Apply for long term, considering profitability and fair pricing.
Sources
- NSE India
- BSE India
- Cameo India
- Company DRHP and filings
- EstiMarket Research
