Live Status
GMP & Subscription
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Subscription · Final · Day 3 (Sep 3)2.1× overall
1×
Retail
3.7×
NII / HNI
0.6×
Overall
2.1×
Grey Market PremiumUnofficial
₹20▲ +20%
Est. listing price ≈ ₹122 on issue price of ₹102
!GMP is unofficial and unregulated. Treat it as sentiment only — never a basis for a decision. This is a fixed-price SME issue — there is no QIB/anchor book; the net offer is split 50:50 between NII and retail.
Last updated: Subscription: Sep 3, 5:48 PM (final) · GMP: Sep 3, 5:09 PM IST
Issue Details
IPO Details & Timeline
Verified against RHP, cross-checked on NSE & BSE.
Sep 1
Opens
Sep 3
Closes
Sep 4
Allotment
Sep 7
Refund/Demat
Sep 8
Listing
| Issue Structure | |
|---|---|
| Type | SME · Fixed Price |
| Face Value | ₹5 |
| Fresh Issue | ₹40 Cr |
| Offer for Sale | ₹10 Cr |
| Market Cap | ≈ ₹144.64 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | — |
| NII / HNI | 50% |
| Retail | 50% |
| Lead Managers | Corporate Makers Capital |
| Registrar | KFin Technologies |
Company & Financials
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 45.41 | 45.75 | 62.21 | +36% |
| EBITDA | 2.68 | 5.27 | 12.49 | +137% |
| PAT | 1.82 | 3.44 | 8.43 | +145% |
| PAT Margin | 4.0% | 7.5% | 13.6% | — |
Post-issue EPS
₹5.94
P/E
≈17.2x
ROE
61.29%
Restated consolidated, from the RHP. FY26 = year ended Mar 31, 2026. RoNW shown as ROE.
Valuation vs Peers
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Fly-Hi Maritime Travels | 17.2x | 61.29% | 13.6% |
The RHP peer set is recently-listed travel/tour SMEs (UHM Vacation, Helloji Holidays, Waterways Leisure) whose listings were mixed (−24% to +5%), rather than close comparables. On its own Fly-Hi is reasonably priced (~17x) with an exceptional RoNW (~61%). Add peer P/E and ROE from the RHP before publishing.
Promoters & Use of Funds
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Jitendra Kumar Negi, Mridul Dilip Singhvi |
| Pre-issue | 80% |
| Post-issue | 49.48% |
| Objects of Issue | |
|---|---|
| Working capital | ₹24.24 Cr |
| Repayment of borrowings | ₹4.00 Cr |
| Marketing & development | ₹1.80 Cr |
| General corporate purposes | ₹6.37 Cr |
Includes a ₹10 Cr OFS (promoter Jitendra Kumar Negi selling 9,99,600 shares) — that portion goes to the selling promoter, not the company. Post-issue promoter holding falls just below 50%.
IPO Review: Strengths & Risks
Strengths & Risks
The part most sites skip — both sides, from the RHP.
Strengths
- Exceptional profitability — RoNW ~61% and PAT up 145% in FY26.
- Reasonable valuation for the growth — ~17x post-issue P/E.
- Sharp margin expansion: EBITDA margin 11.6% → 20.1%, PAT margin 7.6% → 13.6%.
- Niche, asset-light maritime crew-travel model; IATA-accredited with a global footprint.
- Improving leverage (debt/equity 1.05 → 0.72).
Risks
- Demand skewed to retail — final 2.12x overall (retail 3.65x) while NII/HNI stayed under 1x (0.58x).
- Very high minimum ticket (~₹2.44 lakh) limits retail participation.
- Small, young company (incorporated 2021) in a niche B2B shipping-travel segment; client concentration risk.
- Fixed-price SME — low post-listing liquidity and high volatility.
- GMP (₹20, ~20%) is thin and unofficial — treat as sentiment only, not a listing guarantee.
Post-Listing Review
Did the signal hold up? Updates after Sep 8
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Listing Price
—
Listing Gain
—
Our Call
Neutral