IPO Overview
Incorporated in September 2021, Fly-Hi Maritime Travels Limited is a specialized maritime travel company engaged in providing end-to-end crew travel and mobility solutions for commercial shipping companies. The company manages travel arrangements for seafarers from their home countries to their designated ports of boarding, including airline ticketing, route planning, ground transportation, hotel bookings, visa coordination, and 24/7 travel support. The company’s revenue is heavily overseas-weighted — in FY26, international operations contributed approximately 90% of revenue from operations, with the UAE accounting for 56.64% and Cyprus 29.48%. The company is an International Air Transport Association (IATA) accredited company, and its registered office has been recognized as a startup by the Department for Promotion of Industry and Internal Trade (DPIIT).
The company is launching its IPO on the BSE SME platform. The IPO is a Fixed Price Issue of 51,60,000 equity shares of face value ₹5 each at ₹102 per share, aggregating to approximately ₹52.63 crore. The IPO opens on September 01, 2026 and closes on September 03, 2026, with listing expected on September 08, 2026 on the BSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Fixed Price – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 01 September 2026 |
| IPO Close Date | 03 September 2026 |
| Allotment Date | 04 September 2026 (Expected) |
| Refund Initiation | 07 September 2026 |
| Credit to Demat | 07 September 2026 |
| Listing Date | 08 September 2026 (Tentative) |
| Issue Price | ₹102 per share (Fixed) |
| Face Value | ₹5 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,44,800 (2 lots = 2,400 shares) |
| Issue Size | ₹52.63 crore |
| Fresh Issue | 41,60,400 shares (₹42.44 crore) |
| Offer For Sale (OFS) | 9,99,600 shares (₹10.20 crore) |
Issue Break-up
| Category | Allocation |
| Non-Institutional Investors (NII/HNI) | Up to 24,48,000 equity shares |
| Retail Individual Investors (RII) | At least 24,48,000 equity shares |
| Market Maker | 2,64,000 equity shares (Reserved) |
OFS / Selling Shareholders
The offer for sale component consists of 9,99,600 equity shares aggregating to approximately ₹10.19 crore, offered by promoter selling shareholder Mr. Jitendra Kumar Negi. The fresh issue portion of ₹42.44 crore will flow directly into the company for business use.
Objects of the Issue (Fund Utilization)
The company proposes to utilise the net proceeds of the issue primarily towards funding working capital requirements, repayment/pre-payment of borrowings, business marketing and development activities, and general corporate purposes.
- Working capital requirements
- Repayment / prepayment of existing borrowings
- Business marketing and development activities
- General corporate purposes
Lead Managers & Registrar
- Book Running Lead Manager: Corporate Makers Capital Limited
- Registrar to the Issue: Kfin Technologies Ltd.
Promoters & Management
Mr. Jitendra Kumar Negi and Mr. Mridul Dilip Singhvi are the promoters of Fly-Hi Maritime Travels Limited. Mr. Jitendra Kumar Negi serves as the Managing Director & Chairman of the company. IPO Ji
Post-IPO, promoter holding will fall significantly from 80% to 49.48%.
Company Details
Fly-Hi Maritime Travels Limited is a travel and logistics company catering to maritime and offshore industries. Its areas of expertise include crew travel management, ticketing, visa facilitation, and international travel coordination. The company provides comprehensive travel services for shipping companies, ship managers, and maritime professionals, ensuring timely movement of crew members and cost-effective operations.
Sectors / Client Base:
- Commercial Shipping Companies
- Ship Managers
- Maritime Professionals & Seafarers
Key Services:
- Airline ticketing and route planning
- Visa coordination and documentation
- Ground transportation and hotel bookings
- Port boarding coordination
- 24/7 travel support and emergency assistance
Key Capabilities:
Customized travel planning and 24/7 operational support; IATA accreditation and international servicing capabilities; presence in international markets through a UAE distributor; centralized and efficient operational model supported by a skilled workforce; and experienced management with strong commercial shipping industry expertise.
Registered Office: SF-04, 2nd Floor, Vasant Square Mall, Vasant Kunj, New Delhi – 110070
As of July 31, 2026, the company had a workforce of 54 employees across travel operations, marketing and sales, visa operations, finance, IT, HR, and other support functions.
Geographic Presence:
A geographically diversified client base spanning more than six countries, including Cyprus, Greece, the USA, the UK, Singapore, the UAE, and India, reduces dependence on any single market.
Financial Snapshot
| Period | Revenue from Operations (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹45.08 | ₹1.82 |
| FY25 | ₹45.39 | ₹3.44 |
| FY26 | ₹62.04 | ₹8.42 |
Key Financial Metrics
Revenue from operations increased from ₹45.08 crore in FY24 to ₹45.39 crore in FY25 to ₹62.04 crore in FY26, while PAT increased from ₹1.82 crore in FY24 to ₹3.44 crore in FY25 to ₹8.42 crore in FY26.
- Revenue growth YoY (FY26 vs FY25): ~36%
- PAT growth YoY (FY26 vs FY25): ~145%
- Post-IPO P/E ratio at ₹102 per share: approximately 17.17x
- ROE (FY25): 44.08% | ROCE (FY25): 45.18%
- Debt-equity ratio improved from 1.05 to 0.72
- Net Worth grew from ₹4.50 crore in FY23 to ₹10.97 crore as of Q1 FY26
Company Strengths
- Specialized crew travel services for commercial shipping companies with an international presence serving customers across multiple countries.
- Exceptional financial growth in FY26 — revenue up 36% and PAT up 145% YoY, with significant margin expansion.
- IATA accreditation supporting air travel service capabilities and international credibility.
- Geographically diversified client base across more than six countries including Cyprus, Greece, USA, UK, Singapore, UAE, and India — reducing dependence on any single market.
- Lean, centralized operations supported by a skilled workforce, with more than 90% revenue from international clients providing a strong global revenue base.
- Clear growth strategy including appointing international distributors, developing digital tools, expanding into cruise-line crew travel, and exploring European Union markets.
Key Risks & Challenges
- Revenue generated through a single distributor stood at 46.59% of revenue from operations in FY26 — heavy reliance on one distribution channel creates significant concentration risk.
- Purchases from the top 10 suppliers accounted for 94.12% of total purchases in FY26 — any deterioration in supplier relationships could disrupt service delivery.
- The company reported negative cash flows from operating activities in FY26 and FY24, primarily due to increases in trade and other receivables and working capital requirements.
- The company and promoters are involved in certain ongoing criminal proceedings, tax proceedings, and material civil litigations.
- Issue expenses of ₹6.03 crore are comparatively high relative to the fresh issue size, and the ₹10.20 crore OFS component means a portion of proceeds goes to the promoter rather than the company.
- Very young company — incorporated only in September 2021, with a limited operating track record of approximately 5 years.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
