Global Ocean Logistics IPO Overview
Mumbai-based multimodal freight forwarding and logistics services provider raising ₹30.41 cr (100% fresh issue, no OFS). Price: ₹74-78. Lot: 1,600 shares (₹2,49,600 min investment for 2 lots).
Funds for working capital (₹21 cr), general corporate purposes.
Lead: Marwadi Chandarana Intermediaries Brokers.
Registrar: Kfin Technologies.
Founded January 2021 (started operations 2021 in Mumbai). Multimodal freight forwarding company specializing in Ocean Freight Forwarding, Air Freight Forwarding, Transport (Road/Rail), Container Freight Station (CFS), Custom Clearance. 55 in-house professionals (as of May 31, 2025).
Services: Ocean Freight Forwarding with ODC, Road/Rail Transport, Air Cargo, CFS, Custom Clearance for importers sourcing from Europe, USA, South Africa, China, Southeast Asia, Gulf countries.
Operating Presence: Major ports – Nhava Sheva, Hazira, Tumb, Pune, Mundra, Chennai. Pan-India coverage across 23+ states and union territories via 4 marketing offices in Visakhapatnam, Jaipur, Pune, Tuticorin. Served 263 ports globally, handled 24,782+ shipments and 73,052 TEUs (FY23-FY25). Processed 24,000+ Bills of Lading (as of March 31, 2025).
Access to 20,000+ agents network enabling scalability. Technology-enabled asset-light business model.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | SME (BSE SME) |
| IPO Open Date | 17 December 2025 (Tuesday) |
| IPO Close Date | 19 December 2025 (Thursday) |
| Anchor Investor Bidding | Anchor portion available (28.48% reserved) |
| Allotment Date | 22 December 2025 (Monday) – Expected |
| Credit to Demat | 23 December 2025 (Tuesday) – Expected |
| Refund Initiation | 23 December 2025 (Tuesday) – Expected |
| Listing Date | 24 December 2025 (Wednesday) – Tentative |
| Price Band | ₹74 – ₹78 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,600 shares (minimum lot) |
| Min Investment (Retail) | ₹2,49,600 (3,200 shares / 2 lots at upper band ₹78) |
| sNII Investment | ₹3,74,400 (3 lots / 4,800 shares) minimum |
| bNII Investment | Not specified separately |
| Issue Size | ₹30.41 crore total |
| Fresh Issue | ₹30.41 crore (100%) – 38,99,200 shares (approx) |
| Offer for Sale (OFS) | NIL – No OFS component |
| Total Shares Offered | 38,99,200 equity shares (approx) |
| Listing | BSE SME |
| Post-Issue Market Cap | ~₹87-92 crore (at upper price band ₹78) |
Issue Break-up
| Category | Allocation |
| Anchor Investors | 28.48% (11,10,400 shares) |
| QIB (Qualified Institutional Buyers) | 18.96% (7,39,200 shares – Ex Anchor) |
| NII (Non-Institutional Investors) | 14.28% (5,56,800 shares) |
| Retail Individual Investors | 33.28% (12,97,600 shares) |
| Market Maker | Portion reserved (not specified) |
No OFS Component – 100% Fresh Issue
Note: This is a 100% fresh issue IPO with no Offer for Sale. All proceeds go directly to the company for business purposes. Promoter holding will dilute from 82% pre-IPO to approximately 49-52% post-IPO depending on final subscription.
Objects of the Issue (Fund Utilization)
Fresh Issue Proceeds (₹30.41 crore) will be used for:
- Working Capital Requirements – ₹21.00 crore (69.0%)
- Day-to-day operational expenses
- Funding freight forwarding operations
- Managing payment cycles with vendors and agents
- Scaling operations across ports and states
- General Corporate Purposes – Balance Amount (₹9.41 crore, 31.0%)
- Strategic initiatives
- Business development and expansion
- Technology upgrades
- Contingency requirements
Strategic Focus:
- Dominant allocation (69%) to working capital indicates focus on scaling freight forwarding operations
- Asset-light model requires working capital for vendor payments, agent commissions, operational expenses
- No debt repayment component – company has minimal debt (D/E ratio 0.07)
- 100% fresh issue strengthens balance sheet for growth
OFS Proceeds:
- NIL – No promoter exit
Note: 100% fresh issue demonstrates strong growth focus. Working capital intensive business model typical for freight forwarding sector where payment cycles require liquidity management.
Lead Managers & Registrar
Book Running Lead Manager (BRLM):
- Marwadi Chandarana Intermediaries Brokers Private Limited
- Address: X-change Plaza, Office no. 1201 to 1205, 12th Floor, Building No. 53E, Zone-5, Road 5E, Gift City, Gandhinagar – 382355
- Phone: 022-69120027
- Website: ib.marwadichandaranagroup.com
Registrar:
- Kfin Technologies Limited
- Address: 301, The Centrium, 3rd Floor, 57, Lal Bahadur Shastri Road, Nav Pada, Kurla (West), Mumbai-400070
- Phone: +91 40 6716 2222 / 1800 309 4001
- Website: https://ipostatus.kfintech.com/
Market Maker:
- Mansi Share & Stock Broking Pvt. Ltd.
Promoters & Management
Key Promoters (2 Promoters + 3 Promoter Group Members):
Individual Promoters:
- Mr. Niraj Nandkishor Narsaria (47 years) – Promoter, Chairman & Managing Director
- Founder of Global Ocean Logistics
- Holds Bachelor of Commerce degree from University of Mumbai
- Over 15 years of experience in logistics sector
- Responsible for business strategy, growth initiatives, and overall operations
- Mr. Anand Mehta – Promoter
Promoter Group Members:
- Ms. Shreekanta Narsaria
- Ms. Namita N. Narsaria (44 years) – Non-Executive Non-Independent Director, B.Com from University of Mumbai
- Ms. Tanishka Narsaria
Key Management:
- Mr. Satish B. Singh (39 years) – Whole-Time Director & Chief Financial Officer
- B.Com from University of Mumbai
- 14+ years of experience in logistics industry
- Oversees financial planning, reporting, cash flow management, regulatory compliance, investor relations
Promoter Holding:
- Pre-IPO: 82.0% (Promoters: 80.8%, Promoter Group: 1.2%)
- Post-IPO: ~49-52% (estimated based on dilution)
Company History:
- Incorporated: January 2021
- Operations Started: 2021 in Mumbai, Maharashtra
- Legacy: 4+ years in multimodal freight forwarding
- Evolution: Started with freight forwarding, rapidly expanded to comprehensive multimodal logistics (ocean, air, road, rail, CFS, customs)
- Workforce: 55 in-house professionals (as of May 31, 2025) with over a decade of average experience
- Milestone: Handled 24,782+ shipments, 73,052 TEUs across 263 global ports (FY23-FY25), processed 24,000+ Bills of Lading
Company Contact:
- Registered Office: C-101, Business Square, Andheri Kurla Road, Andheri-East, Mumbai, Maharashtra – 400093, India
- Phone: +91 22 4877 8888
- Website: www.globaloceanlogistics.in / www.globalocean.in
COMPANY OVERVIEW
Establishment & Background:
- Incorporated: January 2021; Operations Started: 2021 (4+ years)
- Industry: Multimodal Freight Forwarding & Logistics Services
- Headquarters: Mumbai, Maharashtra
- Positioning: Fast-growing multimodal freight forwarder serving importers with technology-enabled asset-light business model
Business Model:
Service Portfolio – Multimodal Logistics Solutions:
- Ocean Freight Forwarding
- Shipping and coastal transportation with Over-Dimensional Cargo (ODC)
- Full Container Load (FCL) and Less than Container Load (LCL)
- Specialized handling of oversized/heavy cargo
- Door-to-door shipment services
- Air Freight Forwarding
- Air cargo services for time-sensitive shipments
- Import and export air freight
- Integrated customs clearance with air cargo
- Transport (Road/Rail)
- Multi-modal surface transport solutions
- Road and rail freight services
- First-mile and last-mile connectivity
- Access to 20,000+ agents network for vehicle availability
- Container Freight Station (CFS)
- CFS operations and management
- Container handling and stuffing/de-stuffing
- Warehousing at port locations
- Custom Clearance
- Import and export customs clearance services
- Documentation and compliance
- Regulatory liaison and approvals
- Integrated Logistics Solutions
- Project logistics for complex cargo
- Third-Party Logistics (3PL) services
- End-to-end supply chain solutions
- Insurance services through agency partners
End Applications – Industry Sectors:
- Import-Export businesses
- E-commerce and retail
- Manufacturing and industrial
- Project cargo and heavy machinery
- International trade across sectors
Client Base:
Importer Clients (Primary Focus):
- Importers sourcing goods from Europe, USA, South Africa, China, Southeast Asia, Gulf countries
- Established network through agency partners in key international markets
- Technology-enabled platform connecting exporters/importers
- Access to World Cargo Alliance (WCA) network through annual membership fee
Operational Network:
- 263 Ports Globally: Served across the world (FY23-FY25)
- 24,782+ Shipments: Handled between FY23 and FY25
- 73,052 TEUs: Processed container volume (FY23-FY25)
- 24,000+ Bills of Lading: Processed as of March 31, 2025
- 25,000+ Bills of Lading: Processed as of September 30, 2025
Revenue Model:
- Fee-based freight forwarding and logistics services
- Commission from shipping lines, airlines, agents
- Service charges for customs clearance, documentation, CFS operations
- Project-based charges for integrated logistics solutions
- Technology-enabled pricing and booking platform
Value Proposition:
- Multimodal Capability: Comprehensive ocean, air, road, rail solutions under one roof
- Asset-Light Model: Flexibility without heavy capital investment in assets; scalable through agent network
- Technology Platform: Digital enablement for tracking, booking, documentation
- Global Reach: 263 ports, strong presence in Europe, USA, South Africa, China, Southeast Asia, Gulf
- Pan-India Coverage: 23+ states through 4 marketing offices
- Experienced Team: 55 professionals with decade+ average experience
- WCA Membership: Access to extensive global freight forwarder network
Market Position:
- Fast-growing player in freight forwarding segment
- 4 years operational track record with explosive growth (85% revenue CAGR)
- 55 in-house professionals
- Strong presence across major Indian ports and 23+ states
Operations
Service Delivery:
- Major Port Presence: Nhava Sheva (JNPT), Hazira, Tumb, Pune ICD, Mundra, Chennai
- Pan-India Operations: Coverage across 23+ states and union territories
- Marketing Offices: Visakhapatnam, Jaipur, Pune, Tuticorin (4 strategic locations)
- Global Connectivity: 263 ports served worldwide through agency partnerships
- Agent Network: 20,000+ agents providing vehicle and operational support
Financial Performance Highlights:
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | PAT Margin |
| Sep 2025 (6 months) | ~98-105 (annualized ~210) | ~4.5-5.0 (annualized ~9-10) | ~4.2% |
| FY25 (Mar 2025) | 190.56 / 191.60 | 6.82 | 3.58% |
| FY24 (Mar 2024) | 103.45 | 2.63 | 2.54% |
| FY23 (Mar 2023) | Data not fully disclosed | PAT Margin ~2.02% | 2.02% |
Growth Trajectory:
- Revenue Growth (FY24-25): 84.2% YoY (₹103.45 cr to ₹190.56 cr)
- PAT Growth (FY24-25): 159.3% YoY (₹2.63 cr to ₹6.82 cr)
- Strong operational leverage with expanding margins (2.54% to 3.58%)
- H1 FY26 margin further improved to ~4.23% (per available data)
- Consistent profitability with rapid scaling
Company Strengths
- Explosive Financial Performance – 85% Revenue, 159% PAT Growth (FY24-25):
- Revenue surged from ₹103.45 cr (FY24) to ₹190.56 cr (FY25) – 84% YoY growth
- PAT more than doubled from ₹2.63 cr to ₹6.82 cr – 159% YoY growth
- Sustained profitability with rapidly improving margins (2.54% to 3.58%)
- H1 FY26 showing further acceleration with 4.23% PAT margin
- Exceptional Profitability Metrics – ROE 53%, ROCE 53%:
- ROE of 53% indicating outstanding returns to shareholders
- ROCE of 53% demonstrating excellent capital allocation efficiency
- Industry-leading profitability for asset-light logistics model
- NAV of ₹16.49 reflecting strong book value
- PAT margin improving consistently: 2.02% (FY23) → 2.54% (FY24) → 3.58% (FY25) → 4.23% (H1 FY26)
- Minimal Debt, Strong Balance Sheet – D/E Ratio 0.07:
- Virtually debt-free operations with D/E ratio of just 0.07
- Conservative debt/equity ratio indicating low financial risk
- Strong cash generation from operations
- Asset-light model requires minimal borrowing
- Asset-Light, Scalable Business Model:
- Technology-enabled platform requires minimal capital expenditure
- Access to 20,000+ agents network for vehicle/operational support without ownership
- High operating leverage with scalability
- No heavy investment in vessels, aircraft, vehicles, or warehouses
- Membership-based access to global WCA network
- Comprehensive Multimodal Service Portfolio:
- End-to-end logistics solutions: Ocean, Air, Road, Rail, CFS, Customs
- Integrated offerings reduce customer dependency on multiple vendors
- Cross-selling opportunities across service lines
- Project logistics and 3PL capabilities for complex requirements
- Strong Operational Track Record – 24,782 Shipments, 263 Ports, 73,052 TEUs:
- Handled 24,782+ shipments across 263 global ports (FY23-FY25)
- Processed 73,052 TEUs demonstrating container handling capability
- 24,000+ Bills of Lading processed as of March 2025
- Proven execution capability despite being young company (founded 2021)
- India’s Booming Logistics Sector Driving Demand:
- Government’s National Logistics Policy and port privatization reforms
- E-commerce explosion driving freight forwarding demand
- Growing import-export trade with focus on China+1, nearshoring
- Port infrastructure modernization (Sagarmala, dedicated freight corridors)
- Increasing containerization and multimodal logistics adoption
- Pan-India Presence with Strategic Port Coverage:
- Operations across 23+ states and union territories
- Presence at all major ports: Nhava Sheva (India’s largest), Mundra, Chennai, Hazira
- Marketing offices in strategic locations: Visakhapatnam (East Coast), Jaipur (North), Pune (West), Tuticorin (South)
- Comprehensive geographic coverage for import-export trade
Key Risks & Challenges
- Highly Competitive and Fragmented Industry:
- Faces intense competition from established larger players: Allcargo Logistics, Blue Dart, VRL Logistics, S J Logistics, Blue Water, Tiger Logistics
- Fragmented market with thousands of small freight forwarders
- Price-based competition limiting pricing power
- Larger players have more resources, global presence, brand recognition
- Small Scale – ₹190.56 Cr Revenue, 55 Employees, Only 4 Years Old:
- Relatively small player in vast logistics industry
- Founded only in January 2021 – limited operating history (4 years)
- 55 employees may limit execution capacity for large contracts
- May struggle to compete for very large or complex projects against established players
- Aggressive Valuation – P/E 16.53x (FY25), 12.40x (Annualized H1 FY26):
- Post-issue P/E of 16.53x based on FY25 earnings appears elevated for SME logistics player
- Even at annualized H1 FY26 earnings, P/E at 12.40x is premium
- Price to Book Value of 4.73x is steep
- Valuation assumes sustained high growth and margin expansion
- Unsustainable margins risk: PAT margins of 2-4% historically; current 4.23% may not sustain long-term
- Working Capital Intensive – 69% of IPO for Working Capital:
- Dominant allocation (₹21 cr, 69%) to working capital indicates cash flow pressure
- Freight forwarding business has extended payment cycles
- Need to pay shipping lines, airlines, agents upfront while collecting from customers later
- Working capital management critical for profitability
- High Debt Concerns – Net Debt/EBITDA 6.06, D/E 2.35 (as of Aug 2025):
- Alarming debt metrics as of August 31, 2025 per analyst reports
- Net Debt to EBITDA ratio of 6.06 is concerning for small company
- Debt/Equity ratio of 2.35 (Aug 2025) contradicts earlier D/E 0.07 claims – indicates significant debt taken
- Raises questions about financial stability and cash flow management
- Fuel Price Volatility and External Risks:
- Freight forwarding margins highly sensitive to fuel (bunker oil, aviation fuel) price fluctuations
- Currency exchange rate volatility impacts international freight costs
- Geopolitical risks: trade wars, sanctions, port disruptions affect volumes
- Shipping line/airline capacity and pricing beyond company control
- Asset-Light Model Dependency – Reliance on 20,000+ Agent Network:
- Heavy dependence on external agents for vehicles, warehousing, ground operations
- No control over asset quality, availability, or service standards
- Agent commission costs impact margins
- Service failures by agents can damage company reputation
- Promoter Dilution – Holding Drops from 82% to ~49-52% Post-IPO:
- Promoter stake dilutes significantly from 82% pre-IPO to ~49-52% post-IPO
- Large dilution for 100% fresh issue (no OFS)
- May raise concerns about control and alignment
- Company founded only in 2021, promoters diluting heavily within 4 years
- No Dividend History:
- Company has not paid any dividends historically
- Will adopt dividend policy based on future performance
- No income visibility for investors, purely capital appreciation play
Disclaimer
This information is based on publicly available sources including SEBI RHP/DRHP filings, company disclosures, and news reports. Investors should conduct their own research and consult with financial advisors before making investment decisions.
Past performance is not indicative of future results. The company reported explosive financial performance (FY25: 85% revenue growth to ₹190.56 crore, 159% PAT growth to ₹6.82 crore, 3.58% PAT margin improving to 4.23% in H1 FY26, ROE 53%, ROCE 53%, NAV ₹16.49), operates as multimodal freight forwarding company with asset-light business model serving importers across ocean, air, road, rail, CFS, customs clearance with 55 in-house professionals, handled 24,782+ shipments across 263 global ports and 73,052 TEUs (FY23-FY25), pan-India presence across 23+ states via 4 marketing offices (Visakhapatnam, Jaipur, Pune, Tuticorin) and major ports (Nhava Sheva, Mundra, Chennai, Hazira), access to 20,000+ agents network and WCA global network, but faces significant risks including intense competition from larger established players (Allcargo, Blue Dart, VRL, S J Logistics, Tiger Logistics), small scale (₹190.56 cr revenue, 55 employees, only 4 years operational history since January 2021), aggressive valuation (P/E 16.53x on FY25, 12.40x annualized H1 FY26, P/B 4.73x for SME player with unsustainable margins), working capital intensive operations (69% of IPO proceeds i.e. ₹21 crore for working capital indicating cash flow pressures), alarming debt metrics (Net Debt/EBITDA 6.06, D/E 2.35 as of August 2025 per analyst reports contradicting earlier 0.07 D/E claims), fuel price volatility and currency risks impacting margins, asset-light model dependency on 20,000+ agents for service delivery, promoter dilution from 82% to ~49-52% post-IPO despite no OFS, and no dividend payment history. 100% fresh issue allocated primarily to working capital (₹21 crore, 69%) and general corporate purposes (₹9.41 crore, 31%). Founded January 2021, 4 years old with rapid growth in booming logistics sector driven by e-commerce, National Logistics Policy, port modernization. SME listing on BSE. Investors must review detailed competitive positioning, debt/working capital dynamics, margin sustainability, valuation premium, and short operating history risks in RHP before applying.
