The Shipwaves Online IPO is one of the notable SME listings on the BSE SME platform in October 2025. Incorporated in 2015 and headquartered in Mangalore, Karnataka, the company has built a strong presence in the logistics and freight forwarding industry with end-to-end solutions including ocean freight, customs clearance, warehousing, and multimodal logistics.
With consistent financial performance, strong return ratios, and a growth-oriented IPO, Shipwaves Online is attracting attention from retail and HNI investors alike.
This article provides the Shipwaves Online IPO details, price band, allotment process, financials, industry outlook, risks, and FAQs.
Shipwaves Online IPO – Event Schedule
| Event | Date |
|---|---|
| IPO Open Date | September 30, 2025 |
| IPO Close Date | October 6, 2025 |
| Allotment Finalization | October 7, 2025 |
| Refunds / Unblocking of Funds | October 8, 2025 |
| Credit of Shares to Demat | October 8, 2025 |
| Listing Date | October 9, 2025 |
| UPI Mandate Cut-off | 5 PM, October 6, 2025 |
Also read: Stock Market Basics
Shipwaves Online IPO – Structure and Key Details
- Company: Shipwaves Online Limited
- Industry: Logistics & Freight Forwarding
- Issue Type: Fixed Price IPO
- Fresh Issue: 4.696 Crore equity shares of face value ₹1 each, aggregating up to ₹56.35 Crores
- Offer for Sale (OFS): Nil
- Issue Price: ₹12 per equity share
- Post-Issue Holding: IPO constitutes 33.19% of post-issue capital
- Lead Manager: Finshore Management Services Ltd.
- Registrar: Cameo Corporate Services Ltd.
- Listing At: BSE SME
Company Overview
Originally incorporated as Shipwaves Online Pvt Ltd in February 2015 and later converted into a public limited company in 2022, Shipwaves Online offers end-to-end freight forwarding services.
Operations:
- Services: Ocean freight, customs clearance, warehousing, multimodal transport.
- Promoters: Mr. Kalandan Mohammed Haris, Mr. Kalandan Mohammed Althaf, Mr. Kalandan Mohammed Arif, Mr. Abid Ali, Mrs. Bibi Hajira, and Mr. Mohammed Sahim Haris.
- Certifications: Registered with customs and accredited for freight operations.
The company operates in the growing logistics sector, benefiting from India’s booming trade and infrastructure expansion.
Shipwaves Online IPO – Financial Performance
From the restated consolidated financials (₹ in Crores):
| Particulars | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | ₹81.16 Cr | ₹96.84 Cr | ₹108.28 Cr |
| Net Profit (PAT) | ₹5.22 Cr | ₹8.45 Cr | ₹11.49 Cr |
| PAT Margin | 6.4% | 8.7% | 10.6% |
| RONW | 24.78% | 39.38% | 41.89% |
| NAV (Pre-Issue) | ₹2.74 | — | — |
| NAV (Post-Issue) | ₹5.81 | — | — |
Highlights:
- Revenue grew 33% between FY23 and FY25.
- PAT more than doubled in 3 years, with margin expansion.
- RONW strong at 41.9% in FY25.
Objects of the Issue
The IPO proceeds will be used for:
- Working capital requirements – ₹17.13 Cr.
- Investment in subsidiary for working capital – ₹10.00 Cr.
- Repayment/prepayment of borrowings – ₹15.00 Cr.
- General corporate purposes – ₹8.45 Cr.
Industry Outlook
India’s logistics market is projected to reach USD 380 billion by 2030, driven by:
- Growth in EXIM trade and e-commerce.
- Investments in infrastructure under PM Gati Shakti.
- Rising adoption of multimodal transport and digital freight platforms.
SME freight forwarders like Shipwaves are positioned to gain from technology-driven efficiency and niche regional dominance.
Key Risks
- SME Listing: Lower liquidity compared to mainboard IPOs.
- Competition: Faces strong rivalry from larger logistics companies like Tiger Logistics and Lancer Container Lines.
- Working Capital Intensive: Significant IPO proceeds earmarked for working capital.
- Global Trade Cyclicality: Sensitive to slowdown in international trade.
- Debt Repayment: Although IPO funds will reduce debt, financial leverage was a concern earlier.
Shipwaves Online IPO Allotment and Application
- Registrar: Cameo Corporate Services Ltd.
- Investors can check allotment on Cameo’s IPO portal using PAN, DP/Client ID, or Application Number.
- Retail investors must apply via UPI/ASBA before 5 PM, October 6, 2025.
Investor Takeaways
Strengths:
- Strong financial growth with improving margins.
- Robust RONW above 40%.
- IPO is fully fresh issue – proceeds will strengthen the balance sheet.
Risks:
- Competitive SME logistics market.
- Dependency on international trade.
- Working capital intensive business.
Conclusion
The Shipwaves Online IPO presents an opportunity to invest in India’s fast-growing logistics and freight forwarding industry. With strong financial growth, high return ratios, and clear use of IPO proceeds for debt reduction and working capital, the company shows promise.
However, investors should carefully weigh risks like SME market volatility, competition, and dependence on trade cycles before applying.
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