Fly-Hi Maritime Travels Ltd IPO
Status: Closed
Overview
IPO date
01 Sept 2026 to 03 Sept 2026
Face value
₹ 5 per share
Price
₹ 102 to ₹102 per share
Issue Size
5,160,000 shares
(aggregating up to ₹ 52.63 Cr)
(aggregating up to ₹ 52.63 Cr)
Allotment Date
04 Sept 2026
Listing at
NSE
Issue type
Fixed Price - SME
Sector
Miscellaneous
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T&C*
Strengths vs Risks of Fly-Hi Maritime Travels Ltd
Know the pros & cons
Strengths
- Proven Track Record.
- Experienced Management.
- Establish Relationship with Customers.
- Skilled and hardworking force.
- Distributor for better customer servicing.
- Business operations in outside India.
Risks
- The company derives a significant portion of revenue from markets outside India and any adverse developments in such markets or policies could adversely affect its business and results of operations.
- The company has executed agreements with its large clients. If the company's customers choose not to source their requirements from it, or the company is unable to procure new orders on a regular basis or at all, this may adversely affect its business, financial condition, results of operations and cash flows.
- The Company's operations requires significant amount of working capital for a continuing growth. Its inability to meet the company's working capital requirements may adversely affect its results of operations.
- The Company has delayed in complying with certain statutory provisions under various laws. Such delayed compliance/lapses may attract certain penalties.
- There are certain discrepancies and non-compliances pertaining to GST, TDS, TCS, EPF and ESI noticed in some of the company's financial reporting and/or records relating to filing of returns and deposit of statutory dues with the taxation and other statutory authorities.
- The company requires working capital for its smooth day-to-day operations of business and any discontinuance or its inability to acquire adequate working capital timely and on favourable terms may have an adverse effect on the company's operations, profitability and growth prospects.
- The company's majority of the business is dependent on an exclusive distributor appointed by it to work exclusively for the company and who contributes to majority of its revenues from operations. Any dispute or due to inferior service provided by them to the company's customers or any other sort of disruption may result in loss of business for the company and may adversely affect its revenues and profitability.
- The company's business depends on its relationships with a limited range of suppliers i.e. third party vendors, and any adverse changes in such relationships, or the company's inability to enter into new relationships, could adversely affect its business and results of operations.
- Few of the company's License and registration is registered in the name of erstwhile Fly-Hi Maritime Travels Private Limited and certain certificates or registration is yet to be applied with concerned authorities for amendment or new certificates or renewal.
- The company depends on its third-party service providers and vendors/suppliers in certain aspects of the company's operations and unsatisfactory services provided by them or failures to maintain relationships with them could disrupt its operations.
- The company operates in a highly competitive and fragmented industry and may be unable to compete successfully against existing or new competitors, particularly in the unorganized segment.
- The Company has negative cash flows in the past years from investing activities, details of which are given below. Sustained negative cash flow could impact its growth and business.
- Failures to protect the company's intellectual property rights could adversely affect its business and the company's brand.
- The company's insurance coverage may not be adequate to protect it against all potential losses to which the company may be subject and this may have a material effect on its business and financial condition.
- Changing laws, rules and regulations and legal uncertainties, including adverse application of corporate and tax laws, may adversely affect the company's business, results of operations, financial condition, and prospectus.
- There are certain outstanding legal proceeding involving Company and its Promoter which may adversely affect the company's business, financial condition and results of operations.
- The company's Registered Office and corporate offices are located on rental premises. If the company is unable to renew such agreements or relocate on commercially suitable terms, it may have a material adverse effect on its business, results of operation and financial condition.
- Significant security breaches in the company's computer systems and network infrastructure, fraud, systems failures and calamities would adversely impact its business.
- The company has taken personal guarantees from Promoters in relation to debt facilities availed by the Company.
- Trade receivables form a major part of the company's current assets. Failures to manage its trade receivables could have an adverse effect on the company's sales, profitability, cash flow and liquidity.
- The Company's Applications for Registration of its trademarks have been opposed; In case of any adverse directions are issued in the matter, and its failures to get it registered may adversely affect the company's business.
- The company's success largely depends upon the knowledge and experience of its Promoters, Directors, the company's Key Managerial Personnel and Senior Management as well as its ability to attract and retain them. Any loss of the company's Promoters, Directors, Key Managerial Personnel, Senior Management or its ability to attract and retain them could adversely affect the company's business, financial condition and results of operations.
- The Company is not having any exact comparable Indian peer which have similar business to the Company.
- Exchange rate fluctuations may adversely affect the company's results of operations as majority portion of its revenues and are denominated in foreign currencies.
- Any deterioration in the quality of the company's customer experience may adversely affect its business and reputation.
- If the company is unable to source business opportunities effectively, the company may not achieve its financial objectives.
- The average cost of acquisition of Equity Shares by the company's Promoters could be lower than the Offer price.
- The company's financing agreements contain covenants that limit its flexibility in operating the company's business. Its inability to meet the company's obligations, including financial and other covenants under its debt financing arrangements could adversely affect the company's business, results of operations and financial condition.
- The company has taken unsecured loans from its Promoters, Directors, relative of Directors, Banks, NBFCs or other Financial Institutions which are repayable on demand.
- Any IT system failures or lapses on part of any of the company's employees may lead to operational interruption, liabilities or reputational harm.
- The company's inability to effectively manage its growth or to successfully implement the company's business plan and growth strategies could have an adverse effect on its business, results of operations and financial condition.
- If the company is subject to any fraud, theft, or embezzlement by its employees or job workers, it could adversely affect the company's reputation, results of operations and financial condition. Its could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect the company's financial condition, results of operations and reputation.
- Any failures or significant weakness of the company's internal controls system could cause operational errors or incidents of fraud, which would adversely affect its profitability and reputation.
- The determination of the Issue Price is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.
- Any inability to address changing industry standards and consumer trends may adversely affect the company's business, results of operations and financial condition.
- The company's funding requirements and the proposed deployment of Net Proceeds are not appraised by any independent agency, which may affect its business and results of operations.
- The company's Business is highly dependent on the skills, experience, and relationships developed over the period by its Promoter and Directors.
- In addition to normal remuneration or benefits and reimbursement of expenses, some of the company's directors and key managerial personnel are interested to the extent of their shareholding and dividend entitlement, if any in the Company.
- The company may not be successful in implementing its business strategies.
- None of the company's Directors and KMPs possess experience of being on the board of any listed company.
- The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further the company has not identified any alternate source of financing the `Objects of the Issue'.
- Any variation in the utilization of the Net Proceeds as disclosed in this Prospectus shall be subject to certain compliance requirements, including prior Shareholders' approval.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- The company's ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company's financing arrangements.
- The Company may be subject to surveillance measures, such as the Additional Surveillance Measures (ASM) and the Graded Surveillance Measures (GSM) by the Stock Exchanges which may adversely affect the trading price of the Equity Shares.
Fly-Hi Maritime Travels Ltd Peer Comparison
Understand the company’s industry standing
Fly-Hi Maritime Travels Ltd
Face Value
5
Standalone / Consolidated
Standalone
Total Income Rs. Cr.
62.0363
EPS-Basis
8.41
EPS-Diluted
---
NAV Per Share
17.92
P/E-Basic EPS
12.13
P/E-Diluted EPS
---
RONW(%)
61.29
Latest NAV Period
---
Latest NAV
---
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The IPO opens on 01 Sept 2026 & closes on 03 Sept 2026.
Fly-Hi Maritime Travels Limited was originally incorporated as a Private Limited Company under the name of 'Fly-Hi Maritime Travels Private Limited' on September 29, 2021 with the Central Registration Centre. Further, Company was converted into public limited and the name of the company was changed to 'Fly-Hi Maritime Travels Limited' dated December 08, 2025 issued by the RoC, Central Processing Centre.
Company manages end to end travel arrangements for crew of commercial shipping companies, ensuring that the crew members move seamlessly from their home country to the port of boarding. It manage their airline tickets, ground travel, hotel stay, visa application etc until they reach the desired port of boarding. Every movement of the crew members directly impacts the vessel schedules, compliances and operations.
The role of the Company is to absorb this complexity on behalf of shipping companies by planning and making completed travel arrangements for crew members and 24/7 support during their travel from their home country to port of boarding. Modern shipping fleets operate with crew of mixed nationalities and therefore each crew member have a travel itinerary to ensure their arrival to the port of boarding as per the desired time and schedule. It work with commercial shipping companies to move their crew from more than 7 countries and to the port of boarding, Company has commercial shipping companies as its customers from over 6 countries.
Fly-Hi Maritime Travels Ltd IPO will close on 03 Sept 2026.
- Proven Track Record.
- Experienced Management.
- Establish Relationship with Customers.
- Skilled and hardworking force.
- Distributor for better customer servicing.
- Business operations in outside India.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Jitendra Kumar Negi | 4914770 | 49.05 | 3915170 | 27.61 |
| 2 | Mridul Dilip Singhvi | 3101190 | 30.95 | 3101190 | 21.87 |
- The company derives a significant portion of revenue from markets outside India and any adverse developments in such markets or policies could adversely affect its business and results of operations.
- The company has executed agreements with its large clients. If the company's customers choose not to source their requirements from it, or the company is unable to procure new orders on a regular basis or at all, this may adversely affect its business, financial condition, results of operations and cash flows.
- The Company's operations requires significant amount of working capital for a continuing growth. Its inability to meet the company's working capital requirements may adversely affect its results of operations.
- The Company has delayed in complying with certain statutory provisions under various laws. Such delayed compliance/lapses may attract certain penalties.
- There are certain discrepancies and non-compliances pertaining to GST, TDS, TCS, EPF and ESI noticed in some of the company's financial reporting and/or records relating to filing of returns and deposit of statutory dues with the taxation and other statutory authorities.
- The company requires working capital for its smooth day-to-day operations of business and any discontinuance or its inability to acquire adequate working capital timely and on favourable terms may have an adverse effect on the company's operations, profitability and growth prospects.
- The company's majority of the business is dependent on an exclusive distributor appointed by it to work exclusively for the company and who contributes to majority of its revenues from operations. Any dispute or due to inferior service provided by them to the company's customers or any other sort of disruption may result in loss of business for the company and may adversely affect its revenues and profitability.
- The company's business depends on its relationships with a limited range of suppliers i.e. third party vendors, and any adverse changes in such relationships, or the company's inability to enter into new relationships, could adversely affect its business and results of operations.
- Few of the company's License and registration is registered in the name of erstwhile Fly-Hi Maritime Travels Private Limited and certain certificates or registration is yet to be applied with concerned authorities for amendment or new certificates or renewal.
- The company depends on its third-party service providers and vendors/suppliers in certain aspects of the company's operations and unsatisfactory services provided by them or failures to maintain relationships with them could disrupt its operations.
- The company operates in a highly competitive and fragmented industry and may be unable to compete successfully against existing or new competitors, particularly in the unorganized segment.
- The Company has negative cash flows in the past years from investing activities, details of which are given below. Sustained negative cash flow could impact its growth and business.
- Failures to protect the company's intellectual property rights could adversely affect its business and the company's brand.
- The company's insurance coverage may not be adequate to protect it against all potential losses to which the company may be subject and this may have a material effect on its business and financial condition.
- Changing laws, rules and regulations and legal uncertainties, including adverse application of corporate and tax laws, may adversely affect the company's business, results of operations, financial condition, and prospectus.
- There are certain outstanding legal proceeding involving Company and its Promoter which may adversely affect the company's business, financial condition and results of operations.
- The company's Registered Office and corporate offices are located on rental premises. If the company is unable to renew such agreements or relocate on commercially suitable terms, it may have a material adverse effect on its business, results of operation and financial condition.
- Significant security breaches in the company's computer systems and network infrastructure, fraud, systems failures and calamities would adversely impact its business.
- The company has taken personal guarantees from Promoters in relation to debt facilities availed by the Company.
- Trade receivables form a major part of the company's current assets. Failures to manage its trade receivables could have an adverse effect on the company's sales, profitability, cash flow and liquidity.
- The Company's Applications for Registration of its trademarks have been opposed; In case of any adverse directions are issued in the matter, and its failures to get it registered may adversely affect the company's business.
- The company's success largely depends upon the knowledge and experience of its Promoters, Directors, the company's Key Managerial Personnel and Senior Management as well as its ability to attract and retain them. Any loss of the company's Promoters, Directors, Key Managerial Personnel, Senior Management or its ability to attract and retain them could adversely affect the company's business, financial condition and results of operations.
- The Company is not having any exact comparable Indian peer which have similar business to the Company.
- Exchange rate fluctuations may adversely affect the company's results of operations as majority portion of its revenues and are denominated in foreign currencies.
- Any deterioration in the quality of the company's customer experience may adversely affect its business and reputation.
- If the company is unable to source business opportunities effectively, the company may not achieve its financial objectives.
- The average cost of acquisition of Equity Shares by the company's Promoters could be lower than the Offer price.
- The company's financing agreements contain covenants that limit its flexibility in operating the company's business. Its inability to meet the company's obligations, including financial and other covenants under its debt financing arrangements could adversely affect the company's business, results of operations and financial condition.
- The company has taken unsecured loans from its Promoters, Directors, relative of Directors, Banks, NBFCs or other Financial Institutions which are repayable on demand.
- Any IT system failures or lapses on part of any of the company's employees may lead to operational interruption, liabilities or reputational harm.
- The company's inability to effectively manage its growth or to successfully implement the company's business plan and growth strategies could have an adverse effect on its business, results of operations and financial condition.
- If the company is subject to any fraud, theft, or embezzlement by its employees or job workers, it could adversely affect the company's reputation, results of operations and financial condition. Its could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect the company's financial condition, results of operations and reputation.
- Any failures or significant weakness of the company's internal controls system could cause operational errors or incidents of fraud, which would adversely affect its profitability and reputation.
- The determination of the Issue Price is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.
- Any inability to address changing industry standards and consumer trends may adversely affect the company's business, results of operations and financial condition.
- The company's funding requirements and the proposed deployment of Net Proceeds are not appraised by any independent agency, which may affect its business and results of operations.
- The company's Business is highly dependent on the skills, experience, and relationships developed over the period by its Promoter and Directors.
- In addition to normal remuneration or benefits and reimbursement of expenses, some of the company's directors and key managerial personnel are interested to the extent of their shareholding and dividend entitlement, if any in the Company.
- The company may not be successful in implementing its business strategies.
- None of the company's Directors and KMPs possess experience of being on the board of any listed company.
- The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further the company has not identified any alternate source of financing the `Objects of the Issue'.
- Any variation in the utilization of the Net Proceeds as disclosed in this Prospectus shall be subject to certain compliance requirements, including prior Shareholders' approval.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- The company's ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company's financing arrangements.
- The Company may be subject to surveillance measures, such as the Additional Surveillance Measures (ASM) and the Graded Surveillance Measures (GSM) by the Stock Exchanges which may adversely affect the trading price of the Equity Shares.
The Issue type of Fly-Hi Maritime Travels Ltd is Fixed Price - SME.
The minimum application for shares of Fly-Hi Maritime Travels Ltd is 2400.
The total shares issue of Fly-Hi Maritime Travels Ltd is 5160000.
Initial public issue of up to 51,60,000 equity shares of face value of Rs. 5/- each of Fly-Hi Maritime Travels Limited for cash at an issue price of Rs. 102/- per equity share (including a premium of Rs. 97/- per equity share) ("Issue Price") aggregating up to Rs. 52.63 Crores comprising of fresh issue of up to 41,60,400 equity shares aggregating to Rs. 42.44 Crores ("Fresh Issue") and an offer for sale of up to 9,99,600 equity shares by Jitendra Kumar Negi ("Selling Shareholder") aggregating to Rs. 10.20 Crores ("Offer For Sale") ("The Issue") and up to 2,64,000 equity shares at an issue price of Rs. 102 per share aggregating to Rs. 2.69 Crores will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. Issue of up to 48,96,000 equity shares of face value of Rs. 5/- each at an issue price of Rs. 102 per equity share aggregating to Rs. 49.94 Crores ("Net Issue"). The issue and the net issue will constitute 36.39% and 34.53%, respectively, of the post-issue paid-up equity share capital of the company.
The face value of the equity shares is Rs. 5/- each.
Issue price: Rs. 102/- per equity share of face value of Rs. 5/- each.
The issue price is 20.40 times the face value of equity shares.
Bids can be made for a minimum of 2,400 equity shares and in multiples of 1,200 equity shares thereafter.