The SME initial public offering (IPO) of Mumbai-headquartered marine travel management, seafarer logistics, offshore crew mobility, and maritime visa facilitation specialist Fly-Hi Maritime Travels Li…
The SME initial public offering (IPO) of Mumbai-headquartered marine travel management, seafarer logistics, offshore crew mobility, and maritime visa facilitation specialist Fly-Hi Maritime Travels Limited recorded incremental bidding acceleration on its second day of public bidding across national bourses today, Wednesday, September 2, 2026.
Carrying an aggregate issue size of ₹52.63 crore structured as a fixed-price offering at ₹102.00 per share (comprising a fresh primary issue of ₹42.44 crore and an Offer for Sale of ₹10.20 crore), proceeds will fund operational working capital requirements (₹24.24 crore), bank borrowing repayments (₹4.00 crore), talent acquisition and marketing (₹1.80 crore), and general corporate purposes.
Following its opening session (0.01x), the second trading session saw retail individual investors and high-net-worth wealth accounts expand their bidding participation. By the close of trading at 5:00 PM IST across the BSE SME platform, central exchange matching registries compiled valid electronic application tokens for 4,00,800 equity shares against a net public offer pool of 48,96,000 equity shares (excluding the market maker reservation block of 2,64,000 shares).
This pushed the cumulative Day 2 subscription baseline to 0.08 times (8% coverage).
Retail individual investors continued to lead bidding volumes, expanding commitments to 0.14 times (3,43,200 shares), while Non-Institutional Investors (NII / HNI) registered orders at 0.02 times (57,600 shares) ahead of Thursday's final closing bell.
At the fixed issue price of ₹102 per share, the offer has mobilized an aggregate primary capital demand value of ₹4.09 crore clearing through central registries.
The multi-day public bidding window will officially close tomorrow, Thursday, September 3, 2026.
Here is an extended, plain-English breakdown covering Day 2 subscription metrics, unlisted grey market trends, business operations across global seafarer logistics and marine travel services, financial performance, capital deployment plans, valuation parameters, and the upcoming allotment schedule.
1. Day 2 Subscription Data Breakdown
By 5:00 PM on Day 2, central exchange processing registries compiled total valid application orders worth ₹4.09 crore (calculated at the fixed issue price of ₹102 per share), covering 8% of the net public offer.
The table below summarizes the second day's performance across all investor categories:
+-----------------------------------------------------------------------------------+ | FLY-HI MARITIME TRAVELS LIMITED: DAY 2 SUBSCRIPTION DATA | +-------------------+-----------------+------------------+------------------+-------+ | Category | Shares Offered | Shares Bid For | Subscription (x) | Value | +-------------------+-----------------+------------------+------------------+-------+ | NII / HNI (Wealth)| 24,48,000 | 57,600 | 0.02x | ₹0.59Cr | Retail (RII) | 24,48,000 | 3,43,200 | 0.14x | ₹3.50Cr | Market Maker | 2,64,000 | — | — | — | +-------------------+-----------------+------------------+------------------+-------+ | Total Net Offer | 48,96,000 | 4,00,800 | 0.08x | ₹4.09Cr +-------------------+-----------------+------------------+------------------+-------+
(Source: BSE SME Consolidated Bidding Platform Data)
Analyzing the Category Inflows:
- Retail Individual Investors (RII - 0.14x): Everyday retail accounts expanded their bids more than sixfold from Day 1 (52,800 shares) to reach 3,43,200 shares (143 application lots) worth ₹3.50 crore against 24.48 lakh shares reserved for them, taking retail coverage to 14%. Under the issue rules for this SME offer, retail applicants face a minimum lot requirement of 2 lots (2,400 shares), requiring an upfront layout of ₹2,44,800 at ₹102 per share.
- Non-Institutional Investors (NII / HNI - 0.02x): High-net-worth wealth accounts, corporate treasuries, and family offices expanded their bids nearly sevenfold from 8,400 shares on Day 1 to 57,600 shares worth ₹58.75 lakh against 24.48 lakh shares offered, taking HNI coverage to 2%. Both small-HNI (minimum 3 lots / 3,600 shares = ₹3,67,200) and big-HNI brackets recorded participation.
- Fixed Price Structure (No QIB Reservation): Being a fixed-price SME issue, shares are allocated 50:50 between the retail and non-institutional categories without a separate institutional QIB allocation quota.
- Market Maker Block: A dedicated block of 2,64,000 shares (~₹2.69 crore) is reserved for the designated market maker (Giriraj Stock Broking Private Limited) to provide secondary market quote liquidity support post-listing.
2. Unlisted Grey Market Premium (GMP) & Market Sentiment
In the unofficial grey market, sentiment surrounding Fly-Hi Maritime Travels is tracking in positive baseline territory:
- Fixed Issue Price Anchor: ₹102.00 per share
- Current Grey Market Premium (GMP): Tracking around +₹4.00 to +₹6.00 per share (~3.9% to 5.9% over issue price)
- Estimated Listing Price Range: Expected debut counter level of ₹106.00 to ₹108.00 per share
- Projected Listing Gain Margin: Indicating an immediate estimated listing upside of ~3.92% to 5.88%
- Retail Minimum Application Lot Size: 2 Lots / 2,400 Shares (Minimum Investment: ₹2,44,800)
What Is Driving Market Sentiments?
- Niche Marine Travel Mobility Moat: Managing time-sensitive global crew changes, marine-fare flight ticketing, OK-to-Board approvals, port transfers, and visa logistics for commercial shipping lines and offshore vessels across Cyprus, Greece, the USA, the UK, Singapore, UAE, and India.
- Surging Profitability & High Returns: Revenue expanded from ₹45.75 crore in FY25 to ₹62.21 crore in FY26, with PAT jumping to ₹8.43 crore (up 145% YoY), delivering a Return on Net Worth (RoNW) of 61.29% and ROCE of 67.22%.
(Note: Grey market premiums represent informal, off-exchange quotes traded among dealers. They fluctuate based on daily market mood and should not be treated as a guaranteed listing price.)
3. Business Overview: What Does Fly-Hi Maritime Travels Do?
Incorporated in 2021 and headquartered in Mumbai, Maharashtra, Fly-Hi Maritime Travels Limited is a specialized marine travel and seafarer mobility management company.
The company coordinates end-to-end travel logistics for commercial shipping companies, offshore exploration crews, and maritime professionals, ensuring crew members reach specific global ports on schedule:
- Seafarer Air Ticketing & Route Planning: Sourcing marine-fare flight tickets with specialized baggage allowances and flexible cancellation terms tailored to ship rotation schedules.
- Port-to-Vessel Logistics & Ground Transfers: Coordinating airport meet-and-greets, local hotel accommodation, and port transit for seafarers boarding or disembarking vessels.
- Visa Facilitation & OK-to-Board Clearances: Securing transit visas, seaman book endorsements, and statutory immigration clearances across international maritime gateways.
- 24/7 Disruption Support: Managing flight rescheduling and rerouting caused by vessel delays, port congestion, or weather disruptions.
+-----------------------------------------------------------------------------------+ | FLY-HI MARITIME TRAVELS BUSINESS AT A GLANCE | +-----------------------------------+-----------------------------------------------+ | Core Focus Area | Marine Travel Management & Crew Mobility | +-----------------------------------+-----------------------------------------------+ | Geographic Footprint | India, UAE, Cyprus, Greece, USA, UK, Singapore| +-----------------------------------+-----------------------------------------------+ | Centralized Corporate Hub | Headquartered in Mumbai (MH) + UAE Channel | +-----------------------------------+-----------------------------------------------+ | Key Institutional Clients | Commercial Shipping Lines & Ship Managers | +-----------------------------------+-----------------------------------------------+ | Promoters & Leadership | Jitender Kumar Negi (Managing Director) | +-----------------------------------+-----------------------------------------------+ | Lead Manager | Smart Horizon Capital Advisors Pvt. Ltd. | +-----------------------------------+-----------------------------------------------+ | Registrar to the Issue | Bigshare Services Private Limited | +-----------------------------------+-----------------------------------------------+ | Listing Platform | BSE SME Platform | +-----------------------------------+-----------------------------------------------+
Core Competitive Moats:
1. Specialized Marine-Fare & Airline Partnerships
Unlike standard corporate travel, maritime travel requires dedicated airline marine contracts that offer higher baggage limits and zero-penalty cancellation/date changes to accommodate shifting ship dockings.
2. High-Stakes Time-Sensitive Execution
Vessel demurrage costs can run tens of thousands of dollars per day if a crew change fails to happen on schedule. Fly-Hi's specialized 24/7 tracking creates high operational stickiness with ship managers.
3. International Channel Network
Operating distribution channels in the UAE alongside its Mumbai hub enables the company to service foreign ship management companies across key maritime corridors.
4. Detailed Financial Performance (FY24 to FY26)
An audit of the company's restated financial statements shows steady top-line growth, expanding profit margins, and strong return ratios over the last three fiscal years.
+-----------------------------------------------------------------------------------+ | FLY-HI MARITIME TRAVELS: 3-YEAR FINANCIAL PERFORMANCE | +-------------------------------+-------------------+-------------------+-----------+ | Financial Metric (₹ in Cr) | FY24 | FY25 | FY26 | +-------------------------------+-------------------+-------------------+-----------+ | Revenue from Operations | 45.41 | 45.75 | 62.21 | | Operating EBITDA | 3.09 | 5.27 | 12.49 | | EBITDA Margin (%) | 6.80% | 11.52% | 20.08% | | Net Profit After Tax (PAT) | 1.82 | 3.44 | 8.43 | | PAT Margin (%) | 4.01% | 7.52% | 13.55% | | Total Assets | 16.47 | 23.00 | 37.94 | | Total Borrowings / Debt | 4.84 | 10.03 | 12.97 | | Net Worth | 6.09 | 9.53 | 17.96 | | Return on Net Worth (RoNW %) | 29.89% | 36.10% | 61.29% | | Return on Capital Employed % | 28.50% | 38.20% | 67.22% | +-------------------------------+-------------------+-------------------+-----------+
(Source: Restated Financial Statements in Prospectus & KPI Filings)
Key Financial Observations:
- Robust Revenue Growth (36.0% YoY): Revenue from operations expanded from ₹45.41 crore in FY24 to ₹45.75 crore in FY25, before jumping to ₹62.21 crore in FY26 (a 36.0% YoY growth), driven by increasing seafarer volume bookings and international client additions.
- Expanding Operating EBITDA (20.08%): Operating EBITDA grew from ₹3.09 crore in FY24 to ₹12.49 crore in FY26 (nearly quadrupling in 2 years), with EBITDA margins expanding to 20.08%.
- Surging Net Profitability (145% YoY): Net profit after tax (PAT) rose from ₹1.82 crore in FY24 to ₹3.44 crore in FY25, and reached ₹8.43 crore in FY26 (delivering a 13.55% PAT margin).
- Strong Capital Returns: The company delivered a Return on Net Worth (RoNW) of 61.29% and an ROCE of 67.22% in FY26, operating with a debt-to-equity ratio of 0.72x.
5. Structure of the Offer & Objects of the Issue
The ₹52.63 crore public issue is split into fresh primary capital and an offer for sale:
+-----------------------------------------------------------------------------------+ | IPO CAPITAL STRUCTURE BREAKDOWN | +-----------------------------------+-----------------------------------------------+ | Total Issue Size | ₹52.63 Crore (51,60,000 Equity Shares) | +-----------------------------------+-----------------------------------------------+ | Fresh Issue Component | ₹42.44 Crore (41,60,400 Equity Shares) | +-----------------------------------+-----------------------------------------------+ | Offer for Sale (OFS) Component | ₹10.20 Crore (9,99,600 Equity Shares) | +-----------------------------------+-----------------------------------------------+ | Fixed Issue Price | ₹102.00 per share | +-----------------------------------+-----------------------------------------------+ | Face Value | ₹5 per share | +-----------------------------------+-----------------------------------------------+ | Market Maker Reserved Block | 2,64,000 Shares (₹2.69 Crore Value) | +-----------------------------------+-----------------------------------------------+ | Net Offer to Public | 48,96,000 Shares (₹49.94 Crore Value) | +-----------------------------------+-----------------------------------------------+ | Listing Platform | BSE SME Exchange | +-----------------------------------+-----------------------------------------------+
(Source: Official Red Herring Prospectus)
How Will Fresh Primary Capital Be Deployed?
Out of the ₹52.63 crore total issue size, ₹42.44 crore represents fresh primary capital coming directly onto the company balance sheet:
- Funding Working Capital Requirements (₹24.24 Crore / 57.1%): Providing liquidity for bulk ticket credit terms and international airline BSP ticketing deposits.
- Repayment / Prepayment of Debt (₹4.00 Crore / 9.4%): Retiring bank borrowings to lower annual finance charges.
- Talent Acquisition & Marketing (₹1.80 Crore / 4.2%): Expanding sales teams and business development in key shipping jurisdictions.
- General Corporate Purposes & Issue Expenses (₹12.40 Crore / 29.3%): Supporting operational infrastructure and issue processing costs.
Understanding the Offer for Sale (OFS):
The remaining ₹10.20 crore (9,99,600 shares) is an Offer for Sale (OFS) by promoter selling shareholders.
6. Valuation Analysis & Peer Group Comparison
At the fixed issue price of ₹102 per share, Fly-Hi Maritime Travels is priced at a trailing Price-to-Earnings (P/E) multiple of 12.13x based on pre-issue basic EPS of ₹8.41 (and 17.17x based on post-issue diluted capital of 1,41,80,400 shares with diluted FY26 EPS of ₹5.94), establishing a post-issue corporate market capitalization of approximately ₹144.64 crore.
Let's compare this with listed travel services, logistics, and tourism peers in India:
+-----------------------------------------------------------------------------------+ | PEER GROUP VALUATION COMPARISON | +-----------------------------------+--------------------+--------------------------+ | Company Name | Trailing P/E (x) | Primary Focus / Model | +-----------------------------------+--------------------+--------------------------+ | Fly-Hi Maritime Travels (At ₹102) | ~17.17x (Post-IPO) | Marine Crew Logistics | | Easy Trip Planners Ltd | ~36.80x | Online Travel Agency | | Thomas Cook (India) Ltd | ~28.50x | Corporate & Leisure Tour | | Yatra Online Ltd | ~44.20x | Corporate Travel & B2B | | BLS International Services Ltd | ~42.10x | Visa & Consular Services | +-----------------------------------+--------------------+--------------------------+
Valuation Summary:
At ~17.2x post-issue FY26 trailing earnings, Fly-Hi Maritime Travels enters the market at an attractive valuation relative to broader listed travel and consular service peers (28x–44x P/E).
With revenue expanding to ₹62.21 crore, PAT reaching ₹8.43 crore, a 61.29% RoNW, and ₹24.24 crore deployed into working capital liquidity, the ~17.2x multiple offers a fair fundamental entry point.
7. Core Strengths vs. Key Business Risks
Investors evaluating this SME marine logistics issue should consider the following operational factors:
Key Strengths:
- Niche Focus in Seafarer Mobility: Dedicated focus on marine-fare logistics, crew scheduling, and immigration clearances with high repeat client contracts.
- High Capital Return Ratios: Delivering a 61.29% RoNW and 67.22% ROCE in FY26.
- Attractive Relative Valuation (17.17x Post-IPO P/E): Priced favorably compared to listed corporate travel agencies.
- Growth in Global Fleet & Crew Rotations: Expanding international merchant marine trade supports steady crew replacement travel cycles.
Key Risk Factors:
- Working Capital Intensity: Maritime travel involves extended credit cycles to shipping lines alongside upfront airline ticketing advances.
- Foreign Currency & International Policy Exposure: Significant revenue derived from foreign shipping clients exposes operations to exchange rate swings and overseas maritime travel rules.
- High Retail Application Threshold: The minimum investment required for retail applicants is ₹2,44,800 (2 lots / 2,400 shares), which restricts participation from smaller retail accounts.
8. Application Matrix & Final Timeline
With the bidding window closing tomorrow, here is the upcoming schedule and application size breakdown:
- Public Bidding Window Closes: Thursday, September 3, 2026 (5:00 PM IST)
- Basis of Allotment Finalization: Friday, September 4, 2026
- Refund Initiations & Unblocking of Bank Funds: Monday, September 7, 2026
- Credit of Equity Shares to Demat Accounts: Monday, September 7, 2026
- Official Stock Exchange Listing (BSE SME): Tuesday, September 8, 2026
- Designated Registrar: Bigshare Services Private Limited
Application Size Matrix:
- Retail Minimum & Maximum: 2 Lots (2,400 Shares) — ₹2,44,800
- Small HNI (sNII) Minimum: 3 Lots (3,600 Shares) — ₹3,67,200
- Big HNI (bNII) Minimum: 9 Lots (10,800 Shares) — ₹11,01,600
How to Check Your Allotment Status:
When allotment details go live on Friday, September 4, 2026, applicants can check their status by entering their PAN card number or Application ID on the Bigshare Services Portal or directly on the official BSE website under the SME allotment section.
Conclusion: What Should You Watch for on the Final Day?
Fly-Hi Maritime Travels presents a specialized marine travel management and crew mobility story backed by ₹62+ crore in revenue scale, ₹8.43 crore reported PAT, 61.29% RoNW returns, and a 17.17x post-issue trailing P/E valuation.
With Day 2 subscription climbing to 0.08x overall (driven by 0.14x retail demand and 0.02x HNI coverage), total primary demand has crossed ₹4.09 crore.
Over the final trading session on Thursday, watch how retail individual investors and high-net-worth wealth accounts expand their order books ahead of the 5:00 PM closing deadline.
Post Excerpt
A complete Day 2 analysis of the ₹52.63 crore Fly-Hi Maritime Travels SME IPO. Bids reached 0.08x on Day 2 with retail touching 0.14x as total primary demand reached ₹4.09 crore. Read our full review of company financials (₹62+ Cr revenue, ₹8.43 Cr PAT), seafarer mobility and marine travel moats, grey market trends (+₹4–₹6), working capital deployment plans, and valuation (17.17x post-issue P/E) ahead of tomorrow's close
