Minerva Capital Research Solutions

Fly-Hi Maritime Travels

ListedListed 8 Sep 2026BSE SMENSE: FLYHICheck allotment
Current price₹ 37.09−63.64% since issue
Listing day−20%
Issue price
₹ 102
Issue size
₹ 52.63 Cr.
Min. investment
₹ 1,22,400
Listing price
₹ 81.6
Subscribed
2.07x
Lot size
1,200 shares
P/E
17.17
RoNW
44.08%
RoCE
45.18%
PAT margin
7.59%
EPS
₹ 5.94
Promoter stake
49.48%

About

Fly-Hi Maritime Travels Limited was started in September 2021. It is a specialised travel company that works only for the shipping industry. Its job is to move seafarers from their home country to the port where they are to join their ship, and back again. For each crew member it arranges air tickets, plans the route, books ground transport and hotels, coordinates the visa and gives round the clock travel support. Its services include global crew ticketing, visa and immigration work, OK-to-board confirmations, live tracking of the journey, handling of delays and cancellations, emergency support and confirmation of boarding. All of this has to fit the ship's schedule and the window in which the crew must join, so timing matters more than in ordinary travel booking. The company runs a centralised operation from its Mumbai corporate office and also has a distributor in the UAE to serve some international customers. It works for commercial shipping companies in more than six countries, including Cyprus, Greece, the USA, the UK, Singapore, the UAE and India. It is accredited by the International Air Transport Association and its registered office is recognised as a startup by the DPIIT. As on 31 July 2026 it had 54 employees.

Timeline

  1. Opens
    1 Sep
    done
  2. Closes
    3 Sep
    done
  3. Allotment
    4 Sep
    done
  4. Refunds
    7 Sep
    done
  5. Demat credit
    7 Sep
    done
  6. Listing
    8 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 20 on 2 Sep 2026
Lowest
₹ 1 on 3 Sep 2026
First quoted
₹ 5 on 31 Aug 2026

Subscription

How many times each investor group bid for its share, as of 08 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,200₹ 1,22,400
Retail (Max)11,200₹ 1,22,400
HNI (Min)22,400₹ 2,44,800

Company overview

Financials

Financials by year
Assets37.942316.47
Total Income62.2145.7545.41
Profit After Tax8.433.441.82
EBITDA12.495.272.68
NET Worth17.969.536.09
Reserves and Surplus12.959.526.08
Total Borrowing12.9710.034.84

Strengths

  • Profit has grown more than four times in two years, from Rs 1.82 crore in FY2024 to Rs 3.44 crore in FY2025 and Rs 8.43 crore in FY2026.
  • Sales grew 36% in FY2026, from Rs 45.75 crore to Rs 62.21 crore.
  • EBITDA rose sharply from Rs 2.68 crore in FY2024 to Rs 5.27 crore in FY2025 and Rs 12.49 crore in FY2026.
  • Return ratios are very high, with RoCE of 45.18% and RoNW of 44.08%, and the issue is priced at about 17.17 times earnings on an EPS of Rs 5.94.
  • This is a niche business. Crew travel has to match ship schedules and joining windows, which needs specialist knowledge that a general travel agent does not have.
  • It is accredited by IATA, which is needed to issue airline tickets directly, and is recognised as a startup by the DPIIT.
  • It serves shipping companies in more than six countries including Cyprus, Greece, the USA, the UK, Singapore and the UAE, so it is not dependent on Indian customers alone.
  • It is an asset light service business. It does not own aircraft, ships or hotels, so it does not carry heavy fixed assets.

Risks

  • The company is very young, having started only in September 2021, so it has under five years of operating history.
  • Sales were flat before the latest year. Total income was Rs 45.41 crore in FY2024 and Rs 45.75 crore in FY2025, so almost all the growth has come in a single year.
  • The company is small and is raising a lot relative to its size. Net worth was Rs 17.96 crore as on 31 March 2026 against an issue of Rs 52.63 crore, which is close to three times its own funds.
  • Borrowing of Rs 12.97 crore is high against a net worth of Rs 17.96 crore.
  • This is a travel booking business, so the earnings depend on commissions and service fees. Airlines can change commission terms, and fare swings affect both cost and margin.
  • Demand depends on shipping activity and crew rotation volumes. A downturn in global trade or shipping reduces crew movement directly.
  • The customer base is a limited set of commercial shipping companies, so losing a few accounts would be felt quickly.
  • This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
  • Promoter holding falls sharply from 80% to 49.48%, which leaves the promoters below a half share.
  • This is a fixed price SME issue at Rs 102 per share, so there is no price discovery through bidding. One lot is 1,200 shares, about Rs 1.22 lakh, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Funding working capital requirements of the Company24.24
Repayment and/or pre-payment, in part, of borrowing availed by the Company4
Towards Business Marketing and Development activities1.8
General Corporate Purposes6.37
Issue Expenses6.03

Promoters

  • Jitendra Kumar Negi
  • Mridul Dilip Singhvi
Promoter holding80%→49.48%before → after the issue · down 30.52 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 5 a share
Registrar
KFin Technologies Limited
Lead managers
Corporate Makers Capital Ltd.
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.