Fly-Hi Maritime Travels Ltd IPO
Miscellaneous
Price Band
₹102 – ₹102
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹244800
Issue Size
₹52.63Cr
Opens
2026-09-01
Closes
2026-09-03
Listing
08-09-2026
IPO Details
Issue Type
EQUITY
Face Value
₹5
Tick Size
1
ISIN
INE2J7801015
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Fly-Hi Maritime Travels Limited is a marine travel company engaged in managing end-to-end travel arrangements for crew members of commercial shipping companies. The company was incorporated in September 2021 and was converted into a public limited company in December 2025. The company manages various aspects of crew travel, including airline tickets, ground transportation, hotel accommodation, and visa applications, to facilitate the movement of crew members from their home countries to their designated ports of boarding. The company works with commercial shipping companies across more than six countries and focuses exclusively on addressing the travel requirements of maritime crew. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Funding working capital requirements of the company — Rs 24.24 crore Repayment and/or pre-payment, in full or in part, of certain borrowings availed by the company — Rs 4 crore Towards talent acquisition for business marketing and development activities — Rs 1.80 crore General corporate purposes — Rs 6.36 crore
Pros
- • The company claims to have developed relationships with commercial shipping companies that contribute to repeat business and customer referrals. According to the company, word-of-mouth recommendations from existing customers have also supported the acquisition of new clients.
- • The company claims to have a workforce capable of handling complex crew movements requiring travel planning, real-time monitoring, prompt responses, and 24/7 support, which are particularly relevant when vessel schedules depend on the timely arrival of crew members.
- • The company claims to have appointed a distributor in the UAE to serve international customers more closely. This presence may help address the preferences of shipping clients operating through Dubai while potentially supporting access to additional international customers.
Cons
- • The company derives a substantial portion of its revenue from international markets, exposing its business to economic, regulatory, and geopolitical developments outside India. Revenue from overseas markets stood at Rs 41.12 crore (91.21% of total revenue) in FY24, Rs 42.19 crore (92.95%) in FY25, and Rs 56.04 crore (90.31%) in FY26. Changes in local laws, regulatory requirements, data privacy norms, economic conditions, or other adverse developments in these markets could disrupt operations and adversely affect revenue and profitability.
- • The company depends on a limited number of customers for a substantial portion of its revenue. Revenue from the top 10 customers contributed Rs 56.69 crore (91.39%) in FY26, Rs 41.56 crore (91.56%) in FY25, and Rs 38.84 crore (86.16%) in FY24. Any loss of key customers, reduction in their requirements, or inability to secure new orders could adversely affect revenue, cash flows, and financial performance.
- • The company requires significant working capital to fund the gap between payments to suppliers and collections from customers, including expenses related to airline tickets, hotels, visa applications, and other crew travel arrangements. Its net working capital requirement increased from Rs 6.52 crore in FY24 to Rs 9.70 crore in FY25 and Rs 20.26 crore in FY26. The operating cycle also increased from 51 days in FY24 to 77 days in FY25 and 120 days in FY26. Going forward, if the company is unable to secure adequate working capital financing or manage delays in customer collections, its operations, liquidity, and financial performance could be adversely affected.
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