Blue Water Logistics Limited is entering the capital markets with its Initial Public Offering (IPO) from May 27 to May 29, 2025. The company is offering a Book Built Issue of ₹40.5 crore, comprised entirely of a fresh issue of 30 lakh equity shares.

This SME IPO will be listed on the NSE SME platform, and the tentative listing date is June 3, 2025.

IPO Highlights

• IPO Opens: May 27, 2025

• IPO Closes: May 29, 2025

• Allotment Date: May 30, 2025 (tentative)

• Listing Date: June 3, 2025 (tentative)

• Issue Size: ₹40.5 crore

• Issue Type: Book Built Issue

• Lot Size: 1,000 shares

• Retail Investment Minimum: ₹1,35,000

• HNI Investment Minimum: ₹2,70,000 (2 lots)

• Price Band: ₹132 to ₹135

• Market Capitalisation at ₹135: ₹148.5 crore

The IPO is being managed by Smart Horizon Capital Advisors Private Limited, with Maashitla Securities Private Limited as the registrar and Shreni Shares Limited acting as the market maker.

Company Overview

Blue Water Logistics Limited is a leading logistics provider offering end-to-end project logistics, supply chain management, warehouse solutions, and multimodal freight services across sea, air, and land. The company delivers expertise in:

• Freight forwarding

• Project logistics and execution

• Warehouse and transport management

• Distribution logistics

The company caters to diverse industry verticals and is known for tailored, timely, and scalable logistical solutions.

Leadership and Experience

The company is promoted by:

• Mr Laxmi Narayan Mishra, Chairman and Whole-Time Director with over 13 years of logistics experience

• Mr Lalit Panda, Managing Director with 7 years in the industry

Their cumulative experience enables Blue Water Logistics to maintain strong relationships with clients and suppliers, and make strategic operational decisions.

Financial Performance

Revenue from Operations:

• FY 2025 (Mar 31): ₹19,628.59 lakh

• FY 2024: ₹13,874.33 lakh

• FY 2023: ₹9,806.96 lakh

• FY 2022: ₹8,472.21 lakh

EBITDA:

• FY 2025: ₹1,885.12 lakh

• FY 2024: ₹1,056.92 lakh

• FY 2023: ₹391.66 lakh

• FY 2022: ₹240.10 lakh

Profit After Tax (PAT):

• FY 2025: ₹1,067.08 lakh

• FY 2024: ₹594.05 lakh

• FY 2023: ₹154.06 lakh

• FY 2022: ₹104.31 lakh

These numbers show a consistent increase in topline and bottom-line growth, indicating a scalable and well-managed business model.

Valuation and Ratios

• Pre-Issue EPS (FY24): ₹13.34

• Post-Issue EPS (FY24): ₹9.70

• Pre-Issue P/E Ratio: 10.12x

• Post-Issue P/E Ratio: 13.92x

• Industry P/E Ratio: 113x

The company’s price-to-earnings ratio is significantly lower than the industry average, indicating potential for re-rating post listing.

Return Ratios

• ROCE (FY24): 30.00 percent

• ROE (FY24): 72.02 percent

• Return on Net Worth (RoNW): 52.95 percent

These high return metrics reflect effective capital deployment and strong profit generation capabilities.

Grey Market Premium and Market Sentiment

The Grey Market Premium (GMP) for Blue Water Logistics is currently around ₹12, translating into an 8.88 percent potential listing gain over the upper price band of ₹135. However, it is important to note that:

• GMP is based on unregulated grey market activity

• No official trading is conducted on this basis

• GMP fluctuates based on demand and supply perception

Investment Outlook

Given the company’s solid financial track record, high return ratios, and strong sector demand, the IPO offers listing gain potential. However, due to the limited GMP and SME listing volatility, this opportunity may be best suited for risk-tolerant investors.

Analyst Recommendation: Risky investors may consider applying for potential listing gains. Conservative or long-term investors should monitor post-listing performance and company updates before investing.

The Upcoming IPOs in this week and coming weeks are Scoda Tubes,Neptune Petrochemicals, Aegis Vopak Terminals, Schloss Bangalore, Astonea Labs, Nikita Papers, Prostarm Info Systems, Victory Electric Vehicles International, Blue Water Logistics, Wagons Learning.

The Current active IPO are Unified Data - Tech Solutions, Dar Credit and Capital, Belrise Industries.

The Closed IPOs are Borana Weaves.