Blue Water Logistics Limited is a specialized logistics company offering comprehensive project logistics, supply chain management (SCM), warehousing, and end-to-end support across sea, air, and land transport. Their expertise includes freight forwarding, warehouse management, project management, transport, and distribution services.

IPO Details

Blue Water Logistics is launching a Book Built Issue fresh IPO of ₹40.5 Crores, comprising 30 lakh equity shares. The IPO subscription opens on May 27, 2025, and closes on May 29, 2025. Allotment is expected on or about May 30, 2025, and the shares will be listed on the NSE SME platform tentatively by June 3, 2025.

The price band is fixed between ₹132 and ₹135 per share, implying a post-issue market capitalization of approximately ₹148.5 Crores at the upper band. The IPO lot size is 1,000 shares, with a minimum investment of ₹1,35,000 for retail investors. High Net Worth Individuals (HNIs) must apply for at least two lots, amounting to ₹2,70,000.

Smart Horizon Capital Advisors Pvt Ltd acts as the book running lead manager, Maashitla Securities Pvt Ltd is the registrar, and Shreni Shares Ltd is the market maker.

Anchor Investors

Blue Water Logistics has raised ₹11.27 Crores from anchor investors at the upper price band of ₹135 per share, allotting 8,35,000 shares from the Qualified Institutional Buyers (QIB) portion.

Grey Market Premium (GMP)

The IPO’s GMP is currently estimated at ₹12, suggesting an expected listing price of around ₹147. This premium reflects positive market sentiment based on the company’s financials but should be treated as informational only.

Financial Performance

Blue Water Logistics has demonstrated robust growth over recent years:

• Revenue grew from ₹84.72 Cr in FY22 to ₹196.29 Cr in FY25.

• EBITDA improved significantly from ₹2.40 Cr in FY22 to ₹18.85 Cr in FY25.

• Profit After Tax surged from ₹1.04 Cr in FY22 to ₹10.67 Cr in FY25.

The company’s pre-issue EPS stands at ₹13.34 and post-issue EPS at ₹9.70 for FY24. The pre-issue P/E ratio is 10.12x, with a post-issue P/E of 13.92x, substantially lower than the industry average of 113x, indicating reasonable valuation.

Return ratios are impressive, with a Return on Capital Employed (ROCE) of 30%, Return on Equity (ROE) of 72.02%, and Return on Net Worth (RoNW) of 52.95% for FY24, reflecting efficient capital utilization and profitability.

Use of IPO Proceeds

The net proceeds from the IPO will be primarily used for:

1. Funding capital expenditure, including the purchase and body building of vehicles (₹10.52 Crores).

2. Working capital requirements (₹20 Crores).

3. General corporate purposes.

Management & Experience

The company is promoted and led by Mr. Laxmi Narayan Mishra (Chairman and Whole-Time Director) with over 13 years in logistics, and Mr. Lalit Panda (Managing Director) with 7 years of industry experience. Their expertise helps in maintaining strong client and supplier relationships and driving growth.

Subscription and Allotment

Investors can apply starting May 27, 2025. The allotment status will be available online on or after May 30, 2025, on the registrar’s website. Investors will need their application number, PAN, or DP Client ID to check status.

Investment Outlook
Given Blue Water Logistics’ steady revenue growth, healthy profitability, strong management experience, and a reasonable IPO valuation, the issue is attractive for investors seeking exposure to the logistics sector. The current Grey Market Premium indicates potential listing gains of approximately 8.88%.

However, investors should consider IPO risks including market conditions and company fundamentals before applying. Risk-tolerant investors may consider applying to capture listing gains.

The Upcoming IPOs in this week and coming weeks are Blue Water Logistics, Unified Data - Tech Solutions, Dar Credit and Capital, Belrise Industries, Wagons Learning.

The Current active IPO are Victory Electric Vehicles International, Borana Weaves.

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