Blue Water Logistics Limited, a key player in the Indian logistics sector, is set to launch its Initial Public Offering (IPO). The IPO will open for subscription on May 27, 2025, and close on May 29, 2025. The issue is a book-built fresh issue of 30 lakh equity shares, aggregating to ₹40.5 crore. The company’s equity shares will be listed on the NSE SME platform with a tentative listing date of June 3, 2025.

The price band for the IPO has been set at ₹132 to ₹135 per share. At the upper end of the price band, the company's post-issue market capitalisation will stand at ₹148.5 crore.

The minimum lot size for retail investors is 1,000 shares, meaning a minimum investment of ₹1,35,000. For High-Net-Worth Individuals (HNIs), the minimum application is 2 lots, or 2,000 shares, amounting to ₹2,70,000.

Smart Horizon Capital Advisors Private Limited is acting as the Book Running Lead Manager, while Maashitla Securities Private Limited is the registrar to the issue. Shreni Shares Limited has been appointed as the market maker for the IPO.

Company Overview

Blue Water Logistics Limited offers end-to-end logistics and supply chain services including freight forwarding, project management, transportation, warehousing, and distribution. The company operates across sea, air, and land modes of logistics, with a focus on comprehensive and scalable solutions.

The company's leadership includes Mr Laxmi Narayan Mishra (Chairman and Whole-Time Director) and Mr Lalit Panda (Managing Director), who bring 13 years and 7 years of industry experience respectively. Their collective insights and industry connections have contributed significantly to the company's growth trajectory.

Financial Performance

Blue Water Logistics has shown a steady increase in its financial metrics over the last four fiscal periods:

• Revenue from operations:

  • FY2022: ₹8,472.21 lakh

  • FY2023: ₹9,806.96 lakh

  • FY2024: ₹13,874.33 lakh

  • FY2025 (provisional): ₹19,628.59 lakh

• EBITDA:

  • FY2022: ₹240.10 lakh

  • FY2023: ₹391.66 lakh

  • FY2024: ₹1,056.92 lakh

  • FY2025: ₹1,885.12 lakh

• Profit after tax (PAT):

  • FY2022: ₹104.31 lakh

  • FY2023: ₹154.06 lakh

  • FY2024: ₹594.05 lakh

  • FY2025: ₹1,067.08 lakh

This upward trend indicates a sustained and healthy financial performance. The company has grown both its top-line and bottom-line significantly over the years.

Valuation and Ratios

The IPO valuation is moderate relative to its industry, supported by strong financials:

• Pre-issue EPS (FY24): ₹13.34

• Post-issue EPS (FY24): ₹9.70

• Pre-issue P/E: 10.12x

• Post-issue P/E: 13.92x

• Industry average P/E: 113x

• ROCE (FY24): 30.00 percent

• ROE (FY24): 72.02 percent

• RoNW (FY24): 52.95 percent

These figures suggest high return ratios and a relatively undervalued P/E multiple, making the offering attractive to investors seeking growth at a reasonable price.

Grey Market Premium (GMP)

The Grey Market Premium (GMP) for Blue Water Logistics IPO is currently estimated at ₹12 per share, implying a potential listing gain of 8.88 percent based on the upper price band. It must be noted that GMP is unofficial and unregulated, and does not guarantee listing price or returns. It is driven by market sentiment, demand, and unofficial transactions.

IPO Timeline

Investment Recommendation

With a combination of steady financial growth, strong profitability, and reasonable valuations, Blue Water Logistics IPO presents an opportunity for short-term listing gains. The GMP reflects moderate premium expectations, and the low P/E multiple offers a valuation edge.

However, being listed on the NSE SME platform, the stock may face liquidity limitations post-listing. Hence, this IPO is best suited for risk-tolerant investors who are comfortable with SME stocks and are primarily targeting listing gains.

Recommendation:
Risk-seeking investors may apply for potential listing gains. Cautious investors may prefer to wait for post-listing performance before considering entry.

The Upcoming IPOs in this week and coming weeks are Aegis Vopak Terminals, Schloss Bangalore, Astonea Labs, Nikita Papers, Prostarm Info Systems, Victory Electric Vehicles International, Blue Water Logistics, Unified Data - Tech Solutions, Wagons Learning.

The Current active IPO are Dar Credit and Capital, Belrise Industries, Borana Weaves.