Blue Water Logistics Limited, a company engaged in end-to-end logistics services across SEA, Air, and Land, is entering the capital markets with its initial public offering (IPO). The Blue Water Logistics IPO is a Book Built Issue with an issue size of ₹40.5 Crores, consisting entirely of a Fresh Issue of 30.00 lakh equity shares. This latest logistics sector IPO in India will open for subscription on May 27, 2025, and will close on May 29, 2025.

The IPO price band has been set at ₹132 to ₹135 per equity share, and the market capitalisation at the upper end of the price band will be ₹148.5 Crores. The minimum lot size is 1,000 shares, making the minimum investment ₹1,35,000 for retail investors, while High Net-Worth Individuals (HNIs) must invest in a minimum of 2 lots (2,000 shares), equating to ₹2,70,000.

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

Grey Market Premium and Listing Gains Outlook

The Blue Water Logistics IPO GMP today is approximately ₹12, suggesting an 8.88% premium over the issue price of ₹135. However, it's important to note that the Grey Market Premium is unofficial and is not a regulated metric. It is highly speculative and should be used for educational and informational purposes only.

Anchor Investor Participation

Prior to opening for public subscription, Blue Water Logistics successfully raised ₹11.27 Crores from Anchor Investors at the upper price band of ₹135 per share. A total of 8,35,000 equity shares were allocated to anchor investors. These shares are drawn from the Qualified Institutional Buyers (QIBs) quota, in line with SEBI regulations.

Allotment and Listing Dates

The IPO allotment date is May 30, 2025 (Friday). Investors can check the allotment status on the registrar’s website by selecting Blue Water Logistics Limited IPO and entering the required details like application number, PAN, or DP Client ID.

The company’s shares are expected to be listed on the NSE SME platform on or around Tuesday, June 3, 2025.

Objectives of the IPO

The proceeds from the IPO will be used for the following purposes:

1. Funding capital expenditure through the purchase of vehicles and body building — ₹1,051.73 Lakh

2. Working capital requirements — ₹2,000.00 Lakh

3. General corporate purposes

Company Overview

Blue Water Logistics Limited has built a strong presence in the logistics industry, specialising in Freight Forwarding, Supply Chain Management (SCM), Project Management, Warehouse Management, Transport, and Distribution Services. Their multi-modal capabilities across air, sea, and land give them a significant edge in the market.

The company is promoted by Mr. Laxmi Narayan Mishra (Chairman and Whole-Time Director) and Mr. Lalit Panda (Managing Director), who bring in 13 and 7 years of experience, respectively, in the logistics space. Their industry insight, strategic foresight, and strong network give Blue Water Logistics a notable competitive advantage.

Financial Performance

Blue Water Logistics has shown impressive financial growth over the past few years:

• Revenue from operations:

  • FY25 (Provisional): ₹19,628.59 Lakh

  • FY24: ₹13,874.33 Lakh

  • FY23: ₹9,806.96 Lakh

  • FY22: ₹8,472.21 Lakh

• EBITDA:

  • FY25: ₹1,885.12 Lakh

  • FY24: ₹1,056.92 Lakh

  • FY23: ₹391.66 Lakh

  • FY22: ₹240.10 Lakh

• Profit After Tax (PAT):

  • FY25: ₹1,067.08 Lakh

  • FY24: ₹594.05 Lakh

  • FY23: ₹154.06 Lakh

  • FY22: ₹104.31 Lakh

This shows a consistent growth trajectory in both revenues and profitability.

Key Valuations 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: ~113x

• ROCE (FY24): 30.00%

• ROE (FY24): 72.02%

• Return on Net Worth (RoNW): 52.95%

These metrics suggest that while the IPO is moderately valued, it offers attractive returns on capital and equity compared to industry standards.

Risks and Recommendations

Given the relatively low post-issue P/E ratio and high ROE, Blue Water Logistics IPO offers a potential opportunity for listing gains, especially considering the strong financial performance and reasonable pricing.

However, investors should be aware of the risks such as:

• Highly competitive logistics industry

• Reliance on a few clients or contracts

• Operational risks in multi-modal transport

Thus, the IPO is recommended for investors with moderate risk appetite. Risky investors may consider applying to the Blue Water Logistics IPO for potential listing gains, especially considering the GMP and the company’s strong fundamentals.

Final Thoughts

With a clear use of proceeds, strong promoter background, and steady financial growth, Blue Water Logistics Limited looks poised to leverage the momentum in the Indian logistics sector. The upcoming IPO opens on May 27, 2025, and closes on May 29, with listing expected by June 3 on the NSE SME platform. The ₹40.5 Crore issue at ₹135 price presents a balanced opportunity for investors, especially those seeking exposure in the growing logistics domain.

This IPO is part of a growing trend of SME IPOs in India that are tapping the market with promising financials and aggressive expansion plans. Keep an eye on the subscription status, GMP trends, and allotment updates to make an informed decision.

The Upcoming IPOs in this week and coming weeks are 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, Borana Weaves.

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