Blue Water Logistics Limited is a prominent player in the logistics sector specializing in comprehensive project logistics, supply chain management (SCM), warehousing, and end-to-end logistical support across sea, air, and land transport. The company offers expert solutions in freight forwarding, SCM, project management, warehouse management, transportation, and distribution services.

IPO Overview

Blue Water Logistics is launching a Book Built Issue IPO with a fresh issue amounting to ₹40.5 Crores by issuing 30.00 Lakh equity shares. The IPO subscription opens on May 27, 2025, and closes on May 29, 2025. The allotment is expected to be finalized on or about May 30, 2025, with shares listing on the NSE SME around June 3, 2025.

The IPO price band is set between ₹132 to ₹135 per equity share. Based on the upper price band of ₹135, the market capitalization at listing will be around ₹148.5 Crores. The minimum lot size is 1,000 shares, translating to a minimum investment of ₹1,35,000 for retail investors. High Net Worth Individuals (HNIs) must subscribe for a minimum of 2 lots, i.e., 2,000 shares amounting to ₹2,70,000.

Key Market Participants

• Book Running Lead Manager: Smart Horizon Capital Advisors Private Limited

• Registrar: Maashitla Securities Private Limited

• Market Maker: Shreni Shares Limited

Grey Market Premium (GMP) Insight

The Grey Market Premium (GMP) for Blue Water Logistics IPO currently stands at ₹12, indicating a potential listing gain of approximately 8.88% over the issue price. It is important to note that GMP is an unofficial and unregulated market indicator driven by demand and supply in unorganized markets. Hence, GMP should only be viewed for educational purposes and not as a guaranteed price discovery mechanism.

Live Subscription Status (As of May 27, 2025, 10:30 AM)

On the first day of subscription, the IPO was subscribed 0.05 times. Investors can monitor real-time subscription data on the NSE platform to track the IPO's demand momentum.

Anchor Investors

Blue Water Logistics successfully raised ₹11.27 Crores from anchor investors at ₹135 per share. A total of 8,35,000 equity shares were allocated to qualified institutional buyers (QIBs) under the anchor investor quota. This early endorsement by institutional investors reflects confidence in the company’s prospects.

Financial Performance and Promoter Background

• The company’s revenues have shown strong growth, increasing from ₹8,472.21 Lakh in FY22 to ₹19,628.59 Lakh in FY25 (March 31).

• EBITDA has surged from ₹240.10 Lakh in FY22 to ₹1,885.12 Lakh in FY25.

• Profit After Tax (PAT) increased from ₹104.31 Lakh in FY22 to ₹1,067.08 Lakh in FY25.

• The promoters, Mr. Laxmi Narayan Mishra (Chairman & Whole-Time Director) and Mr. Lalit Panda (Managing Director), bring 13 and 7 years of logistics industry experience respectively, adding considerable strategic value.

Key Financial 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)

• Return on Capital Employed (ROCE): 30.00%

• Return on Equity (ROE): 72.02%

• Return on Net Worth (RoNW): 52.95%

These figures indicate solid profitability and efficiency relative to the sector.

IPO Objectives

Blue Water Logistics plans to utilize the net proceeds from the IPO for:

1. Funding capital expenditure with ₹10.52 Crores allocated for vehicle purchase and body building.

2. Enhancing working capital requirements with ₹20 Crores.

3. Meeting general corporate purposes.

How to Check IPO Allotment Status

Investors can verify their allotment status after May 30, 2025 by:

• Visiting the registrar’s IPO allotment status page.

• Selecting “Blue Water Logistics Limited IPO” from the dropdown.

• Entering application number, PAN, or DP Client ID.

• Submitting details to view allotment results.

Final Review and Recommendation

Blue Water Logistics Limited shows a strong operational track record with steady financial growth and experienced promoters. The IPO is priced reasonably compared to industry peers, and the GMP of ₹12 suggests a favorable listing gain potential.

Risk-tolerant investors looking for exposure in the logistics and supply chain management sector may consider applying to the IPO for potential listing gains and long-term growth. However, as with all IPOs, investors should weigh their risk appetite and investment horizon before applying.

The Upcoming IPOs in this week and coming weeks are 3B Films, N R Vandana Tex Industries, Scoda Tubes,Neptune Petrochemicals, Victory Electric Vehicles International, Wagons Learning.

The Current active IPO are Blue Water Logistics, Astonea Labs, Nikita Papers, Prostarm Info Systems, Aegis Vopak Terminals, Schloss Bangalore.

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