Shreeji Shipping Global Limited, a leading provider of integrated shipping and logistics solutions, made its debut on the Indian stock exchanges with an 8% listing premium over its IPO price on the Bombay Stock Exchange (BSE). Despite the premium, the debut fell short of grey market expectations of 11-13%, which had suggested stronger listing gains.

The Shreeji Shipping IPO attracted massive investor interest, with the issue subscribed 22.07 times overall by the close of bidding. This strong subscription reflected robust demand from institutional investors, high-net-worth individuals (HNIs), and retail participants alike. However, the market debut turned out to be more modest than speculative forecasts indicated.

IPO Structure and Details

The Shreeji Shipping IPO was a book-built issue of ₹410.70 crore, consisting entirely of a fresh issue of 1.62 lakh shares. The price band was fixed at ₹240–₹252 per share, with the final issue priced at the upper band of ₹252.

At this level, the market capitalisation of Shreeji Shipping Global stood at approximately ₹4,105.54 crore. The IPO’s lot size was 58 shares, requiring a minimum investment of ₹14,616 for retail investors. For HNIs, the minimum investment was 14 lots (812 shares), amounting to ₹2,04,624.

The IPO was managed by Beeline Capital Advisors Pvt. Ltd. and Elara Capital (India) Pvt. Ltd. as book running lead managers, with Bigshare Services Pvt. Ltd. acting as the registrar.

Grey Market Premium vs Actual Listing

Prior to listing, the Shreeji Shipping IPO GMP hovered around ₹0 officially, but unlisted grey market trades had hinted at potential gains in the 11-13% range. The actual listing at 8% premium demonstrated once again that the grey market premium is not always a reliable indicator of listing day performance.

While GMP often provides a snapshot of speculative interest, real price discovery occurs only on the exchanges, where actual demand and supply dynamics come into play.

Subscription Status and Anchor Investors

The IPO generated overwhelming demand, with total subscription reaching 22.07 times. This was driven by strong participation across investor categories.

Additionally, the company raised ₹123.21 crore from anchor investors at the upper price band of ₹252 per share. A total of 48,89,400 equity shares were allotted to anchor investors in consultation with the lead managers. This demonstrated institutional confidence in the company’s long-term growth prospects.

Utilisation of IPO Proceeds

The net proceeds of the IPO are earmarked for:

1. Acquisition of Supramax Dry Bulk Carriers – Around ₹2,511.79 million will be allocated towards expanding the company’s fleet by purchasing supramax category vessels in the secondary market.

2. Debt Repayment – About ₹230 million will be used for prepayment or repayment of existing borrowings.

3. General Corporate Purposes – The remaining funds will be directed towards operational needs and corporate expansion.

Company Overview

Shreeji Shipping Global Limited has built a comprehensive shipping and logistics business over the past three decades. Originally founded in 1995 as a partnership firm named M/s Shreeji Shipping, the company transitioned into a corporate structure in April 2024.

The company provides end-to-end logistics solutions for dry bulk cargo, including:

• Cargo handling services – ship-to-ship (STS) lighterage, stevedoring, and port-based cargo management.

• Transportation – port-to-premise and premise-to-port cargo movement.

• Fleet chartering and equipment rentals – including barges, mini bulk carriers (MBCs), tug boats, floating cranes, and earthmoving machinery.

As of March 31, 2025, the company’s operational assets included:

• 80+ vessels across various categories.

• 370+ earthmoving equipment such as excavators, pay loaders, tippers, and tankers.

• 1,173 full-time employees ensuring smooth operations.

The company primarily serves oil & gas, energy & power, coal, FMCG, and metals industries, with a customer base of 106 in FY 2025.

Financial Highlights

For the fiscal year ending March 31, 2025, Shreeji Shipping reported:

• Revenue from operations – ₹6,076.13 million

• EBITDA – ₹2,006.82 million

• Profit After Tax (PAT) – ₹1,412.37 million

Cargo volumes handled were 15.71 MMT in FY 2025, compared to 13.78 MMT in FY 2024.

Industry Outlook

The shipping industry forms the backbone of global trade, with over 80% of goods transported by sea. India, with its 7,516 km coastline, is emerging as a maritime powerhouse.

According to Dun & Bradstreet, cargo handled at Indian ports is projected to grow at a CAGR of 10.8%, reaching 2,849 MMT by FY 2030. Gujarat continues to dominate, handling a major share of overseas trade through its extensive network of ports.

Government initiatives like the Sagarmala Project and Maritime India Vision 2030 are expected to enhance port infrastructure, reduce logistics costs, and increase cargo efficiency.

Business Strengths

• Integrated shipping and logistics solutions across India and Sri Lanka.

• Strong relationships with institutional clients across industries.

• Large owned fleet and equipment base, ensuring cost efficiency.

• Proven financial performance with consistent growth.

• Experienced promoters, Ashokumar Haridas Lal and Jitendra Haridas Lal, with over 60 years of industry experience.

Risks and Concerns

• Dependence on one major customer, contributing over 20% of revenue.

• Industry cyclicality, especially in coal, oil, and energy.

• Heavy reliance on cargo handling operations.

• Geographic concentration on India’s west coast, particularly Gujarat.

• Exposure to non-major ports, which are subject to state regulations and disruptions.

Market Outlook

Though the Shreeji Shipping IPO listing gains were lower than grey market expectations, analysts believe the company’s long-term growth story remains intact. Its focus on expanding its fleet, diversifying clients, and tapping into India’s growing maritime trade positions it well for the future.

For investors, while short-term listing gains were modest, long-term prospects look promising, given the industry’s growth trajectory and the company’s established market presence.

The Upcoming IPOs in this week and coming weeks are Amanta Healthcare, Rachit Paints, Abril Paper Tech, Sneha Organics, Sugs Lloyd, Anlon Healthcare, NIS Management, Sattva Engineering Construction, Globtier Infotech, Current Infraprojects, Vikran Engineering.

The Current active IPO are Shivashrit Foods, Anondita Medicare, Classic Electrodes (India), ARC Insulation & Insulators.

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