Fly-Hi Maritime IPO opens on 1-3 Sept and is a SME issue among the upcoming Indian IPOs. The company aims to raise ₹53 Cr via this future IPO in India with a price range of ₹102 per share.
Fly-Hi Maritime IPO Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹1,22,400
1200 shares at the upper band of ₹102
Fresh issue share
75.5%
₹40 Cr of the ₹53 Cr issue
Revenue growth
+36%
31 Mar 2025 → 31 Mar 2026
Profit growth
+145.1%
PAT ₹3.44 Cr → ₹8.43 Cr
Net profit margin
13.6%
was 7.5% in 31 Mar 2025
Debt to equity
0.72
lower is safer
Return on equity
61.29%
ROE
Peer listing record
1 of 4 listed above issue price
median listing move -12.1%
Total subscription
0.08x
across all categories
GMP-implied listing gain
+11.8%
₹12 premium on a ₹102 issue price
Promoter holding
80% → 49.48%
diluted by 30.5 percentage points
A retail application for Fly-Hi Maritime needs one lot of 1200 shares, which works out to ₹1,22,400 at the upper band of ₹102. That is close to the ₹15,000 ceiling SEBI expects for a single retail lot, so an investor applying at cut-off is committing nearly the full retail limit per application.
The issue splits into ₹40 Cr of fresh capital (75.5%) and ₹10 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.
Revenue moved from ₹45.75 Cr in 31 Mar 2025 to ₹62.21 Cr in 31 Mar 2026 (+36%), while profit after tax went from ₹3.44 Cr to ₹8.43 Cr (+145.1%). Profit grew faster than revenue, which points to operating leverage or a better cost mix rather than growth bought purely through volume.
Recently listed companies in the same space trade at a median price-to-earnings ratio of about 12.7. Comparing that with the multiple implied by this issue's ₹102–₹102 band is a more useful test of pricing than looking at the grey market premium alone.
A grey market premium of ₹12 on the upper band of ₹102 implies a listing gain of roughly 11.8%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.
What looks good
- Profit is growing faster than revenue, suggesting improving operating efficiency.
- Return on equity of 61.29% is strong for the sector.
What to watch
- Only 1 of the last 4 comparable IPOs closed above their issue price on listing day.
- Promoter holding falls to 49.48% after the issue, below majority control.
This analysis is generated from the figures shown on this page and is for information only. It is not investment advice — read the RHP before you apply.
About Fly-Hi Maritime
Incorporated in September 2021, Fly-Hi Maritime Travels Limited is a specialized maritime travel company engaged in providing end-to-end crew travel and mobility solutions for commercial shipping companies. The Company manages travel arrangements for seafarers from their home countries to their designated ports of boarding, including airline ticketing, route planning, ground transportation, hotel bookings, visa coordination and 24/7 travel support.
The Company offers customized travel solutions designed around vessel schedules, crew joining windows and the requirements of multinational shipping crews. Its services include global crew ticketing, visa and immigration coordination, OK-to-board confirmations, real-time travel monitoring, disruption handling, emergency support and boarding confirmation. The Company operates through a centralized operational model, with its operations managed from its Mumbai corporate office, while also having a distributor in the UAE to support certain international customers.
Fly-Hi Maritime Travels serves commercial shipping companies across more than six countries, including Cyprus, Greece, the USA, the UK, Singapore, UAE and India. The Company is an International Air Transport Association (IATA) accredited company and its registered office has been recognized as a startup by the Department for Promotion of Industry and Internal Trade (DPIIT).
As of July 31, 2026, the Company had a workforce of 54 employees across travel operations, marketing and sales, visa operations, finance, IT, HR and other support functions.
Customized travel planning and 24/7 operational support.
IATA accreditation and international servicing capabilities.
Presence in international markets through a UAE distributor.
Centralized and efficient operational model supported by a skilled workforce.
Experienced management with strong commercial shipping industry expertise.
Established relationships with customers across multiple international markets.
Specialized end-to-end crew travel solutions for commercial shipping companies.
Q1. What is Fly-Hi Maritime IPO?
Fly-Hi Maritime IPO is a SME issue among the new IPOs coming in India. The company will raise ₹53 Cr via this upcoming Indian IPO, priced at ₹102 per equity share.
Q2. When will Fly-Hi Maritime IPO open for subscription?
This future IPO opens on 1-3 Sept. Stay updated with all IPOs to come this week and upcoming launches.
Q3. What is Fly-Hi Maritime IPO Investors' Portion?
QIB: , HNI: 47.44%, Retail: 47.44%
Q4. What is Fly-Hi Maritime IPO Issue Size?
Total issue size is ₹53 Cr.
Q5. What is Fly-Hi Maritime IPO Price Band?
The price band is ₹102 per equity share.
Q6. What is Fly-Hi Maritime IPO Lot Size?
Minimum bid is 1,200 shares.
Q7. What is the Fly-Hi Maritime IPO Allotment Date?
The allotment will be finalized on 4 Sep 2026.
Q8. What is the Fly-Hi Maritime IPO Listing Date?
The IPO will list on 8 Sep 2026.
