Fly-Hi Maritime Travels IPO Opens September 1, Aiming to Raise Rs 52.63 Crore
Fly-Hi Maritime Travels Limited, a travel and logistics company specializing in crew travel for commercial shipping companies, will open its initial public offering (IPO) for subscription on September 1, 2026, and close on September 3, 2026, according to multiple announcements.
The fixed-price issue consists of up to 51,60,000 equity shares with a face value of Rs 5 each, priced at Rs 102 per share, aggregating to approximately Rs 52.63 crore, as reported by ANI, Free Press Journal, trade, and The Tribune.
The issue includes a fresh issue of up to 41,60,400 equity shares, aggregating to approximately Rs 42.44 crore, and an Offer for Sale of up to 9,99,600 equity shares, aggregating to approximately Rs 10.19 crore, by promoter selling shareholder Mr. Jitendra Kumar Negi, according to The Tribune and other outlets.
The lot size is 1,200 equity shares, with a minimum bid of two lots (2,400 shares) and multiples of 1,200 shares thereafter, as reported by The Tribune. The share allocation includes up to 24,48,000 equity shares for Non-Institutional Investors, at least 24,48,000 for Retail Individual Investors, and 2,64,000 for the Market Maker, according to The Tribune.
The company plans to list its shares on the SME platform of the Bombay Stock Exchange (BSE), with a tentative listing date of September 8, 2026, as confirmed by ANI, Free Press Journal, trade, and The Tribune.
Corporate Makers Capital Limited is the sole book-running lead manager, and KFin Technologies Limited is the registrar, according to multiple sources.
Use of Proceeds
The net proceeds from the IPO will be used for funding working capital requirements, repayment or pre-payment of borrowings, business marketing and development activities, and general corporate purposes, as stated in the company's announcements and press releases.
Company Background
Fly-Hi Maritime Travels Limited is an IATA-accredited entity (No. 14006425) that provides end-to-end travel arrangements for crew members of commercial shipping companies, including airline ticketing, ground transportation, hotel accommodation, visa coordination, and 24/7 support, according to The Tribune and other reports.
Incorporated in September 2021, the company converted to a public limited company in December 2025, as reported by trade. It is headquartered in Mumbai with a registered office in New Delhi, according to multiple sources.
The company serves clients across more than 6 countries, including Cyprus, Greece, USA, UK, Singapore, UAE, and India, as reported by trade. Approximately 90% of its revenue is derived from international clients, according to The Tribune and other sources.
Financial Performance
The company has reported significant growth in profitability over the past three years. For Financial Year 2024, total revenue was Rs 4,540.71 lakh and profit after tax was Rs 182.13 lakh, according to The Tribune. In Financial Year 2025, revenue rose to Rs 4,574.56 lakh and profit after tax to Rs 344.34 lakh, as reported by ANI and The Tribune. For Financial Year 2026, revenue reached Rs 6,221.34 lakh and profit after tax stood at Rs 842.58 lakh, according to ANI and The Tribune.
In Financial Year 2026, the company achieved a profit after tax margin of 13.58%, as reported by ANI. The company's net worth grew from Rs 4.50 crore in FY23 to Rs 10.97 crore in Q1 FY26, according to ANI.
Management and Strategy
Managing Director Jitendra Kumar Negi has over 15 years of maritime industry experience, and CEO Mridul Dilip Singhvi has over 22 years of business experience, as reported by trade.
The company's growth strategy includes appointing international distributors, developing digital tools, expanding into cruise-line crew travel, and exploring European Union markets, according to trade.
In a statement reported by ANI, promoters Jitendra Kumar Negi and Mridul Dilip Singhvi said, "The issue will strengthen our operations and financial capabilities as we grow in the specialised marine travel segment." The Tribune quoted Mr. Negi as saying, "The opening of our Initial Public Offering marks a significant milestone in Fly-Hi Maritime Travels' growth journey and reflects the strength of the business we have built over the years."
Risk Factors
The company has faced delays in GST, TDS, EPF, and ESIC filings, extending up to 170 days in some instances, as reported by trade. Additionally, the top 10 customers account for 91.39% of revenue, with the top 2 contributing 62.14% in FY2025-26, according to trade.
The company reported negative cash flows from operating activities of Rs 0.98 crores in FY2026, as noted by trade.