Shipwaves Online Ltd is parking itself at the SME IPO dock with a ₹56.35 crore fixed-price issue at ₹12 per share. At that sticker price, the IPO values the company at ₹169.8 crore market cap. Retail investors must shell out ₹2.4 lakh minimum (20,000 shares) — because why make investing affordable when you can make it feel like booking business class on Emirates?
The numbers? FY25 saw revenue of ₹108.6 crore (+12% YoY), and PAT nearly doubled to ₹12.2 crore (+94% YoY). The company boasts a ROE of 51% and PAT margin of 10% — not bad for a logistics-tech play. But EPS is falling from ₹1.29 pre-issue to ₹0.86 post-issue, so the P/E stretches from a comfy 9x to a slightly stretchier 14x.
2. Introduction
The logistics business in India is like Bengaluru traffic: chaotic, unorganized, and always late. Shipwaves Online promises to “digitally streamline” all of this through freight forwarding + SaaS solutions. Translation: “We’re Uber for shipments, but also Zoho for logistics.”
Founded in 2015 in Mangaluru, the company grew from small-time freight services to a multi-modal operator offering ocean, air, land, plus side hustles like trade finance, warehousing, and even relocation. Basically, if you want to move anything — from a shipping container to your sofa — they want a cut.
With the IPO, they want to repay loans, fund working capital, and build their SaaS play bigger. Sounds ambitious. But hey, logistics is a ₹15 lakh crore industry in India — even crumbs here are worth crores.
Question to you: Would you rather bet on a digital freight forwarder in Mangaluru or on the 100th EV IPO from Gurugram?
3. Business Model – WTF Do They Even Do?
Shipwaves Online = Two arms under one umbrella:
Digital Freight Forwarding
Multi-modal: ocean, air, road.
Customs clearance, insurance, warehousing.
Basically: “DHL but on steroids + Excel sheets replaced with SaaS.”
Selling software to the same import-export guys they already serve as a forwarder.
Extras
Trade finance (because SMEs never have cash).
Relocation services (move your home, not just your goods).
In short: Shipwaves wants to be the Flipkart + TCS of logistics. Whether they end up there or just as “local packers and movers with an app” remains to be seen.
4. Financials Overview
Metric
FY25 (₹ Cr)
FY24 (₹ Cr)
YoY %
QoQ % (est.)
Revenue
108.65
97.28
11.7%
4–5%
EBITDA
18.96
11.04
71.7%
—
PAT
12.20
6.29
94%
—
EPS (₹)
0.86 (post)
1.29 (pre)
-33%
—
Commentary: Profit growth is sexier than a Bollywood item number, but EPS dilution post-IPO means your slice shrinks even though the cake got bigger.
5. Valuation Discussion – Fair Value Range
Method 1: P/E Based
Post issue EPS: ₹0.86
Assign 12–18x multiple (SME logistics average).
Range: ₹10 – ₹16.
Method 2: EV/EBITDA
EV = ~₹169 Cr + Debt (₹35 Cr) – Cash post IPO (est. ₹15 Cr) ≈ ₹189 Cr.
EBITDA FY25 = ₹19 Cr.
EV/EBITDA = ~10x.
Industry range = 8–12x.
Range: ₹9 – ₹14.
Method 3: DCF
Assume 15% CAGR for 5 years, discount 12%, terminal growth 3%.
DCF spits out ~₹11–₹15.
👉 Combined Fair Value Range = ₹10 – ₹15 per share. At ₹12 issue price, it sits right in the middle.
⚠️ Disclaimer: Educational purposes only, not investment advice.
