1. At a Glance
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.”
- Enterprise SaaS Solutions
- Cloud-based software for logistics players.
- Real-time shipment tracking, cost optimization, analytics dashboards.
- 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
