Fly-Hi Maritime Travels IPO announced: ₹36.41 crore issue, what you need to know
- Fly-Hi Maritime Travels files DRHP for ₹36.41 crore SME IPO via fresh issue.
- IPO opens on 01-Sep-2026 and closes on 03-Sep-2026; listing date TBD.
- Revenue grew to ₹62.04 Crores in FY2026; PAT surged to ₹8.43 Crores.
- Top 10 customers contribute 91.39% of revenue, indicating high concentration risk.
- Proceeds primarily for working capital (₹24.24 Crores) and debt repayment.
*this image is generated using AI for illustrative purposes only.
Fly Hi Maritime Travels IPO is in its second day of subscription, with the total issue subscribed at 0.13x so far. Retail investors are leading the participation with a 0.13x subscription, ticking up significantly intra-day. Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) have yet to place any material bids.
Subscription Status
The IPO opened on September 1, 2026, and saw minimal traction on Day 1. On Day 2, the subscription numbers remained largely unchanged for institutional categories, with retail being the only category showing activity. The QIB and NII categories remain at 0x, indicating a lack of interest from institutional and high-net-worth individual investors thus far.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 01-09-2026 | 0.00x | 0.00x | 0.00x | 0.02x | 0.01x |
| Day 2 | 02-09-2026 | 0.00x | 0.10x | 0.00x | 0.13x | 0.13x |
Intra-day timeline on 02-09-2026
Retail jumped +225.0% today (from 0.04x to 0.13x), driving the total subscription up by 550.0% from the morning open. The pace picked up after 1pm, with retail applications ticking up consistently.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.00x | 0.04x | 0.02x |
| 12:15 | 0.00x | 0.00x | 0.05x | 0.03x |
| 13:15 | 0.00x | 0.00x | 0.06x | 0.09x |
| 14:15 | 0.00x | 0.00x | 0.07x | 0.09x |
| 15:15 | 0.00x | 0.00x | 0.08x | 0.10x |
| 16:15 | 0.00x | 0.00x | 0.10x | 0.11x |
| 17:15 | 0.00x | 0.00x | 0.13x | 0.13x |
About the Company
Fly-Hi Maritime Travels was incorporated in September 2021 and converted to a public limited company in December 2025. The company manages end-to-end travel arrangements for crew members of commercial shipping companies, handling airline tickets, ground travel, hotel stays, and visa applications. Operating from Mumbai, it serves customers from over six countries including Cyprus, Greece, USA, UK, Singapore, UAE, and India. The company is led by MD Jitendra Kumar Negi and CEO Mridul Dilip Singhvi.
Financial Highlights
| Particulars | FY 2026 (₹ crores) | FY 2025 (₹ crores) | FY 2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 62.04 | 45.40 | 45.08 |
| Total Profit (PAT) | 8.43 | 3.44 | 1.82 |
| Total Equity | 17.96 | 9.53 | 6.09 |
The company has shown consistent growth in revenue and profit over the last three years, with PAT increasing from ₹1.82 crores in FY 2024 to ₹8.43 crores in FY 2026.
Objects of the Issue
- Funding Working Capital Requirements: ₹24.24 crores
- Repayment and/or Pre-payment of Borrowings: ₹4.00 crores
- Talent Acquisition for Business Marketing and Development Activities: ₹1.80 crores
- General Corporate Purposes: ₹6.37 crores
Risk Factors
- Significant Revenue Dependence on Foreign Markets: ~90% revenue from outside India.
- High Customer Concentration Risk: Top 10 customers account for 91.39% of revenue.
- Substantial Working Capital Requirements: Needs increased from ₹652.21 lakhs to ₹2,026.41 lakhs.
Key Dates
- Issue Open Date: 2026-09-01
- Issue Close Date: 2026-09-03
- Allotment Date: Not announced
- Listing Date: Not announced
How might the company's heavy reliance on its top two customers for over 60% of revenue impact its valuation stability if it loses a key client post-listing?
What specific strategies will Fly-Hi implement to mitigate currency fluctuation risks given that approximately 90% of its revenue is derived from foreign markets?
Could the allocation of ₹24.24 Crores for working capital indicate underlying liquidity pressures, and how will this affect the company's ability to sustain negative operating cash flows?
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