Fly Hi Maritime Travels IPO Day 1: Subscription status, review

Fly Hi Maritime Travels IPO Day 1: Subscription status, review — here's what you need to know

3 min read | Published on 01 Sept 2026, 02:27 PM |Updated on 02 Sept 2026, 05:19 PM

Reviewed by

Ritika DScanX News Team

Add as a preferred
source on Google

Key Highlights

Fly Hi Maritime Travels IPO opened on September 1, 2026, with an overall subscription of 0.01x on Day 1.
Retail segment is the only active category, ticking up to 0.02x by 17:15 IST, while QIB and NII remain at 0.00x.
The company reported PAT of ₹8.43 crore in FY 2026, up from ₹1.82 crore in FY 2024.
Funds will be used for working capital (₹24.24 crore), repayment of borrowings (₹4.00 crore), and general corporate purposes.
Key risks include high customer concentration (top 2 clients contribute 62.14% of revenue) and foreign exchange exposure.

*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

Given the 90% revenue dependence on foreign markets, how might ongoing geopolitical tensions or currency volatility in key regions like the UK and USA impact Fly Hi's post-IPO valuation stability?

With the top two customers contributing over 62% of FY 2025-26 revenue, what contingency strategies has management outlined to mitigate the risk of losing these key clients after listing?

How will the allocation of ₹24.24 crore for working capital specifically address the credit extension risks associated with serving international shipping crew travel needs?