Fly Hi Maritime Travels IPO opened for subscription on September 1, 2026, recording an overall subscription of 0.01x on Day 1. Retail investors are the only category showing bids so far, while QIB and NII segments remain untouched at 0.00x.

Subscription Status

As of the Day 1 snapshot, the issue has seen muted early traction, with retail bids ticking in at 0.01x by 14:15 IST. QIB and NII (both bHNI and sHNI) categories have yet to register any subscription.

Subscription Progression

Intra-Day Timeline — 01-09-2026

Retail is the sole category driving bids on Day 1, with the issue still in its early hours. Two more days remain for all investor categories to participate before the issue closes on September 3, 2026.

About the Company

Fly-Hi Maritime Travels was incorporated on September 29, 2021, and converted to a public limited company in December 2025. The company manages end-to-end travel arrangements for crew of commercial shipping companies — covering airline tickets, ground travel, hotel stays, visa applications, and 24/7 support. Operating from a centralised Mumbai corporate office, it serves customers across more than 6 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

Revenue from operations grew from ₹45.08 crore in FY 2024 to ₹62.04 crore in FY 2026, while PAT expanded sharply from ₹1.82 crore to ₹8.43 crore over the same period, reflecting improving profitability.

Objects of the Issue

• Funding Working Capital Requirements: ₹24.24 crore to support day-to-day operations and credit extended to clients for travel bookings, visa services, and route planning.
• Repayment and/or Pre-payment of Borrowings: ₹4.00 crore to repay outstanding borrowings from banks and financial institutions, reducing debt servicing costs.
• Talent Acquisition for Business Marketing and Development Activities: ₹1.80 crore to onboard managerial sales and marketing personnel to expand market presence.
• General Corporate Purposes: ₹6.37 crore for operating expenses, business development, marketing, and other Board-approved purposes.

Risk Factors

• Significant Revenue Dependence on Foreign Markets: Approximately 90% of revenue comes from outside India, exposing the company to currency fluctuations, regulatory differences, and geopolitical risks across jurisdictions.
• High Customer Concentration Risk: Top 10 customers account for 91.39% of revenue, with the top 2 customers contributing 62.14% in FY 2025-26; loss of any key client could materially impact revenues.
• Heavy Dependence on Exclusive Distributor: A single exclusive distributor contributed 66.83% of revenue in FY 2024-25 and 46.59% in FY 2025-26; any disruption to this relationship could significantly affect business.

Offer Details