Fly Hi Maritime Travels IPO Day 2 Live: Retail jumps 225%, total at 0.13x - Check details
- Fly Hi Maritime Travels IPO is subscribed at 0.13x on Day 2.
- Retail category jumped 225% intra-day to reach 0.13x.
- QIB and NII subscriptions remain at 0x.
- Company reported ₹62.04 crore revenue and ₹8.43 crore PAT in FY 2026.
- Issue closes on September 3, 2026.
*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
Will the lack of QIB and NII participation by Day 2 lead to a potential price band revision or IPO cancellation given the closing date is tomorrow?
How might Fly Hi Maritime's heavy reliance on foreign markets (90% revenue) expose it to currency fluctuation risks post-listing?
What strategies does management have to mitigate the high customer concentration risk where the top 10 clients account for over 91% of revenue?
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