NewsFly Hi Maritime Travels IPO Day 2 Live: Total subscription at 0.03x - Check analysts view and moreFly Hi Maritime Travels IPO Day 2 Live: Total subscription at 0.03x - Check analysts view and more
- Fly Hi Maritime Travels IPO is subscribed at 0.03x on Day 2, with retail leading at 0.05x.
- QIB and NII categories remain unsubscribed at 0.00x.
- Retail subscription jumped 25% intra-day from 0.04x to 0.05x.
- The company reported PAT of ₹8.43 crores in FY 2026, up from ₹3.44 crores in FY 2025.
- Key risks include high customer concentration and dependence on foreign markets.
*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 a mere 0.03x so far. Retail investors are leading the participation with a 0.05x subscription, ticking up 25% intra-day. Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) have yet to place any 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, 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 | 0.00x | 0.00x | 0.05x | 0.03x |
Intra-day timeline on 02-09-2026
| 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 |
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 company consider revising its price band or extending the subscription period to attract QIB and NII interest before the close on September 3?
How might the lack of institutional backing impact the stock's listing premium and initial trading volatility?
Given the 90% revenue dependence on foreign markets, how will potential geopolitical shifts or currency fluctuations affect the company's future profitability post-IPO?
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