Fly Hi Maritime Travels IPO Day 3: Total hits 1.98x; Retail surges 218.3% to 3.31x
- Fly Hi Maritime Travels IPO total subscription reached 1.98x on Day 3.
- Retail category surged 218.3% intraday to reach 3.31x subscription.
- Qualified Institutional Buyers (QIB) remained unsubscribed at 0.00x.
- Issue price band is fixed at ₹102.00000 per share.
- Proceeds will fund working capital and repayment of borrowings.
*this image is generated using AI for illustrative purposes only.
Fly Hi Maritime Travels IPO total subscription climbed to 1.98x on Day 3, fueled by a massive late-afternoon rally in the Retail category. Retail demand surged 218.3% intraday to reach 3.31x, while Qualified Institutional Buyers (QIB) remained completely absent from the issue.
Subscription Status
The Fly Hi Maritime Travels IPO witnessed significant momentum in its final hours of subscription. After a slow start with minimal activity on Day 1 and Day 2, the issue gained traction on Day 3. The total subscription moved from 0.65x at 11:15 AM to 1.98x by 16:15 PM, marking a strong finish to the bidding window. This surge was entirely led by the Retail category, which picked up pace sharply after midday.
| 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 | 0.10x | 0.13x | 0.13x |
| Day 3 | 03-09-2026 | 0.00x | 0.00x | 0.28x | 3.31x | 1.98x |
Intra-day Timeline
On Day 3, the subscription numbers ticked up sharply throughout the day. The total subscription jumped +204.6% from 0.65x to 1.98x within six hours, fueled by a +218.3% increase in Retail demand.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.00x | 1.04x | 0.65x |
| 12:15 | 0.00x | 0.00x | 1.69x | 1.02x |
| 13:15 | 0.00x | 0.00x | 2.20x | 1.32x |
| 14:15 | 0.00x | 0.00x | 2.64x | 1.60x |
| 15:15 | 0.00x | 0.00x | 2.99x | 1.79x |
| 16:15 | 0.00x | 0.00x | 3.31x | 1.98x |
Category-wise Breakdown
Retail investors emerged as the sole driver of demand for the Fly Hi Maritime Travels IPO. With a subscription of 3.31x, the Retail segment significantly oversubscribed its quota. In contrast, Qualified Institutional Buyers (QIB) did not participate, leaving their quota completely unsubscribed. Non-Institutional Investors (NII) showed minimal interest, with bHNI at 0.28x and sHNI at 0.00x. The Employee quota also remains unsubscribed.
Offer Details
- Company: Fly Hi Maritime Travels
- Price Band: ₹102.00000 - ₹102.00000
- Issue Size: ₹244800 - ₹500000
- Min Bid Qty: 2400
- Open Date: 2026-09-01
- Close Date: 2026-09-03
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 members of commercial shipping companies. Its services include airline tickets, ground travel, hotel stays, visa applications, and 24/7 support. Operating from Mumbai, it serves customers from more than six countries, including Cyprus, Greece, USA, UK, Singapore, UAE, and India.
Financial Highlights
The company has shown consistent revenue growth over the last three years. Revenue from operations increased from ₹45.08 crores in FY 2024 to ₹62.04 crores in FY 2026. Similarly, total profit rose from ₹1.82 crores in FY 2024 to ₹8.43 crores in FY 2026.
| Particulars | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 45.08 | 45.40 | 62.04 |
| Total Profit (₹ crores) | 1.82 | 3.44 | 8.43 |
| Total Assets (₹ crores) | 16.47 | 23.00 | 37.94 |
Objects of the Issue
The proceeds from the IPO will be utilized for:
- 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
Key risks associated with Fly Hi Maritime Travels include:
- Significant Revenue Dependence on Foreign Markets: Approximately 90% of revenue comes from markets outside India, exposing the company to regulatory and currency risks.
- High Customer Concentration Risk: Top 10 customers account for 91.39% of revenue, with top 2 contributing 62.14% in FY 2025-26.
- Substantial Working Capital Requirements: Working capital needs rose from ₹652.21 lakhs in FY 2024 to ₹2,026.41 lakhs in FY 2026.
- Heavy Dependence on Exclusive Distributor: An exclusive distributor contributed 46.59% of revenue in FY 2025-26.
- Persistent Statutory Compliance Delays: The company has faced delays in GST, TDS, EPF, and ESIC filings.
How might the complete absence of QIB participation impact the stock's liquidity and price stability during the initial listing days?
Given that 90% of revenue is derived from foreign markets, how will potential currency fluctuations or regulatory changes in key regions like the UK and USA affect future profitability?
With the top two customers accounting for over 62% of revenue, what strategies does Fly Hi Maritime have to mitigate the risk of losing these major clients post-IPO?
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