Fly Hi Maritime Travels IPO Day 3: Fully subscribed at 1.02x; Retail surges 62.5%
- Fly Hi Maritime Travels IPO is fully subscribed at 1.02x on Day 3.
- Retail demand surged 62.5% intraday to reach 1.69x.
- Qualified Institutional Buyers (QIB) did not subscribe to the issue.
- The offer closed on September 3, 2026, with no participation from NIIs or Employees.
*this image is generated using AI for illustrative purposes only.
Fly Hi Maritime Travels IPO crossed the 1x threshold on Day 3, reaching a total subscription of 1.02x. Retail investors drove the momentum, jumping 62.5% intraday to 1.69x, while Qualified Institutional Buyers remained absent from the issue.
Subscription Status
The Fly Hi Maritime Travels IPO saw a significant turnaround on its final day 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 in the morning to 1.02x by the end of the day, marking the first time the offer was fully subscribed. This surge was entirely led by the Retail category, which picked up pace after 11:15 AM.
| 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 | 0.17x | 1.69x | 1.02x |
Intra-day Timeline
On Day 3, the subscription numbers ticked up sharply in the mid-morning session. The total subscription jumped +56.9% from 0.65x to 1.02x within an hour, fueled by a +62.5% 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 |
Category-wise Breakdown
Retail investors emerged as the sole driver of demand for the Fly Hi Maritime Travels IPO. With a subscription of 1.69x, 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 0.17x 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
Investors should note the following risks associated with Fly Hi Maritime Travels:
- 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 listing price and early trading volatility?
Given that 90% of revenue comes from foreign markets, how will potential currency fluctuations or regulatory changes in key regions like the USA and UK affect future profitability?
What strategies will Fly Hi Maritime Travels employ to mitigate the risk of losing its top two customers, who currently account for over 62% of revenue?
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