Fly-Hi Maritime Travels IPO
smeclosedAbout the company
Fly-Hi Maritime Travels is a specialised travel management company engaged in providing end-to-end travel arrangement services for crew members of commercial shipping companies. The company is a niche travel management company specialising in providing end-to-end crew travel and mobility solutions for commercial shipping companies. Its service portfolio addresses the key requirements involved in crew travel and boarding. Its services include global crew ticketing, international and regional ticketing for multi-leg itineraries built around vessel schedules, route planning and travel design based on airline reliability, transit visa requirements and buffer timings, and visa & immigration coordination, coordinating transit visas across multiple nationalities with seafarers. The company also provides OK to Board Confirmation by coordinating administrative clearances with port agents, Real-time travel monitoring & disruption handling by re-routing immediately wherever required, after-office-hours & Emergency Support by 24/7 handling of crew replacements and medical requirements, and boarding confirmation & journey closure by real-time verification of successful boarding. The company’s customer base remained highly concentrated in FY26, with the top 10 customers contributing 91.3% of total revenue, that is, ₹56.69 crore. The largest single customer contributed 46.5% of revenue at ₹28.90 crore. Revenue of Fly-Hi Maritime Travels is mostly from international markets. The revenue outside India was 90.3% of total revenue in FY26 and stood at ₹56.03 crore. Domestic revenue was 9.6% or ₹5.99 crore. The UAE accounted for 56.6% of the company’s international revenue at ₹35.13 crore in international markets, followed by Cyprus with 29.4% or ₹18.28 crore and the UK with 3.2% or ₹2.02 crore. Maharashtra was the largest market in India with a share of 8.09% of total revenue at ₹5.01 crore, and Tamil Nadu with 1.4% or ₹0.92 crore. The company had 54 employees in different functions, excluding Non-Executive Independent Directors, as of July 31, 2026.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 03 Sep | ₹1 | ₹103 | +1 |
| 02 Sep | ₹0 | ₹102 | 0 |
| 01 Sep | ₹0 | ₹102 | 0 |
| 31 Aug | ₹0 | ₹102 | -1 |
| 30 Aug | ₹1 | ₹103 | 0 |
| 29 Aug | ₹1 | ₹103 | 0 |
| 28 Aug | ₹1 | ₹103 | +1 |
| 27 Aug | ₹0 | ₹102 | 0 |
Strengths
- Experienced management with established relationships in the maritime travel segment.
- Specialized crew-travel services for commercial shipping companies.
- International presence serving customers across multiple countries.
- IATA accreditation supports its air-travel service capabilities.
- Strong improvement in revenue and profitability in FY26.
- Lean, centralized operations supported by a skilled workforce.
- Established network of distributors, suppliers and travel-service providers.
Risks
- High dependence on a limited number of large customers.
- Significant working-capital requirements due to the gap between supplier payments and customer collections.
- Heavy reliance on overseas markets exposes the company to geopolitical, regulatory and currency risks.
- Dependence on third-party vendors and distributors could affect service delivery.
- Past statutory compliance issues and discrepancies in certain tax and regulatory filings.
- Profit growth may face pressure if the recent improvement in margins is not sustained.
- SME-listed stocks can carry higher liquidity and volatility risks for investors.
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed01 Sept 2026Bidding starts for all investor categories
IPO Closes
In Progress03 Sept 2026Last day to place your bid
1d since ClosesToday · 04 Sept 20261d to Basis of AllotmentBasis of Allotment
Upcoming05 Sept 2026Share allotment finalised
Refund Initiation
Upcoming06 Sept 2026Refunds credited for non-allottees
Credit to Demat
Upcoming07 Sept 2026Allotted shares credited to demat account
Listing on Exchange
Upcoming08 Sept 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1200 | ₹122,400 | 1 | ₹122,400 | 1 lot only |
| HNI | 2 | 2400 | ₹244,800 | 2 | ₹244,800 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,598,039 | 26.5 | 0 | 0.00x | 100% |
| NII | 15% | 779,412 | 7.95 | 0 | 0.00x | 100% |
| Retail | 35% | 1,818,627 | 18.55 | 36,373 | 0.02x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
Date-wise daily subscription (all categories)
| Date / Day | Retail (x) | QIB (x) | NII (x) | EMP (x) | OTHER (x) | Total (x) | Total |
|---|---|---|---|---|---|---|---|
01 Sep Day 1 | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
02 Sep Day 2 | 0.01x | 0.00x | 0.00x | 0.00x | 0.00x | 0.01x | 0.02x |
03 Sep Day 3 | 0.02x | 0.00x | 0.00x | 0.00x | 0.00x | 0.01x | 0.03x |
Date-wise cumulative subscription figures per category, refreshed each bidding day.