Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on September 29, 2025
- The company is engaged in providing shipping and logistical services for ocean, land and air cargo matters to its clients.
• The company offers most modernize and tech savvy methods for all sort of logistical services under one roof.
• It is operating in a highly competitive and fragmented segment.
• Based on its recent financial data, the issue appears aggressively priced.
• Well-informed/cash surplus investors may park moderate funds for long term.
ABOUT COMPANY:
Shipwaves Online Ltd. (SOL) is comprehensive, single unified platform designed to meet client’s shipping and logistical needs. Its expertise spans across multimodal transportation solutions, offering seamless end-to-end support for shipments across Ocean, Land, and Air. With a focus on providing efficient, cost-effective, and reliable services, it enables businesses to manage and move shipments globally with ease.
SOL’s platform is built to offer real-time visibility, ensuring that clients have full transparency and control over their logistics operations from the point of origin to the final destination. By integrating the capabilities of multimodal transport, it provides businesses with the flexibility to choose the best routes and modes of transportation based on their specific requirements—be it speed, cost, or efficiency.
The Company offers two primary service categories—Digital Freight Forwarding and Enterprise SaaS Solutions—each designed to meet the evolving needs of businesses in the global logistics and supply chain industry. As a digital freight forwarder, it provides end-to-end logistics services by leveraging advanced technology to streamline the transportation process across multiple modes—ocean, land, and air. SOL’s platform facilitates hassle-free bookings, real-time shipment tracking, automated documentation, and efficient customs clearance. Through a digital-first approach, it helps businesses optimize freight movement, reduce manual intervention, and achieve cost and time savings. Its expertise covers everything from booking and managing cargo space to ensuring on-time deliveries, all while offering full visibility and transparency throughout the shipment lifecycle.
In addition to freight forwarding capabilities, SOL delivers robust Enterprise SaaS Solutions tailored to meet the complex demands of supply chain management. Its SaaS platform offers an integrated suite of tools designed to streamline logistics operations, providing businesses with complete visibility and control over their supply chain. These solutions include real-time data analytics, predictive insights for demand forecasting, supply chain optimization, inventory management, and comprehensive shipment planning tools. Its software platform helps enterprises of all sizes to digitalize and automate their logistics processes, improving overall efficiency, minimizing risks, and driving performance. Together, its Digital Freight Forwarding services and Enterprise SaaS Solutions form a cohesive and innovative approach to managing modern logistics challenges with precision and scalability.
The company pride itself on being a one-stop solution provider, offering a comprehensive range of services designed to meet the diverse and evolving needs of clients. Its goal is to ensure that every aspect of customers’ logistics and supply chain demands is addressed seamlessly. From start to finish, whether it’s managing complex freight forwarding operations or delivering cutting-edge Enterprise SaaS solutions, the company offers an extensive suite of services under one roof, ensuring convenience, efficiency, and streamlined operations. This holistic approach enables it to deliver unparalleled support and value, helping clients achieve their operational goals with ease and confidence. As of August 31, 2025, it had 35 employees on its payroll.
ISSUE DETAILS/CAPITAL HISTORY:
The company is coming out with its maiden IPO of 46960000 equity shares of Re. 1 each at a fixed price of Rs. 12 per share to mobilize Rs. 56.35 cr. The IPO opens for subscription on September 30, 2025, and will close on October 06, 2025. The minimum application to be made is for 20000 shares and in multiple of 10000 shares thereon, thereafter. Post allotment, shares will be listed on BSE SME. The issue constitutes 33.19% of post-IPO paid-up equity capital of the company. The company is spending Rs. 5.77 cr. for this IPO process, and from the net proceeds of the issue, the company will utilize Rs. 17.13 cr. for working capital, Rs. 10.00 cr. for investment in its subsidiary for working capital, Rs. 15.00 cr. for repayment/prepayment of certain borrowings, and Rs. 8.45 cr. for general corporate purposes.
The IPO is solely lead managed by Finshore Management Services Ltd., while Cameo Corporate Services Ltd. is the registrar to the issue. Anant Securities is the market maker.
The company has issued/converted entire initial equity shares at par value so far. The average cost of acquisition of shares by the promoters is Rs. 0.96, and Rs. 1.00 per share.
Post-IPO, company’s current paid-up equity capital of Rs. 9.45 cr. will stand enhanced to Rs. 14.15 cr. Based on the upper price band of the IPO, the company is looking for a market cap of Rs. 169.79 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last three fiscals, the company has posted a total income/net profit, of Rs. 69.49 cr. / Rs. 2.24 cr. (FY23 – Standalone), Rs. 97.28 cr. / Rs. 6.29 cr. (FY24 – Consolidated), Rs. 108.65 cr. / Rs. 12.20 cr. (FY25 – Consolidated). The company posted steady growth in its top and bottom lines for the reported periods.
For the last three fiscals, the company has reported an average EPS of Rs. 0.82, and an average RoNW of 38.20%. The issue is priced at a P/BV of 4.38 based on its NAV of Rs. 2.74 as of March 31, 2025, and at a P/BV of 2.07 based on its post-IPO NAV of Rs. 5.81 per share.
If we attribute its FY25 super earnings on post-IPO expanded equity base, then the asking price is at a P/E of 13.95, and based on its FY24 earnings, the P/E stands at 27.27. Thus, the issue appears aggressively priced.
The company has posted PAT margins of 3.23% (FY23), 6.04% (FY24), 10.01% (FY25), and RoCE Margins of 15.41%, 22.78%, 25.79%, respectively for the referred periods.
DIVIDEND POLICY:
The company has not declared any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performances and future prospects.
COMPARISON WITH LISTED PEERS:
As per the offer document, the company has shown Tiger Logi., Lancer Container, Timescan Logi., as its listed peers. They are currently trading at a P/E of 18.6, NA, and 5.65 (as of September 29, 2025). However, they are not truly comparable on an apple-to-apple basis. This comparison appears to be an eyewash.
MERCHANT BANKER’S TRACK RECORDS:
This is the 31st mandate from Finshore Management in the last four fiscals. Out of the last 10 listings, 2 opened at discount, 1 at par, and the rest with premium ranging from 3.63% to 90% on the date of listing.
Conclusion / Investment Strategy
SOL is engaged in providing shipping and logistical services for ocean, land and air cargo matters to its clients. The company offers most modernize and tech savvy methods for all sort of logistical services under one roof. It is operating in a highly competitive and fragmented segment. Based on its recent financial data, the issue appears aggressively priced. Well-informed/cash surplus investors may park moderate funds for long term.
Review By Dilip Davda on September 29, 2025
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
