The fixed-price issue is entirely a fresh offer of 4.70 crore shares priced at Rs 12 each and is scheduled to list on BSE SME on December 17.
For retail investors, the minimum application size is 20,000 shares, translating to an upfront investment of Rs 2.40 lakh. HNIs must apply for at least 30,000 shares. Nearly the entire issue is allocated to public categories, with 47.49% reserved for NIIs and 47.51% for retail investors. Only 5% is earmarked for the market maker.
Shipwaves Online operates in the digital freight-forwarding and logistics technology space. The company offers multimodal shipment solutions across ocean, air and land transport, allowing customers to manage global logistics through a unified digital platform. It also provides SaaS tools for enterprise clients, offering real-time data, shipment visibility, cost optimisation and automated documentation.
Beyond freight forwarding, Shipwaves offers trade finance support, warehousing, relocation, insurance and customs-clearance services. The company aims to position itself as a full-stack logistics and shipping solutions provider for small, mid-sized and large enterprises. As of October 2025, it had a 35-member team.
Financially, Shipwaves has reported consistent growth. Revenue increased 12% in FY25 to Rs 108.65 crore, while profit after tax nearly doubled to Rs 12.20 crore from Rs 6.29 crore a year earlier.
Funds raised via the IPO will be used to meet working-capital needs (Rs 17.13 crore), invest in the subsidiary for working capital requirements (Rs 10 crore), repay or prepay borrowings (Rs 15 crore) and for general corporate purposes.With GMP at 0%, the IPO’s listing outlook will depend on subscription traction over the next three days and broader sentiment in SME offerings.
Finshore Management Services is the lead manager, Cameo Corporate Services is the registrar and Anant Securities will act as the market maker.
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