Shreeji Shipping IPO Grey Market Premium (GMP) Today
As per the latest update on Wednesday, the Shreeji Shipping IPO is commanding a grey market premium (GMP) of Rs 27, indicating a potential listing price of approximately Rs 279 — about 11% higher than the issue price. While the GMP reflects positive investor sentiment, it is an unofficial indicator and should not be taken as a definitive forecast of the listing price, as it can fluctuate prior to the stock’s debut.
Shreeji Shipping Global Subscription Status:
As of 10:30 AM on Day 2, the IPO had received an overall subscription of 2.78 times. Retail Individual Investors (RIIs) had subscribed to 2.93 times their allocated quota of 57.04 lakh shares. Non-Institutional Investors (NIIs) showed strong interest, subscribing 4.60 times the 24.44 lakh shares reserved for them. Qualified Institutional Buyers (QIBs) placed bids for 1.14 times the 32.59 lakh shares allotted to this category.
Shreeji Shipping Global IPO Price Band and Other Details
Shreeji Shipping Global Ltd, a growing player in dry bulk cargo logistics, launched its Rs 411-crore initial public offering (IPO) with a price band fixed between Rs 240 and Rs 252 per share.
With the subscription window open between August 19 and 21, Shreeji Shipping’s shares are expected to list on stock exchanges on August 26.
This Shreeji Shipping IPO is a pure fresh issue, offering 1.63 crore equity shares with no offer-for-sale (OFS) component, meaning all proceeds will directly benefit the company. At the upper end of the price band, Shreeji Shipping aims to raise the full Rs 411 crore.
The company has reserved 50% of the issue for Qualified Institutional Buyers (QIBs), 35% for retail investors, and the remaining 15% for Non-Institutional Investors (NIIs).
Purpose of the Issue
Shreeji plans to utilise Rs 251.2 crore to acquire Supramax-category dry bulk carriers from the secondary market, a strategic move to expand its fleet and operational capacity. Additionally, Rs 23 crore will be allocated for debt repayment to strengthen the company’s balance sheet.
Financial Highlights
For the financial year ending March 31, 2025, Shreeji Shipping Global reported revenues of Rs 610 crore, down 17% year-on-year from Rs 736.17 crore in FY24.
Despite the revenue decline, profitability improved significantly, with Profit After Tax (PAT) rising 13.4% to Rs 141 crore in FY25 from Rs 124 crore in FY24. EBITDA also saw a modest increase of 1.4%, reaching Rs 200 crore in FY25 compared to Rs 197.89 crore the previous year, reflecting strong operational efficiency amid lower top-line figures.
Company Overview and Market Outlook
Headquartered in Jamnagar, Gujarat, Shreeji Shipping Global is the flagship entity of the Shreeji Group, primarily operating along India’s west coast with a strategic focus on non-major ports and private jetties.
According to a Dun & Bradstreet report, India’s port cargo volume is expected to grow at a CAGR of 10.8%, increasing from 1,540 million metric tonnes (MMT) in FY24 to 2,849 MMT by FY30. Ports in Gujarat are projected to outpace this growth, expanding at 17.5% annually and nearly doubling cargo volume from 317.2 MMT in FY24 to 720 MMT by FY30.
With 12 major ports and 217 minor ports along its extensive 7,500-km coastline, India offers immense opportunities—particularly for companies like Shreeji that focus on the 78 active non-major ports handling cargo.
Beeline Capital Advisors Pvt Ltd and Elara Capital (India) Pvt Ltd are the book-running lead managers for this IPO.
Should you subscribe?
Anand Rathi’s research report highlights Shreeji Shipping Global Limited as a prominent and well-established player in the integrated shipping and logistics sector in India.
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Over time, Shreeji Shipping has built a strong foothold in cargo handling operations, with a particular focus on the dry bulk cargo segment, according to the brokerage firm. Its operational capabilities are further strengthened by the ownership and management of its own fleet, which significantly enhances the company’s reliability, efficiency, and overall service quality for its customers. At the upper price band, the company is valued at a price-to-earnings (P/E) ratio of 28.5 times based on its FY25 earnings. Additionally, its enterprise value to EBITDA (EV/EBITDA) stands at 21.4 times, with a market capitalisation of Rs 41,055 million following the issuance of equity shares. Given these valuations, the IPO appears fully priced. Therefore, Anand Rathi recommends a “Subscribe – Long Term” rating for investors considering this offering.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)