Fly-Hi Maritime Travels IPO is a BSE SME Fixed Price public issue of Fly-Hi Maritime Travels Limited. The IPO comprises a fresh issue of equity shares and an Offer for Sale (OFS) by an existing shareholder. The issue is priced at ₹102 per equity share and aggregates to approximately ₹52.63 crore. The equity shares are proposed to be listed on the BSE SME platform.
The fresh issue proceeds are intended to support the company’s working capital requirements, repayment or pre-payment of a portion of its borrowings, business marketing and development activities, general corporate purposes and issue expenses. The OFS component is offered by promoter Jitendra Kumar Negi, with the proceeds of the OFS going to the selling shareholder.
Fly-Hi Maritime Travels Limited operates in the specialised maritime travel segment. The company manages end-to-end travel arrangements for crew members of commercial shipping companies, including international air-ticketing, travel planning, visa and immigration coordination, ground transportation, accommodation and support related to crew movement.
The company was incorporated in September 2021 and was subsequently converted from a private limited company into a public limited company in December 2025. Its registered office is in Vasant Kunj, New Delhi, while its corporate operations are based in Mumbai.
Table of Contents
Fly-Hi Maritime Travels IPO Details Information
| IPO Details | Information |
|---|---|
| IPO Name | Fly-Hi Maritime Travels IPO |
| Company Name | Fly-Hi Maritime Travels Limited |
| IPO Type | Fixed Price Issue |
| IPO Category | SME IPO |
| Face Value | ₹5 Per Equity Share |
| Issue Price | ₹102 Per Share |
| Issue Size | ₹52.63 Crore |
| Fresh Issue | ₹42.44 Crore |
| Offer for Sale | ₹10.20 Crore |
| IPO Open Date | 1 September 2026 |
| IPO Close Date | 3 September 2026 |
| Basis of Allotment | 4 September 2026 |
| Refund Initiation | 7 September 2026 |
| Shares Credited to Demat Account | 7 September 2026 |
| Listing Date | 8 September 2026 |
| Listing Exchange | BSE SME |
| Lot Size | 1,200 Equity Shares |
| Minimum Application | 2 Lots / 2,400 Shares |
| Minimum Investment | ₹2,44,800 |
| Registrar | KFin Technologies Limited |
| Book Running Lead Manager | Corporate Makers Capital Limited |
| Market Maker | Bhaijee Broking & Investments Pvt. Ltd. |
The IPO consists of 51,60,000 equity shares at a fixed issue price of ₹102 per share. The offer includes 41,60,400 shares in the fresh issue and 9,99,600 shares in the OFS. Of the fresh issue, 2,64,000 shares are reserved for the market maker.
Fly-Hi Maritime Travels IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 31 August 2026 |
| IPO Opening Date | 1 September 2026 |
| IPO Closing Date | 3 September 2026 |
| Basis of Allotment | 4 September 2026 |
| Refund Initiation | 7 September 2026 |
| Shares Credited to Demat Account | 7 September 2026 |
| Listing Date | 8 September 2026 |
The Fly-Hi Maritime Travels IPO opened for subscription on 1 September 2026 and closed on 3 September 2026. The basis of allotment was scheduled for 4 September 2026, followed by refunds and demat credit on 7 September 2026. The shares are scheduled to commence trading on the BSE SME platform on 8 September 2026.
Fly-Hi Maritime Travels IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| Non-Institutional Investors (NII) | 24,48,000 |
| Retail Individual Investors (RII) | 24,48,000 |
| Market Maker | 2,64,000 |
| Total Issue | 51,60,000 |
The net public issue after the market-maker reservation comprises 48,96,000 equity shares, divided between the NII and retail categories. The market maker reservation comprises 2,64,000 shares.
Fly-Hi Maritime Travels IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual Minimum | 2 | 2,400 | ₹2,44,800 |
| Individual Maximum | 2 | 2,400 | ₹2,44,800 |
| HNI Minimum | 3 | 3,600 | ₹3,67,200 |
The IPO lot size is 1,200 shares. However, the minimum application for individual investors is two lots, or 2,400 shares, requiring an investment of ₹2,44,800 at the issue price of ₹102 per share. The minimum application for the HNI category is three lots, or 3,600 shares.
About Fly-Hi Maritime Travels Limited
Fly-Hi Maritime Travels Limited is a specialised travel management company focused on the maritime and commercial shipping industry. The company provides end-to-end travel arrangements for crew members of commercial shipping companies and coordinates their movement from their home countries to the ports where they are scheduled to board vessels.
Its services cover several parts of the crew-movement process, including airline ticketing, itinerary and route planning, visa and immigration coordination, ground transportation, accommodation, real-time travel monitoring, emergency support and boarding-related coordination.
The company operates through a centralised business model and has an international customer base. According to information available from the company’s offer-document disclosures, it serves commercial shipping companies across multiple countries and has an international presence supported by a UAE distributor. The company is also IATA accredited.
As of 31 July 2026, the company had 54 employees across travel operations, marketing and sales, visa operations, finance, information technology, human resources and other support functions.
Business Operations
Fly-Hi Maritime Travels Limited operates in a specialised segment of the travel and maritime services industry.
- Crew Travel Management: The company manages travel arrangements for crew members of commercial shipping companies.
- International Air Ticketing: It coordinates flight bookings and travel itineraries for seafarers travelling to vessel-boarding locations.
- Route Planning: The company develops travel arrangements based on vessel schedules and crew joining requirements.
- Visa and Immigration Support: It assists with visa, immigration and related documentation requirements.
- Ground Transportation: The company coordinates transportation requirements associated with crew movement.
- Accommodation Services: Hotel and accommodation arrangements form part of its crew travel management services.
- Travel Monitoring: The company provides real-time monitoring and support during the crew’s journey.
- Emergency Travel Support: Its operating model includes assistance for travel disruptions and emergency situations.
- Boarding Coordination: The company works to ensure crew members reach their designated ports within the required vessel schedules.
- International Servicing: The company serves shipping-related customers across multiple international markets.
Industry Overview
The maritime transportation industry depends on the timely movement of crew members between their home countries and vessel-boarding locations. Commercial shipping companies often require specialised travel arrangements because crews can consist of people from different countries and may have tightly defined joining schedules.
This creates a specialised requirement for travel-management companies capable of coordinating international flights, visas, immigration requirements, accommodation, ground transportation and last-minute changes. Fly-Hi Maritime Travels operates within this niche rather than competing primarily as a conventional leisure or general corporate travel agency.
The company also has exposure to international markets, making global shipping activity, international travel demand and geopolitical conditions relevant factors for its business. Approximately 90% of its FY2026 revenue was derived from overseas markets, according to reported offer-document-based analysis.
Business Strategy
Fly-Hi Maritime Travels aims to strengthen its position in specialised maritime crew travel by expanding its customer base, improving its international presence and developing its operational capabilities.
The company’s strategy includes strengthening business marketing and development activities, increasing talent in areas relevant to business growth, expanding international servicing capabilities and using technology to improve operational efficiency.
The company has also indicated plans around international expansion, digital tools and diversification of its customer base. Its existing UAE distributor provides an additional channel for servicing selected international customers.
Fly-Hi Maritime Travels IPO Financial Information
Financial performance is an important factor when evaluating an SME IPO. Fly-Hi Maritime Travels reported significant improvement in revenue and profitability during FY2026 compared with FY2025.
Fly-Hi Maritime Travels Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total Income | ₹45.41 Crore | ₹45.75 Crore | ₹62.21 Crore |
| EBITDA | ₹2.68 Crore | ₹5.27 Crore | ₹12.49 Crore |
| Profit After Tax (PAT) | ₹1.82 Crore | ₹3.44 Crore | ₹8.43 Crore |
| Net Worth | ₹6.09 Crore | ₹9.53 Crore | ₹17.96 Crore |
| Total Assets | ₹16.47 Crore | ₹23.00 Crore | ₹37.94 Crore |
| Reserves & Surplus | ₹6.08 Crore | ₹9.52 Crore | ₹12.95 Crore |
| Total Borrowings | ₹4.84 Crore | ₹10.03 Crore | ₹12.97 Crore |
Figures are based on the financial information reported from the company’s offer-document disclosures.
The company’s total income increased from ₹45.75 crore in FY2025 to ₹62.21 crore in FY2026, while PAT increased from ₹3.44 crore to ₹8.43 crore. EBITDA also increased from ₹5.27 crore to ₹12.49 crore during the same period.
Fly-Hi Maritime Travels IPO Key Performance Indicators (KPIs)
| KPI | FY2026 |
|---|---|
| Return on Equity (ROE) | 61.29% |
| Return on Capital Employed (ROCE) | 67.22% |
| Return on Net Worth (RoNW) | 61.29% |
| EBITDA Margin | 20.14% |
| PAT Margin | 13.58% |
| Debt-to-Equity Ratio | 0.72 |
| EPS | ₹8.41 |
| NAV Per Share | ₹17.92 |
| Price to Earnings (P/E) | 12.13x |
| Price to Book Value | 5.69x |
The FY2026 figures indicate a strong improvement in profitability compared with the previous year. The company reported ROE and RoNW of 61.29%, ROCE of 67.22%, an EBITDA margin of 20.14%, and a PAT margin of 13.58%.
At the issue price of ₹102, the pre-issue P/E is approximately 12.13x based on FY2026 EPS of ₹8.41. The post-issue P/E has been reported at approximately 17.17x based on the post-issue share capital and corresponding EPS.
Objects of the Fly-Hi Maritime Travels IPO
The company proposes to utilise the net proceeds from the fresh issue for the following purposes:
The largest allocation is towards working capital requirements, followed by issue expenses, general corporate purposes, repayment or pre-payment of borrowings and business marketing and development activities.
| S. No. | Objects of the Issue | Expected Amount |
|---|---|---|
| 1 | Funding working capital requirements of the Company | ₹24.24 Crore |
| 2 | Repayment and/or pre-payment, in part, of borrowings | ₹4.00 Crore |
| 3 | Business Marketing and Development activities | ₹1.80 Crore |
| 4 | General Corporate Purposes | ₹6.37 Crore |
| 5 | Issue Expenses | ₹6.03 Crore |
| Total | ₹42.44 Crore |
The OFS component is different from the fresh issue because proceeds from the sale of existing shares go to the selling shareholder rather than to the company. Jitendra Kumar Negi is the selling shareholder for the OFS of 9,99,600 equity shares.
Fly-Hi Maritime Travels IPO Listing Performance
The Fly-Hi Maritime Travels IPO is scheduled to list on the BSE SME platform on 8 September 2026. As of 5 September 2026, the shares have not yet commenced trading, so the actual listing price and listing gain cannot be reported.
| Particular | Value |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | 8 September 2026 |
| Issue Price | ₹102 Per Share |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
Investors should distinguish between the IPO issue price and unofficial grey-market indications. GMP is not an exchange-approved or regulated measure and should not be treated as a guaranteed listing price.
Fly-Hi Maritime Travels IPO Subscription Status
The Fly-Hi Maritime Travels IPO received overall subscription of approximately 2.18 times by the end of the bidding period.
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | N.A. |
| Non-Institutional Investors (NII) | 0.69x |
| Retail Individual Investors (RII) | 3.66x |
| Total Subscription | 2.18x |
The final reported subscription figures show stronger participation from retail investors, while the NII category remained below full subscription. The subscription data should be considered alongside the company’s financial performance, valuation, business concentration and other risk factors.
Fly-Hi Maritime Travels IPO Review
Fly-Hi Maritime Travels Limited operates in a specialised maritime crew travel segment rather than the broader consumer travel market. Its business model focuses on coordinating the time-sensitive movement of commercial shipping crews, giving the company a specific operational niche.
One of the key positives is the company’s improvement in financial performance. Total income increased to ₹62.21 crore in FY2026 from ₹45.75 crore in FY2025, while PAT increased from ₹3.44 crore to ₹8.43 crore. EBITDA also increased substantially during the same period.
The company also has an international customer base and operates in a segment where specialised knowledge of maritime crew movement can be important. Its IATA accreditation and UAE distribution arrangement provide additional support for international servicing capabilities.
However, investors should not evaluate the IPO only on the basis of recent profit growth. The company has significant exposure to overseas markets and customer concentration. Reports based on the offer document indicate that its top 10 customers accounted for approximately 91.39% of revenue, while the top two customers accounted for approximately 62.14% in FY2025-26. This creates concentration risk if major customers reduce their business or change service providers.
The company also operates in a specialised market where international travel, geopolitical developments, foreign-exchange movements and shipping-industry conditions can influence business performance.
Overall, Fly-Hi Maritime Travels has a specialised business model, improving recent financial performance and international exposure. At the same time, investors should carefully assess customer concentration, overseas-market dependence, working-capital requirements, competition and the risks associated with an SME-listed company before making an investment decision.
Fly-Hi Maritime Travels IPO Strengths
- Specialised business model focused on maritime crew travel management.
- End-to-end travel solutions covering ticketing, visas, accommodation, transportation and travel support.
- International customer presence across multiple countries.
- IATA accreditation supporting international travel operations.
- UAE distributor providing additional international servicing capability.
- Experienced promoters and management with commercial shipping and travel-industry experience.
- Strong improvement in revenue and profitability during FY2026.
- FY2026 PAT increased substantially compared with FY2025.
- Strong FY2026 ROE and ROCE.
- Centralised operating model supporting specialised crew travel services.
Fly-Hi Maritime Travels IPO Risk Factors
- High customer concentration creates dependence on a relatively small number of customers.
- A significant portion of revenue is generated from overseas markets, exposing the company to international-market risks.
- Foreign-exchange movements can affect financial performance because of international operations.
- Geopolitical events or restrictions affecting international travel may impact crew movement.
- The company operates in a competitive travel and logistics environment.
- Dependence on commercial shipping activity can influence demand for crew travel services.
- The business requires timely execution because vessel schedules and crew joining windows can be highly time-sensitive.
- Working-capital requirements form the largest stated object of the fresh issue.
- As an SME-listed company, the shares may have lower liquidity than securities listed on the mainboard.
- The company is dependent on retaining key customers and maintaining relationships with shipping companies.
Fly-Hi Maritime Travels IPO Promoters
Fly-Hi Maritime Travels Limited is promoted by Mr. Jitendra Kumar Negi and Mr. Mridul Dilip Singhvi.
Before the IPO, the promoter and promoter group holding was approximately 80%. Following the issue, the promoter holding is expected to reduce to approximately 49.48%, with the public holding increasing correspondingly.
Fly-Hi Maritime Travels IPO Promoters Details
| Promoter | Role |
|---|---|
| Jitendra Kumar Negi | Promoter; Chairman & Managing Director |
| Mridul Dilip Singhvi | Promoter; Whole-time Director |
Jitendra Kumar Negi is also the selling shareholder for the OFS component, through which 9,99,600 equity shares are being offered.
Fly-Hi Maritime Travels IPO Management Team
The company is managed by a team with experience in travel operations, commercial shipping, business development, finance and corporate administration.
| Name | Designation |
|---|---|
| Jitendra Kumar Negi | Chairman & Managing Director |
| Mridul Dilip Singhvi | Whole-time Director |
| Arshita Singh | Non-Executive Independent Director |
| Deepesh Mittal | Non-Executive Independent Director |
| Vipin Kumar Chhawchhriya | Non-Executive Independent Director |
| Pinki Dipesh Mistry | Chief Financial Officer |
| Renu Agrawal | Company Secretary & Compliance Officer |
The management disclosures identify Jitendra Kumar Negi as Chairman and Managing Director and Mridul Dilip Singhvi as Whole-time Director, while Pinki Dipesh Mistry serves as CFO and Renu Agrawal as Company Secretary and Compliance Officer.
Fly-Hi Maritime Travels IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, handling refunds and facilitating the credit of allotted shares into investors’ demat accounts.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | https://www.kfintech.com |
| IPO Status Portal | https://ipostatus.kfintech.com |
| Contact | +91-40-6716 2222 / 1800 309 4001 |
| Investor Email | [email protected] |
The company has also listed KFin Technologies Limited as its registrar and share-transfer agent on its official contact information.
Fly-Hi Maritime Travels IPO Lead Manager Details
Corporate Makers Capital Limited is the Book Running Lead Manager for the Fly-Hi Maritime Travels IPO. The lead manager is responsible for coordinating the IPO process and assisting the issuer with issue-related activities.
| Particular | Details |
|---|---|
| Lead Manager | Corporate Makers Capital Limited |
| Issue Type | SME Fixed Price Issue |
| Listing Platform | BSE SME |
The offer-document-based IPO information identifies Corporate Makers Capital Limited as the lead manager.
Fly-Hi Maritime Travels Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Fly-Hi Maritime Travels Limited |
| Registered Office | SF-04, 2nd Floor, Vasant Square Mall, Vasant Kunj, New Delhi – 110070 |
| Corporate Office | 201, Satyadev Plaza, Off New Link Road, Andheri West, Mumbai – 400053 |
| Website | https://fhmtravels.in |
| [email protected] | |
| Contact Number | +91 9152110080 |
| Company Secretary & Compliance Officer | Renu Agrawal |
The company’s official contact page confirms its registered office, corporate office, CIN, contact number, website and investor/compliance contact details.
How to Check Fly-Hi Maritime Travels IPO Allotment Status
Investors can check the Fly-Hi Maritime Travels IPO allotment status after the basis of allotment has been finalised through the registrar’s official portal.
Through KFin Technologies Limited
- Visit the official KFin Technologies IPO status portal.
- Select Fly-Hi Maritime Travels IPO from the available issue list.
- Choose the applicable search option, such as PAN or application details.
- Enter the required information.
- Submit the details to view the allotment status.
The basis of allotment was scheduled for 4 September 2026, with refunds and demat credit scheduled for 7 September 2026. Investors should use the official registrar portal for their individual application status rather than relying on third-party status pages.
Fly-Hi Maritime Travels IPO Conclusion
Fly-Hi Maritime Travels IPO provides investors with an opportunity to participate in a specialised maritime travel-management business serving commercial shipping companies. The company’s niche focus includes international crew travel, ticketing, visa and immigration coordination, accommodation, ground transportation and travel support.
The company reported substantial improvement in its financial performance in FY2026, with total income of ₹62.21 crore and PAT of ₹8.43 crore. EBITDA increased to ₹12.49 crore, while net worth stood at ₹17.96 crore.
The IPO proceeds are primarily intended to fund working capital, while other stated purposes include repayment or pre-payment of borrowings, business marketing and development, general corporate purposes and issue expenses.
At the same time, investors should consider the company’s customer concentration, international-market exposure, foreign-exchange and geopolitical risks, competitive environment and working-capital requirements. The SME nature of the listing can also mean different liquidity characteristics compared with mainboard-listed companies.
A detailed assessment of the company’s financial performance, valuation, customer concentration, international exposure, business strategy and risk factors should be completed before making any investment decision. This IPO review is intended for informational purposes and should not be considered investment advice.
Fly-Hi Maritime Travels IPO FAQs
What is Fly-Hi Maritime Travels IPO?
Fly-Hi Maritime Travels IPO is a Fixed Price SME public issue of Fly-Hi Maritime Travels Limited. The issue comprises a fresh issue and an Offer for Sale and is proposed to be listed on the BSE SME platform.
What is the price of Fly-Hi Maritime Travels IPO?
The fixed issue price of Fly-Hi Maritime Travels IPO is ₹102 per equity share, with a face value of ₹5 per share.
What is the issue size of Fly-Hi Maritime Travels IPO?
The total issue size is ₹52.63 crore, comprising a fresh issue of approximately ₹42.44 crore and an Offer for Sale of approximately ₹10.20 crore.
What is the lot size and minimum investment for Fly-Hi Maritime Travels IPO?
The lot size is 1,200 shares. The minimum individual application is two lots, or 2,400 shares, requiring an investment of ₹2,44,800 at the issue price of ₹102 per share.
When did the Fly-Hi Maritime Travels IPO open and close?
The IPO opened for subscription on 1 September 2026 and closed on 3 September 2026.
What is the listing date of Fly-Hi Maritime Travels IPO?
Fly-Hi Maritime Travels shares are scheduled to list on the BSE SME platform on 8 September 2026.
Who is the registrar for Fly-Hi Maritime Travels IPO?
KFin Technologies Limited is the registrar to the Fly-Hi Maritime Travels IPO.
Who are the promoters of Fly-Hi Maritime Travels Limited?
Jitendra Kumar Negi and Mridul Dilip Singhvi are the promoters of Fly-Hi Maritime Travels Limited. Jitendra Kumar Negi is also the selling shareholder in the OFS component.
What does Fly-Hi Maritime Travels Limited do?
Fly-Hi Maritime Travels Limited provides specialised travel-management services for crew members of commercial shipping companies. Its services include international ticketing, route planning, visa and immigration coordination, accommodation, ground transportation, travel monitoring and emergency support.
What are the objects of the Fly-Hi Maritime Travels IPO?
The fresh issue proceeds are proposed to be used for working capital requirements, repayment or pre-payment of borrowings, business marketing and development activities, general corporate purposes and issue expenses.
What was the final subscription for Fly-Hi Maritime Travels IPO?
The IPO received total subscription of approximately 2.18 times. Retail investors subscribed approximately 3.66 times, while the NII category subscribed approximately 0.69 times.
Is Fly-Hi Maritime Travels IPO a Mainboard IPO?
No. Fly-Hi Maritime Travels IPO is an SME Fixed Price IPO proposed to be listed on the BSE SME platform.
