Blue Water Logistics
Book Building issueSMENSE₹40.50 Cr issue
+4.44%
Listing gain over issue price
Issue size
₹40.50 Cr
1 lot at cut-off
₹1,35,000
Lot size
1,000shares
Open
27 May 2025
Close
29 May 2025
Allotment
30 May 2025
Listing
03 Jun 2025
Listing performance
Issue price
₹135
Listed at
₹141
Listing-day close
₹148.05
Latest price
₹565
Close on 23 Oct 2026
Listing gain
+4.44%
Return since issue
+318.52%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 May 2025 – 29 May 2025
- Listing date
- 03 Jun 2025
- Face value
- ₹10 per share
- Issue price
- ₹135 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹40.50 Cr
- Market cap at offer price
- ₹149 Cr
- Promoter holding
- 95.62% → 69.55% pre-issue → post-issue
- ISIN
- INE0X3M01010
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- H.No.8-2-270/B/1/2, Block-3, 4th Floor, Uptown Banjara, Road No.3, Banjara Hills, Telangana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,35,000 | — | — |
| Market maker | 1,56,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹135
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,35,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,70,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,45,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
8,35,000
Anchor portion
₹11.27 Cr
at ₹135 per share
Valuation and performance
Valuation at offer price
₹135 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.34 | 9.70 |
| P/E (×) | 10.12 | 13.92 |
| Price to book (×) | 11.39 | — |
| Market cap | — | ₹149 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 52.95%
- ROCE
- 30.00%
- Debt / equity
- 1.82
- PAT margin
- 5.44%
- EBITDA margin
- 9.56%
- NAV per share
- ₹25.19
- Price to book
- 11.39
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Blue Water Logistics
Blue Water Logistics Limited was originally incorporated as a partnership firm on April 16, 2010, and converted into a Private Limited Company on August 22, 2022, subsequently becoming a Public Limited Company on July 25, 2024. The company is a Multimodal Transport Operator registered under the Multimodal Transportation of Goods Act, 1993. It operates from its registered office in Hyderabad and through 5 branch offices in Chennai, Delhi, Jaipur, Visakhapatnam, and Thane. The company generates revenue through ocean freight services (which contributed 83.03% of revenue in FY 2024-25), surface freight operations, and customs clearance services. It recently obtained its Custom House Agent (CHA) license on February 6, 2025. The company operates through a network of partners and vendors enabling service delivery across India and abroad, utilizing air, sea, and surface transportation modes.
Company Analysis
from RHPBlue Water Logistics Limited provides multimodal freight forwarding, customs clearance, and transportation handling services across India and internationally through air, sea, and surface modes.
Blue Water Logistics Limited was originally incorporated as a partnership firm on April 16, 2010, and converted into a Private Limited Company on August 22, 2022, subsequently becoming a Public Limited Company on July 25, 2024. The company is a Multimodal Transport Operator registered under the Multimodal Transportation of Goods Act, 1993. It operates from its registered office in Hyderabad and through 5 branch offices in Chennai, Delhi, Jaipur, Visakhapatnam, and Thane. The company generates revenue through ocean freight services (which contributed 83.03% of revenue in FY 2024-25), surface freight operations, and customs clearance services. It recently obtained its Custom House Agent (CHA) license on February 6, 2025. The company operates through a network of partners and vendors enabling service delivery across India and abroad, utilizing air, sea, and surface transportation modes.
Logistics and supply chain solutionsFreight forwardingCustoms clearance servicesMultimodal transportationInternational logistics
Objects of the Issue
- Funding of capital expenditure requirements of our Company by purchase of Vehicles and its body building ₹1,051.73 Lakhs p.28
- Funding working capital requirements of our Company ₹2,000.00 Lakhs p.28
- General corporate purposes p.28
- Funding of capital expenditure requirements by purchase of Vehicles and its body building ₹1,051.73 Lakhs p.96
- Funding working capital requirements of our Company ₹2,000.00 Lakhs p.96
- General corporate purposes p.96
- Purchase of 20 commercial vehicles and body building ₹1,051.73 lakhs p.139
- General corporate purposes Up to 15.00% of gross proceeds or Rs. 1,000 Lakhs, whichever is lower p.104
- Purchase of commercial vehicles p.232
- General corporate purposes
Issue Structure
- Total Issue
- Up to 30,00,000 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 30,00,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Offer for Sale
- N.A.
- Price Band
- [●] (Floor Price) to [●] (Cap Price) per Equity Share
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10/- each
Business Model
The company earns revenue through freight forwarding services (including ocean freight and surface freight), customs clearance and handling services, and transportation solutions. It operates on an asset-light model, owning only 20 vehicles and relying on hired vehicles for surface freight operations. Revenue is derived from B2B customers in the logistics industry (43.20% in FY 2024-25) and other commercial transactions. The company coordinates pre-shipment activities including container movement coordination, cargo inspections, pickup organization, and cargo stuffing.
Business Segments
Freight forwarding and coordination of cargo movement via sea routes, including pre-shipment activities such as container movement coordination, cargo inspections, and cargo stuffing.
Transportation of goods via road using owned and hired vehicles, with management of 20 owned vehicles and additional hired trucks based on demand and customer requirements.
Custom House Agent (CHA) services for import and export of goods at customs houses, recently licensed on February 6, 2025.
Provision of logistics and freight services to business customers within the logistics industry who outsource their logistics and supply chain operations.
Maritime transportation and logistics services
Customs clearance and documentation services
Road-based freight transportation services
Rail-based transportation services
Air cargo and transportation services
Bulk transport of goods across international waters through full container load (FCL), less container load (LCL), delivered duty paid (DDP), delivered at place (DAP), cargo pick-up from warehouses, and foreign to foreign freight services.
Preparation and submission of documentation for exports and imports, representing clients during customs examination, payment of duty, and delivery of cargo from customs after clearance, including handling stuffing and de-stuffing at ports.
Door-to-door transport services using owned fleet and arranged vehicles for surface transport, and rail freight services for customs-bound goods transported directly to ports.
Air freight solutions for time-sensitive goods, high-value products, and perishable items for both export and import shipments with DDP, DAP, cargo pick-up, and foreign to foreign services.
Sea freight and ocean-based cargo transportation services
CFS (Container Freight Station), FOB, Bill of Lading, Inland Haulage, and Surrender services
Terminal Handling Charges (THC) for container operations
Land-based cargo transportation services
Air freight and aviation-based cargo handling
Custom clearance and forwarding operations
Provides end-to-end project logistics, SCM, warehousing and logistical support services in Sea, Air and Land. Includes freight forwarding, custom clearance, and transportation handling services.
SWOT Analysis
Strengths
- • Diversified service portfolio in growing logistics sector(p.27)
- • Established geographic footprint with strategic branch locations(p.27)
- • Recent acquisition of independent customs clearance capability(p.37)
- • Strong revenue growth trajectory(p.29)
- • Improving profitability and PAT growth(p.29)
- • Diversified service offerings across logistics modes(p.53)
- • Strong revenue concentration in core ocean freight service(p.54)
- • Significant customer base across multiple industries(p.54)
- • High vehicle utilization rates demonstrate operational efficiency(p.97)
- • Growing revenue trajectory showing business expansion(p.71)
- • Strong repeat customer base with 85.48% revenue from existing clients(p.138)
- • Experienced promoters with 13+ years in logistics industry(p.139)
- • Diversified customer base across 15+ industry verticals(p.139)
- • Comprehensive multimodal logistics service portfolio(p.139)
- • ISO 9001:2015 certified quality management system(p.132)
- • International network through alliances and overseas agents(p.132)
- • FIATA Group Bond Programme participation and IATA certification(p.132)
- • Multimodal transport registration and certifications(p.163)
- • ISO 9001:2015 Quality Management System certification(p.163)
- • IATA accreditation for air cargo handling(p.163)
- • Experienced promoter team with 13+ years logistics experience(p.167)
- • Diversified revenue streams across multiple transport modes(p.214)
- • Diversified geographic revenue base across India and international markets(p.232)
- • Strong revenue growth trajectory(p.236)
- • Improving profitability and margins(p.237)
- • Expanding owned vehicle fleet and operational capacity(p.232)
- • Established market presence and long operational history(p.232)
- • Multiple logistics service capabilities(p.232)
Weaknesses
- • High revenue concentration from ocean freight services(p.37)
- • Significant customer concentration risk(p.39)
- • High supplier concentration dependency(p.38)
- • High debt-equity ratio requiring significant cash service obligations(p.48)
- • Material outstanding unsecured loan obligations(p.39)
- • Historical instances of non-compliance with statutory filing requirements(p.49)
- • Significant geographic concentration of revenue(p.40)
- • Recent negative operating cash flows(p.51)
- • Promoters previously associated with struck-off company(p.50)
- • Heavy reliance on consignment basis with no long-term customer contracts(p.54)
- • Significant delays in statutory compliance filings(p.56)
- • Unregistered trademark creating brand vulnerability(p.57)
- • Rented office premises with potential relocation risks(p.55)
- • Excessive dependence on promoter-backed facilities and personal guarantees(p.59)
- • Restrictive debt covenants limiting operational flexibility(p.57)
- • Limited experience of directors with public company governance(p.60)
- • High customer concentration with top customer accounting for 22.02% of revenue(p.140)
- • High supplier concentration with top supplier accounting for 43.80% of purchases(p.141)
- • Significant reliance on Telangana region for 41.22% of revenue(p.138)
- • Elevated debt-to-equity ratio of 1.82x indicating high financial leverage(p.132)
- • Small employee base of 83 employees across multiple locations(p.145)
- • Limited owned vehicle fleet of 25 vehicles with significant dependence on hired vehicles(p.142)
- • High short-term borrowing burden relative to long-term debt(p.195)
- • Significant trade receivables concentration and aging(p.212)
- • Working capital loans dependent on collateral security(p.210)
- • Promoters hold 95.62% shares creating concentrated ownership(p.182)
- • Significant director relationships and spouse connections on board(p.170)
- • High debt-to-equity ratio(p.233)
- • Low debt service coverage ratio(p.218)
- • Significant pending tax demands from income tax assessments(p.248)
- • Multiple GST demands and disputes pending(p.246)
- • Negative operating cash flow in recent fiscal year(p.241)
- • Working capital management challenges with rising receivables(p.241)
Opportunities
- • Large addressable market in growing Indian logistics sector(p.27)
- • Expansion enabled by capital raising from IPO(p.28)
- • Growth in B2B segment for outsourced logistics(p.40)
- • Infrastructure development aligning with growth strategy(p.27)
- • Expansion of vehicle fleet to increase operational capacity and efficiency(p.97)
- • Scaling operations to meet growing demand across multiple industries(p.97)
- • Improved profitability through vehicle utilization optimization(p.97)
- • Strengthening competitive position through working capital infusion(p.103)
- • Reducing dependence on third-party logistics providers(p.98)
- • Public listing benefits for brand visibility and market positioning(p.90)
- • Expansion of vehicle fleet through IPO proceeds to reduce operational costs(p.139)
- • Geographic expansion beyond Telangana to new markets(p.140)
- • Growing logistics sector projected to reach US$591 billion by FY27 from US$435 billion(p.127)
- • Expected addition of 1 crore logistics jobs by 2027 driving sector growth(p.125)
- • Government infrastructure initiatives including dedicated freight corridors and multi-modal parks(p.126)
- • National Logistics Policy 2022 aimed at reducing logistics costs as % of GDP(p.126)
- • Increasing new customer acquisition with 211 new customers added in FY25(p.139)
- • Expansion of multimodal logistics services across India(p.163)
- • Growth in sea, air, and land freight forwarding(p.198)
- • Capacity expansion through vehicle fleet growth(p.211)
- • Geographic expansion and market penetration(p.164)
- • Expansion to new geographic markets and branch locations(p.232)
- • Growing demand from diverse industry sectors(p.232)
- • Expansion of owned vehicle fleet to improve margins(p.232)
- • Increasing number of trips and utilization of assets(p.236)
Threats
- • Disruption risk to ocean freight operations(p.37)
- • Weather and natural disaster exposure affecting operations(p.40)
- • Dependence on third-party service providers creates operational vulnerability(p.37)
- • Competition from international and domestic logistics companies(p.40)
- • Foreign trade restrictions and geopolitical risks(p.48)
- • Inability to pass on cost increases to customers(p.51)
- • Exposure to hazardous materials transportation risks(p.50)
- • Risk of customer internalization of logistics functions(p.40)
- • High customer concentration risk in freight forwarding and confectionery sectors(p.54)
- • Exposure to industry cyclicality and demand fluctuations(p.55)
- • Dependency on third-party logistics providers for service delivery(p.54)
- • Regulatory and compliance risks including licensing and environmental regulations(p.54)
- • Service delivery delays creating reputational and financial liability risks(p.54)
- • Pressure on margins from customer price reduction initiatives(p.56)
- • Economic sensitivity to India-specific macroeconomic conditions(p.65)
- • Exchange rate fluctuations and currency volatility risks(p.65)
- • Interest rate and inflation pressures on operational costs(p.59)
- • Geopolitical disruptions and natural calamities affecting operations(p.64)
- • Highly competitive and fragmented logistics industry with many small and medium players(p.145)
- • Road transportation dependence of 66% of cargo in ton-kilometres exposes to fuel/commodity price volatility(p.125)
- • Logistics costs still account for high percentage of GDP requiring improvement(p.125)
- • Exposure to operational disruptions from natural disasters, civil unrest and force majeure events(p.147)
- • Insurance coverage may not adequately protect against all losses(p.149)
- • Regulatory complexity in customs, GST, import-export and motor transport regulations(p.152)
- • Regulatory compliance burden for multimodal operations(p.158)
- • Environmental and pollution control regulations(p.158)
- • Foreign exchange risk in international operations(p.199)
- • Labor regulatory compliance including gratuity and employee benefits(p.160)
- • Dangerous goods handling and IMDG Code compliance requirements(p.157)
- • Volatility and cyclicality in freight rates impacting revenue(p.238)
- • Intense competition from international and domestic logistics companies(p.244)
- • Dependence on favorable market conditions and trade liberalization(p.235)
- • Exposure to regulatory and policy changes(p.235)
- • Vulnerability to external shocks and natural disasters(p.235)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ms. Madhusmita Mohanty | Promoter | 47.81% | — |
| Ms. Supriya Mishra | Promoter | 47.81% | — |
| Mr. Lalit Panda | Promoter | 0.01% | — |
| Mr. Laxmi Narayan Mishra | Promoter | Negligible | — |
| Ms. Madhusmita Mohanty | Promoter | 47.81% | 34.77% |
| Ms. Supriya Mishra | Promoter | 47.81% | 34.77% |
| Mr. Lalit Panda | Promoter | 0.01% | — |
| Mr. Laxmi Narayan Mishra | Promoter | — | — |
| Ms. Bhumika Mishra | Promoter Group | — | — |
| Ms. Madhusmita Mohanty | Promoter | — | — |
| Ms. Supriya Mishra | Promoter | — | — |
| Mr. Laxmi Narayan Mishra | Promoter | — | — |
| Mr. Lalit Panda | Promoter | — | — |
| Mr. Laxmi Narayan Mishra | Promoter | 360 shares (negligible %) | — |
| Mr. Lalit Panda | Promoter | 400 shares (0.01%) | — |
| Ms. Madhusmita Mohanty | Promoter | 3,824,580 shares (47.81%) | — |
| Ms. Supriya Mishra | Promoter | 3,824,580 shares (47.81%) | — |
| Ms. Madhusmita Mohanty | Promoter/Director | — | — |
| Ms. Supriya Mishra | Promoter/Director | — | — |
| Mr. Laxmi Narayan Mishra | Promoter/Director/Founder | — | — |
| Mr. Lalit Panda | Promoter/Director/Founder | — | — |
Leadership
Mr. Laxmi Narayan Mishra · Chairman
Mr. Lalit Panda · Managing Director
Ms. Madhusmita Mohanty · Whole Time Director
Ms. Priya Bharat Dholu · Company Secretary and Compliance Officer
Mr. Mohammed Jaffar · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Blue Water Logistics IPO FAQs
What is the lot size of Blue Water Logistics IPO?
The minimum lot size of Blue Water Logistics IPO is 1,000 shares. One lot costs ₹1,35,000 at the cut-off price.
When does Blue Water Logistics IPO open and close?
Blue Water Logistics IPO opened for subscription on 27 May 2025 and closed on 29 May 2025.
What is the listing date of Blue Water Logistics IPO?
Blue Water Logistics IPO listed on 03 Jun 2025.