Marinetrans India
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Nov 2023 – 05 Dec 2023
- Listing date
- 08 Dec 2023
- Face value
- ₹10 per share
- Issue price
- ₹26 per share
- Lot size
- 4,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹10.92 Cr
- Market cap at offer price
- ₹33.09 Cr
- Promoter holding
- 100.00% → 67.00% pre-issue → post-issue
- ISIN
- INE0P1P01017
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Swaraj shares & securities Pvt.Ltd.
- Registered office
- 801/802, 8th Floor, Vindhya Commercial Complex, Plot No.1, Sector 11, CBD Belapur, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 2,16,000 | — | — |
Application size
Minimum 4,000 shares per lot, in multiples, at ₹26
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 4,000 | ₹1,04,000 |
| S-HNI (min) | 2 | 8,000 | ₹2,08,000 |
| S-HNI (max) | 9 | 36,000 | ₹9,36,000 |
| B-HNI (min) | 10 | 40,000 | ₹10,40,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 1.79 | — |
| P/E (×) | 14.53 | — |
| Market cap | — | ₹33.09 Cr |
Key performance indicators
- Return on net worth
- 9.53%
- ROCE
- 11.29%
- Debt / equity
- 0.35
- PAT margin
- 1.02%
- NAV per share
- ₹18.81
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Marinetrans India
Marinetrans India Limited, incorporated on June 24, 2004 as Marinetrans India Private Limited and converted into a public limited company on May 18, 2023, is a freight forwarding and logistics services company founded by promoter Tiraj Kumar Babu Kotian. Starting as a sea-freight forwarder, it expanded into door-to-door delivery and 3PL-type services delivered through informal tie-ups with third-party providers; a tribunal-approved demerger (effective April 1, 2019) separated its North America-focused Safewater Lines business. Headquartered in Navi Mumbai with a branch in Ahmedabad, it routes cargo mainly via JNPT/Nhava Sheva, Mundra, Kandla, Chennai and Vizag, and holds no Custom House Agent licence, outsourcing customs clearance to appointed CHA forwarders. It earns predominantly from export consignments — FY2023 revenue from operations of Rs.15,027.09 lakhs comprised Rs.14,742.88 lakhs from exports and Rs.284.21 lakhs from imports — reporting consolidated PAT of Rs.152.83 lakhs in FY2023. It has two subsidiaries, Seahaul Lines (India) Private Limited and Marinetrans Logistics Private Limited, and 46 employees.
Company Analysis
from RHPMarinetrans India Limited is a Navi Mumbai-based, asset-light freight forwarding and logistics company providing sea and air freight forwarding, customs-clearance coordination, transportation, multimodal transport and value-added logistics services.
Marinetrans India Limited, incorporated on June 24, 2004 as Marinetrans India Private Limited and converted into a public limited company on May 18, 2023, is a freight forwarding and logistics services company founded by promoter Tiraj Kumar Babu Kotian. Starting as a sea-freight forwarder, it expanded into door-to-door delivery and 3PL-type services delivered through informal tie-ups with third-party providers; a tribunal-approved demerger (effective April 1, 2019) separated its North America-focused Safewater Lines business. Headquartered in Navi Mumbai with a branch in Ahmedabad, it routes cargo mainly via JNPT/Nhava Sheva, Mundra, Kandla, Chennai and Vizag, and holds no Custom House Agent licence, outsourcing customs clearance to appointed CHA forwarders. It earns predominantly from export consignments — FY2023 revenue from operations of Rs.15,027.09 lakhs comprised Rs.14,742.88 lakhs from exports and Rs.284.21 lakhs from imports — reporting consolidated PAT of Rs.152.83 lakhs in FY2023. It has two subsidiaries, Seahaul Lines (India) Private Limited and Marinetrans Logistics Private Limited, and 46 employees.
Objects of the Issue
- Funding of working capital requirements of the Company Rs.787.50 Lakhs (72.12% of total issue size) p.70
- General Corporate Expenses Rs.245.70 Lakhs (22.50% of total issue size) p.71
- Issue Expenses Rs.58.80 Lakhs (5.38% of total issue size) p.72
Issue Structure
- Total Issue
- 42,00,000 Equity Shares at Rs.26.00 per Equity Share aggregating Rs.1,092.00 Lakhs
- Fresh Issue
- 42,00,000 Equity Shares aggregating Rs.1,092.00 Lakhs
- Offer for Sale
- Not Applicable (entirely a Fresh Issue)
- Price Band
- Fixed Price Issue; Issue Price of Rs.26.00 per Equity Share (including a premium of Rs.16.00 per Equity Share)
- Lot Size
- 4,000 Equity Shares (minimum lot size)
- Face Value
- Rs.10.00 per Equity Share
Business Model
Asset-light intermediary model: Marinetrans owns no vessels, aircraft or transport fleet. It buys cargo space and allied services from shipping lines, airlines and third-party vendors at negotiated 'buying' rates and resells them to exporter/importer customers at higher 'selling' rates, earning the margin; it also coordinates (and marks up) transportation, customs clearance (outsourced to CHA forwarders), warehousing, packing and door-to-door delivery. Business is B2B, secured largely on purchase orders rather than long-term exclusive contracts, and is overwhelmingly export-driven.
Business Segments
SWOT Analysis
- • Experienced promoter-led management team with industry knowledge(p.117)
- • Wide clientele base built through value-based relationships aiding customer retention(p.117)
- • Well-defined organizational structure with empowered management enabling operational efficiency(p.117)
- • Existing supplier relationships providing favourable terms of supply and pricing(p.117)
- • Customer-centric business approach with adherence to timelines and cost competitiveness(p.118)
- • Registered trademark 'MARINEtrans' supporting brand identity (valid up to 2031)(p.121)
- • Membership of global agency networks (JCtrans and Co-operative Logistics Network) extending service reach(p.108)
- • Heavy dependence on informal third-party intermediaries with no contracts with shipping lines/transporters/suppliers(p.24)
- • Geographical concentration of operations mainly in Mumbai/Maharashtra(p.26)
- • Negative cash flow from operating activities in recent periods(p.34)
- • Dependence on loss-making subsidiaries for revenues(p.30)
- • High working capital requirement funded partly by borrowings; debt covenants restrict actions(p.29)
- • Pending litigation against Company/Promoter/Directors with quantifiable financial implications(p.22)
- • Instances of past non-compliance/delayed filings and untraceable corporate records(p.27)
- • Promoter's exposure as guarantor to defaulted third-party loans classified as NPAs since May 31, 2015(p.25)
- • Indian logistics market expected to grow from US$250 billion (2021) to US$380 billion by 2025 at 10-12% YoY(p.14)
- • Government thrust to reduce logistics cost from 13-14% to 10% of GDP(p.14)
- • Growth strategy of increasing sales volume via expansion into new geographical markets(p.118)
- • Strategy to reduce operational costs and achieve efficiency through vendor management and continuous improvement(p.118)
- • Leveraging established market goodwill for sustainable growth(p.119)
- • Global ocean freight forwarding market projected to grow at 7.4% CAGR to US$192,140 million by 2026(p.86)
- • Government initiatives (PM GatiShakti, National Logistics Policy) boosting logistics infrastructure and efficiency(p.102)
- • Significant increases in freight, transportation and fuel costs may not be passable to customers(p.23)
- • Intense competition from domestic and international players, including larger-scale logistics providers(p.30)
- • No entry barriers in the industry exposing it to competition from new entrants(p.120)
- • Changes in government regulations or their implementation could disrupt operations(p.39)
- • Possible reversal of outsourcing trend reducing demand for third-party logistics services(p.34)
- • Macroeconomic slowdown affecting the Indian logistics industry(p.38)
- • Global economic, political and social conditions beyond company control affecting performance(p.40)
- • Reliability of Indian infrastructure - congestion/disruption in ports, rail and road networks could disrupt business(p.41)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Tiraj Kumar Babu Kotian | Promoter | 50.00% | 33.50% |
| Mr. Arunkumar Narayan Hegde | Promoter | 50.00% | 33.50% |
Leadership
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.