PDP Shipping & Projects
Fixed Price issueSMEBSE₹12.65 Cr issue
-19.81%
Listing gain over issue price
Issue size
₹12.65 Cr
1 lot at cut-off
₹1,35,000
Lot size
1,000shares
Open
10 Mar 2025
Close
12 Mar 2025
Allotment
13 Mar 2025
Listing
18 Mar 2025
Listing performance
Issue price
₹135
Listed at
₹108.25
Listing-day close
₹102.85
Latest price
₹50.40
Close on 21 Oct 2026
Listing gain
-19.81%
Return since issue
-62.67%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 10 Mar 2025 – 12 Mar 2025
- Listing date
- 18 Mar 2025
- Face value
- ₹1 per share
- Issue price
- ₹135 per share
- Lot size
- 1,000 shares
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹12.65 Cr
- Market cap at offer price
- ₹40.15 Cr
- Promoter holding
- 99.99% → 68.50% pre-issue → post-issue
- ISIN
- INE0ABU01016
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Sun Capital Advisory Services Pvt.Ltd.
- Registered office
- A-606, Mahavir Icon, Plot numbers 89 & 90, Sector 15, 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 |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 47,000 | — | — |
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
0
Anchor portion
₹0 Cr
at ₹135 per share
Valuation and performance
Valuation at offer price
₹135 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.36 | 7.92 |
| P/E (×) | 11.88 | 17.05 |
| Price to book (×) | 4.71 | — |
| Market cap | — | ₹40.15 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 39.62%
- ROCE
- 50.04%
- Debt / equity
- 0.09
- PAT margin
- 7.48%
- NAV per share
- ₹28.66
- Price to book
- 4.71
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About PDP Shipping & Projects
PDP Shipping & Projects Limited, incorporated on June 1, 2009, and converted to a public limited company on June 1, 2015, operates as a Government-licensed Multi-modal Transport Operator and accredited Authorised Economic Operator. The company provides comprehensive end-to-end solutions in logistics and transportation, including international freight forwarding, customs brokerage services, and specialized project logistics handling super heavy-lift cargo, over dimension cargo, floating and beaching roll-on-roll-off operations, sea towing operations, and sea fastening services. The company follows an asset-light business model, relying on third-party service providers including shipping lines, carriers, and logistics infrastructure providers.
Company Analysis
from RHPPDP Shipping & Projects Limited provides end-to-end multimodal transportation, freight forwarding, and logistics solutions across sea, air, coastal, rail, and road transportation with customs clearance and value-added services.
PDP Shipping & Projects Limited, incorporated on June 1, 2009, and converted to a public limited company on June 1, 2015, operates as a Government-licensed Multi-modal Transport Operator and accredited Authorised Economic Operator. The company provides comprehensive end-to-end solutions in logistics and transportation, including international freight forwarding, customs brokerage services, and specialized project logistics handling super heavy-lift cargo, over dimension cargo, floating and beaching roll-on-roll-off operations, sea towing operations, and sea fastening services. The company follows an asset-light business model, relying on third-party service providers including shipping lines, carriers, and logistics infrastructure providers.
Logistics and TransportationFreight ForwardingCustoms ClearanceProject Cargo HandlingMultimodal Transportation
Objects of the Issue
- Part funding long-term working capital requirements ₹1,000.00 Lakh p.25
- General corporate purposes ₹79.95 Lakh p.25
- Part funding long-term working capital requirements ₹1,000.00 lakh p.79
- General corporate purposes ₹79.95 lakh (subject to not exceeding 15% of gross proceeds or Rs. 10 Cr, whichever is lower) p.79
- Repayment of borrowings
- General corporate purposes
Issue Structure
- Total Issue
- 9,37,000 Equity Shares aggregating to ₹1,264.95 Lakhs
- Fresh Issue
- 9,37,000 Equity Shares of ₹10 each aggregating to ₹1,264.95 Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹135.00 per Equity Share (Fixed Price)
- Lot Size
- 1,000 Equity Shares and in multiples of 1,000 thereafter
- Face Value
- ₹10 each
Business Model
The company generates revenue by providing multimodal transportation services, freight forwarding, customs clearance, and value-added logistics services. It operates on an asset-light model, leveraging third-party suppliers for shipping lines, containers, trucks, and equipment while earning service fees for coordinating and managing these logistics operations for its customers.
Business Segments
Provides end-to-end multimodal transportation services across sea, air, coastal, rail and road transportation with customs clearance and value-added services
Provides international freight forwarding services and global end-to-end transportation solutions
Specialized in handling project logistics including super heavy-lift, super Over Dimension Cargo, floating & beaching roll on – roll off loadouts, sea towing operations, sea fastening and project cargo
Arranges and coordinates all activities for shipping freight from hinterland to ports and vice versa in and out of India by sea and cross trade, including LCL and FCL cargo, consolidation, customs clearance, pick-up, packing, delivery, distribution, and complete documentation service. Also includes multimodal transport operations, special cargo, breakbulk, heavy lift and project cargo, RoRo loadouts, lashing/sea fastening and sea towage.
Provides air freight services including cargo pick-up from shipper's warehouse, export clearance at airport of origin, import clearance at destination, safe handling of general and temperature-sensitive cargo, and door-to-door express time-bound products.
Licensed customs broking services for both imports and exports, including customs clearance process optimization, supply chain requirements worldwide for door-to-door delivery, and competent value-added consultancy services in the Customs Act, 1962.
Provides third-party packaging solutions, warehousing services using third-party facilities with trained manpower, transportation using third-party solutions for goods by road/rail/barge/multimodal, and distribution services ensuring timely accurate delivery of products.
Integrates and streamlines total supply chain management from start to finish, combining expertise in transportation, warehousing, customs clearance, supply chain consulting and operations to provide cost-effective and time-bound logistics solutions.
Revenue from air freight services recognized when goods have been shipped and services provided to customer, typically when goods are delivered to air carrier for transportation
Revenue from ocean freight services recognized when goods have been shipped and services provided, typically when goods are loaded onto vessel for transportation
Revenue from inland haulage charges recognized when services provided to customer, typically when goods transported from one location to another within country/region; also provides loading, unloading, packaging, and insurance services
Revenue from terminal handling charges recognized when services provided, typically when goods received at terminal and handling activities such as loading, unloading, storage completed; also provides documentation, customs clearance, cargo tracking
Provides secure warehousing facilities in customs bonded areas and non-bonded areas for temporary holding of consignments
SWOT Analysis
Strengths
- • End-to-end logistics solutions with multimodal transportation capabilities(p.25)
- • Government licensed operator with multiple regulatory certifications(p.25)
- • Specialized in high-value project cargo handling(p.25)
- • Integrated end-to-end logistics services from single provider(p.117)
- • Multi-Modal Transport Operator (MTO) license enabling single-window solutions(p.109)
- • Specialized expertise in project cargo and heavy lift handling(p.88)
- • Strong management team with deep industry experience(p.108)
- • ISO 9001:2015 certified with AEO accreditation(p.108)
- • Strategic location near major port infrastructure(p.109)
- • Comprehensive engineering and technical capabilities for project logistics(p.115)
- • Experienced senior management with deep industry expertise in integrated logistics(p.117)
- • Strong relationships with key stakeholders in maritime and logistics sectors(p.117)
- • Diversified client base across multiple industry verticals enabling cross-leverage of best practices(p.117)
- • Proven track record in handling specialized cargo including over-dimension and breakbulk(p.117)
- • End-to-end integrated supply chain solutions under single window(p.117)
- • Strong technical and execution capabilities in turnkey projects and critical cargo(p.117)
- • Authorized Economic Operator (AEO) accreditation and quality management certifications(p.134)
- • Integrated end-to-end logistics services provider with global reach(p.205)
- • Proven expertise in handling specialized project cargo and heavy lifts(p.205)
- • Accredited regulatory status and licenses(p.203)
- • Experienced senior management with deep industry expertise(p.204)
- • Strong existing customer base and relationships(p.204)
Weaknesses
- • High concentration of revenue from single top customer(p.31)
- • Heavy dependence on limited number of third-party suppliers(p.32)
- • History of negative cash flows from investing activities(p.33)
- • Past instances of regulatory compliance delays and penalties(p.34)
- • Geographic concentration of overseas business in single country (Brazil)(p.33)
- • Working capital constraints limiting business growth(p.44)
- • No long-term contracts with customers or suppliers(p.40)
- • Declining revenue trend across fiscal years(p.110)
- • High financial leverage with increased debt burden(p.110)
- • Asset-light model creates dependence on third-party operators(p.109)
- • Significant concentration in ocean freight revenue(p.116)
- • High working capital requirements straining profitability(p.80)
- • Heavy dependence on top customers with concentrated revenue base(p.118)
- • Over 50% revenue dependency on just top 10 customers limits diversification(p.119)
- • High supplier concentration with over 50% of requirements from top 10 suppliers(p.119)
- • Limited scale with only 18 employees on payroll as of January 2025(p.123)
- • Recently incurred significant debt to finance property acquisitions (₹262.92 lakhs as of Nov 2024)(p.179)
- • Non-compliance with interim dividend provisions under Companies Act(p.159)
- • High concentration of revenue from few customers creating client dependency risk(p.213)
- • Significant increase in financial leverage ratio from increased borrowings(p.196)
- • Lack of long-term customer contracts creating business continuity risk(p.213)
Opportunities
- • Utilize IPO proceeds to fund working capital expansion(p.25)
- • Growing demand for organized logistics services in India(p.25)
- • International freight forwarding and global expansion potential(p.25)
- • Opportunity to diversify customer base and reduce concentration risk(p.32)
- • Strategic positioning in multimodal logistics market(p.25)
- • India's logistics sector projected to grow at 4.5% CAGR through 2050(p.99)
- • Government target to reduce logistics costs from 13-14% to 8-10% of GDP by 2030(p.99)
- • Major government infrastructure initiatives creating demand(p.99)
- • Expansion opportunity in defense, automobile, and infrastructure sectors(p.88)
- • Rising merchandise exports and containerization demand(p.101)
- • Growth in port infrastructure and capacity additions(p.101)
- • Opportunity to leverage improved port performance metrics(p.103)
- • Geographical expansion strategy to penetrate domestic and international markets(p.117)
- • Untapped growth potential in Infrastructure Projects, Defence, Automobile, Power & Energy sectors(p.118)
- • Limited competition in specialized project logistics with few skilled players(p.121)
- • Expanding customer base through outreach to new geographical areas(p.122)
- • Growth potential from infrastructure, defence, and capital goods industries(p.205)
- • Expansion of foreign exchange earning capacity from international operations(p.212)
- • Potential to expand service offerings in specialized logistics segments(p.203)
Threats
- • Cyclical fluctuations in logistics industry financial performance(p.31)
- • Unable to pass cost increases to customers due to market competition(p.30)
- • Risk of regulatory approvals not being renewed in timely manner(p.31)
- • Foreign trade restrictions affecting international operations(p.37)
- • Intense competition from domestic and international logistics providers(p.40)
- • Volatility in ocean freight rates and currency exchange rates(p.41)
- • Seasonal demand variations affecting financial results(p.39)
- • Dependence on third-party transportation vendors for service delivery(p.38)
- • Global economic and geopolitical disruptions affecting demand(p.52)
- • India subject to regulatory, economic and political uncertainties(p.53)
- • Difficulty enforcing foreign judgments in India due to limited reciprocal agreements(p.53)
- • Risk from changes in economic liberalization and deregulation policies(p.53)
- • Exchange rate fluctuations and currency control restrictions(p.53)
- • Inflation impact on operational costs(p.54)
- • Foreign investment restrictions limiting investor base(p.54)
- • Natural disasters and geopolitical risks affecting Indian economy(p.55)
- • Constraint on foreign currency borrowing due to exchange controls(p.55)
- • Unorganized and fragmented logistics industry with intense competition from domestic and international players(p.121)
- • Competition on pricing and quality parameters may limit margins(p.121)
- • Inability to disclose names of top customers due to confidentiality, creating customer concentration risk(p.119)
- • Dependence on complex regulatory compliance in customs, maritime, and port operations(p.125)
- • Insurance coverage may not be adequate for all potential operational risks(p.122)
- • Exposure to volatile global freight rates impacting revenue(p.208)
- • Intense competition from organized and unorganized competitors(p.213)
- • Geopolitical and regulatory risks affecting international shipping(p.205)
- • General economic volatility and demand/supply fluctuations(p.205)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Animesh Kumar | Promoter | 99.63% | — |
| Animesh Kumar | Promoter | 99.63% | 68.24% |
| Shalini Verma | Promoter Group | 0.28% | 0.19% |
| Silky Verma | Promoter Group | 0.03% | 0.019% |
| Saloni Suman | Promoter Group | 0.03% | 0.019% |
| Abhyuday Chandra Verma | Promoter Group | 0.03% | 0.019% |
| Anushka Kumar | Promoter Group | 0.00% | 0.00% |
| Animesh Kumar | Promoter | 99.63% | — |
Leadership
Animesh Kumar · Promoter, Chairman and Managing Director
Shalini Verma · Whole-time Director
Vijay Kumar Jha · Company Secretary and Compliance Officer
Sheela Anand · 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.
PDP Shipping & Projects IPO FAQs
What is the lot size of PDP Shipping & Projects IPO?
The minimum lot size of PDP Shipping & Projects IPO is 1,000 shares. One lot costs ₹1,35,000 at the cut-off price.
When does PDP Shipping & Projects IPO open and close?
PDP Shipping & Projects IPO opened for subscription on 10 Mar 2025 and closed on 12 Mar 2025.
What is the listing date of PDP Shipping & Projects IPO?
PDP Shipping & Projects IPO listed on 18 Mar 2025.