Sadhav Shipping
Fixed Price issueSME₹38.18 Cr issue
+42.11%
Listing gain over issue price
Issue size
₹38.18 Cr
1 lot at cut-off
₹1,14,000
Lot size
1,200shares
Open
23 Feb 2024
Close
27 Feb 2024
Allotment
28 Feb 2024
Listing
01 Mar 2024
Listing performance
Issue price
₹95
Listed at
₹135
Listing-day close
₹141.75
Latest price
₹109.50
Close on 23 Oct 2026
Listing gain
+42.11%
Return since issue
+15.26%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 23 Feb 2024 – 27 Feb 2024
- Listing date
- 01 Mar 2024
- Face value
- ₹10 per share
- Issue price
- ₹95 per share
- Lot size
- 1,200 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹38.18 Cr
- Market cap at offer price
- ₹136 Cr
- Promoter holding
- 96.44% → 69.44% pre-issue → post-issue
- ISIN
- INE0K5H01010
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- ISK Advisors Pvt.Ltd.
- Registered office
- 521 5th Floor, Loha Bhavan, P.D πmello Road, Masjid (East), 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 | 2,02,800 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹95
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,14,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,28,000 |
| S-HNI (max) | 8 | 9,600 | ₹9,12,000 |
| B-HNI (min) | 9 | 10,800 | ₹10,26,000 |
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
₹95 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.50 | 5.67 |
| P/E (×) | 12.67 | 16.75 |
| Price to book (×) | 2.40 | — |
| Market cap | — | ₹136 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 18.94%
- ROCE
- 14.36%
- PAT margin
- 9.97%
- NAV per share
- ₹39.62
- Price to book
- 2.40
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Sadhav Shipping
Sadhav Shipping Limited (SSL), incorporated in 1996, is a Mumbai-based company that owns and operates a fleet of 24 vessels (19 owned and 5 rented) serving India's maritime industry. The company specializes in offshore logistics support, port-related services, and oil spill response operations. SSL was the first to establish and operate India's first Port-based Tier 1 Oil Spill Response Centre in Mumbai and now operates in most major Indian ports. Its vessel fleet includes 4 DP Anchor Handling Tugs cum Supply Vessels (AHTSVs) that support offshore oil and gas exploration and production activities, performing towing, supply of drilling materials, search and rescue duties, and transportation of personnel and materials to offshore locations.
Company Analysis
from RHPSadhav Shipping Limited owns and operates vessels providing offshore logistics, port services, and oil spill response services primarily to India's maritime and oil & gas sectors.
Sadhav Shipping Limited (SSL), incorporated in 1996, is a Mumbai-based company that owns and operates a fleet of 24 vessels (19 owned and 5 rented) serving India's maritime industry. The company specializes in offshore logistics support, port-related services, and oil spill response operations. SSL was the first to establish and operate India's first Port-based Tier 1 Oil Spill Response Centre in Mumbai and now operates in most major Indian ports. Its vessel fleet includes 4 DP Anchor Handling Tugs cum Supply Vessels (AHTSVs) that support offshore oil and gas exploration and production activities, performing towing, supply of drilling materials, search and rescue duties, and transportation of personnel and materials to offshore locations.
maritime shippingoffshore logisticsport servicesoil and gas support servicesemergency response services
Objects of the Issue
- Repayment / Prepayment, in part or full of certain outstanding borrowings availed by our Company ₹800.00 lakhs p.19
- Part funding of Capital Expenditure to Purchase/ Acquire additional Boats/ vessels ₹1,550.00 lakhs p.19
- Additional Working Capital Requirement ₹800.00 lakhs p.19
- General Corporate Purpose ₹475.20 lakhs p.19
- Repayment / Prepayment, in part or full of certain outstanding borrowings availed by our Company ₹800.00 lakhs p.90
- Part funding of Capital Expenditure to Purchase/ Acquire additional Boats/ vessels ₹1,550.00 lakhs p.95
- Additional Working Capital Requirement ₹800.00 lakhs p.98
- General Corporate Purpose ₹450.00 lakhs p.100
- Funding capex for acquisition of Fast Crew Boat vessel USD 5.88 Millions (₹ amount to be financed through Indian Exim Bank term loan) p.267
Issue Structure
- Total Issue
- ₹3,817.86 lakhs
- Fresh Issue
- ₹3,817.86 lakhs
- Offer for Sale
- NIL
- Price Band
- ₹95 per share (fixed price issue)
- Lot Size
- 1,200 shares and in multiples of 1,200 thereafter
- Face Value
- ₹10 per share
Business Model
The company generates revenue primarily through chartering and hiring of vessels to support offshore oil and gas operations, port services, and oil spill response activities. Revenue is derived from contracts with government companies, ports, and private sector customers on both spot and short-term charter bases.
Business Segments
Towing of offshore assets, supply of drilling materials including casing pipes, cement, baryte, drill water, brine; participation in search and rescue duties; transportation of men and material to offshore locations; other duties as guided by charterers
Port-based services and operations in major Indian ports
Tier 1 Oil Spill Response Centre operations and emergency response services
Supports exploration & production of Oil & Gas in offshore fields through four DP Anchor Handling Tugs cum Supply Vessels (AHTSV's) that carry out towing of offshore assets, supply of drilling materials, participation in search & rescue duties, and transportation of men & material to offshore locations. Primary client is ONGC Ltd.
Provides Tier-1 Oil Spill Response facility for major ports in India. Operates oil spill response vessels and deploys trained manpower. Personnel are trained and certified for IMO Level I/II/III.
Operates High Speed Patrol craft, Pilot Boats, Survey Boats, Work Boats, and Lighterage Barges for major Indian ports. Also operates and maintains third party boats and provides mooring services, garbage collection services, and flotsam collection services.
Operation of barges, tugs, and vessels for transportation and lighterage of cargo in coastal and inland waterways
Operation and management of port crafts and provision of high-speed security boats for patrolling services
Operation of Tier 1 Oil Spill Resource Centres for handling oil spills
Provides offshore support services including supply and logistics to oil and gas operations
Provides port services including pilot launch operations and support services to port authorities
Provides oil spill response and environmental remediation services
SWOT Analysis
Strengths
- • Pioneer in India's port-based oil spill response infrastructure(p.18)
- • Modern Dynamic Positioning offshore fleet with skilled crew(p.18)
- • Owns and operates significant vessel fleet across multiple maritime sectors(p.18)
- • Long operational history since 1996 with established market presence(p.18)
- • 27 years of operational experience in ship operations(p.104)
- • Experienced management team with maritime credentials(p.131)
- • Qualified promoter with Master Mariner and management credentials(p.131)
- • Diverse fleet of 24 vessels across multiple maritime sectors(p.131)
- • AAA-rated client base including PSUs and major ports(p.131)
- • First mover in India's Tier-1 Oil Spill Response facility(p.125)
- • ISO 9001:2015 and ISM DOC accreditation(p.140)
- • Over 20 years operational history in maritime sector with 24 vessels(p.236)
- • Diverse client base across major ports and public sector enterprises(p.236)
- • Established oil spill response capability at major ports(p.154)
- • Experienced management with 48+ years combined maritime expertise(p.154)
- • Strong profitability growth in FY2023 with PAT up 157.58%(p.240)
Weaknesses
- • High debt burden relative to financial position(p.30)
- • Substantial unsecured loans from promoter-directors that can be recalled at any time(p.33)
- • Heavy dependence on top 5 customers for majority of revenue(p.31)
- • Outstanding civil litigation involving multiple claims(p.24)
- • History of non-compliance with statutory filing and GST deadlines(p.28)
- • Trademark not yet registered, limiting IP protection(p.32)
- • Substantial capital work in progress dependent on external financing(p.29)
- • Limited ability to adjust pricing in fixed-rate contracts when costs rise(p.40)
- • High financial leverage with outstanding borrowings of ₹6,681.84 crores as of Sept 2023(p.92)
- • Heavy dependence on a single major client ONGC for 49-55% of revenue(p.130)
- • Significant concentration of promoter shareholding at 96.44% pre-IPO(p.76)
- • Small public shareholding base with only 11 public shareholders pre-IPO(p.81)
- • Modest revenue base of ₹77.81 crores for FY 2022-23(p.125)
- • High debt-to-equity ratio of 1.48x with significant borrowing dependence(p.230)
- • Concentrated vessel ownership with heavy capital intensity requiring continuous financing(p.189)
- • High finance costs representing 6.44% of income in H1 FY2024(p.237)
- • Dependence on few major customers including ONGC for significant revenue(p.239)
- • Heavy dependence on ONGC for revenue(p.243)
- • Declining profitability despite revenue growth(p.241)
- • Rising employee costs pressuring margins(p.241)
- • Significant financial indebtedness(p.245)
- • Multiple pending litigation involving the company(p.252)
Opportunities
- • Expansion of port-based oil spill response services across major Indian ports(p.18)
- • Growth driven by increasing cargo traffic through Indian ports(p.18)
- • Acquisition of additional vessels to expand fleet and service capacity(p.19)
- • Increasing merchandise exports creating higher port utilization demand(p.19)
- • Strengthening working capital to support business growth(p.19)
- • Expected 35% growth in ONGC vessel requirements in 2024-25(p.132)
- • Indian ports growth with 10.10% cargo growth and 6% output increase(p.131)
- • Expected 20% year-on-year growth in demand for green maritime vessels(p.132)
- • Early-stage nascent Oil Spill Response market poised for growth(p.132)
- • Expansion potential to tie-up with additional ports(p.132)
- • Expand coastal logistics and port services across major ports(p.154)
- • Growing oil spill response and environmental services market across Indian ports(p.154)
- • Develop new business verticals in offshore logistics and specialized maritime services(p.161)
- • Capital raising through IPO to support vessel fleet expansion and reduce leverage(p.230)
- • Expansion of Port Services business segment(p.243)
- • New vessel acquisitions and deployment(p.242)
- • IPO listing on NSE EMERGE platform enabling capital raising(p.266)
- • Debt reduction post-IPO to improve financial leverage(p.245)
Threats
- • Volatility and cyclicality in maritime charter rates(p.36)
- • Intense competitive environment with larger, better-resourced competitors(p.37)
- • Operating hazards and marine disasters beyond company control(p.37)
- • Foreign exchange fluctuation risk on revenues and debt servicing(p.39)
- • Cyclical nature of shipping industry and economic downturns(p.46)
- • Regulatory and compliance risks from evolving maritime and port regulations(p.30)
- • Risk of vessel arrest and loss of charter income from maritime claims(p.48)
- • COVID-19 and other pandemic-related operational disruptions(p.44)
- • Rising fuel prices impacting vessel operating costs(p.48)
- • Environmental and safety regulatory compliance costs(p.45)
- • Government policy and regulatory changes affecting shipping sector(p.45)
- • Risk of early termination of vessel charter contracts by customers(p.39)
- • Vulnerability to global oil price fluctuations affecting ONGC operations(p.116)
- • Exposure to macroeconomic downturns and global economic uncertainty(p.114)
- • Dependence on port activity levels subject to economic cycles(p.131)
- • Exposure to international shipping market competition and pricing pressures(p.127)
- • Currency fluctuation risk on USD-denominated ONGC contracts(p.95)
- • Exposure to cyclical shipping industry and commodity price volatility(p.194)
- • Dependency on government contracts with ONGC and port authorities subject to policy changes(p.236)
- • Foreign exchange exposure on ECB borrowings with USD-denominated debt(p.227)
- • Regulatory risks from maritime regulations, environmental compliance, and port authority rules(p.153)
- • Vessel age and maintenance risks requiring ongoing capital expenditure for fleet upgrades(p.207)
- • Customer concentration and ONGC revenue dependency risk(p.243)
- • Adverse maritime sector incidents affecting safety record(p.252)
- • Regulatory arbitration claims against the company(p.254)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Kamal Kant Biswanath Choudhury | Promoter | 63.18% | — |
| Mrs. Sadhana Choudhury | Promoter | 25.02% | — |
| Mr. Vedant kamalkant Choudhury | Promoter | 5.69% | — |
| Mr. Subhas Chandra Choudhury | Promoter | 0.00% | — |
| Ms. Devahuti Choudhury | Promoter Group | 2.54% | — |
| Mr. Kamal Kant Biswanath Choudhury | Promoter | 63.18% | 45.49% |
| Mrs. Sadhana Choudhury | Promoter | 25.02% | 18.02% |
| Mr. Vedant Kamalkant Choudhury | Promoter | 5.69% | 4.10% |
| Mr. Subhas Chandra Choudhury | Promoter | 0.00% | 0.00% |
| Ms. Devahuti Choudhury | Promoter Group | 2.54% | 1.83% |
| Mr. Kamal Kant Biswanath Choudhury | Promoter/Managing Director | 63.18% | — |
| Mrs. Sadhana Choudhury | Promoter/Whole-time Director | 25.02% | — |
| Mr. Vedant kamalkant Choudhury | Promoter/Director & CEO | 5.69% | — |
| Mr. Subhas Chandra Choudhury | Promoter/Non-Executive Director | 0.00% | — |
| Capt. Kamalkant Choudhury | Promoter | — | — |
| Mrs. Sadhana Choudhury | Promoter | — | — |
| Mr. Vedant Choudhury | Promoter | — | — |
| Mr. Kamal Kant B. Choudhury | Promoter / Managing Director | — | — |
| Mrs. Sadhana K. Choudhury | Promoter / Director | — | — |
| Mr. Vedant KamalKant Choudhury | Promoter / Director / CEO | — | — |
| Mr. Subhas Chandra Choudhury | Promoter / Director | — | — |
Leadership
Mr. Kamal Kant Biswanath Choudhury · Chairman & Managing Director
Ms. Sadhana K. Choudhury · Director
Mr. Vedant kamalkant Choudhury · Director & CEO
Mr. Subhas Chandra Choudhury · Director
Mr. Nilakantha Prasad Sahu · CFO
Ms. Madhuri Shrigopal Rathi · Company Secretary and Compliance 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.
Sadhav Shipping IPO FAQs
What is the lot size of Sadhav Shipping IPO?
The minimum lot size of Sadhav Shipping IPO is 1,200 shares. One lot costs ₹1,14,000 at the cut-off price.
When does Sadhav Shipping IPO open and close?
Sadhav Shipping IPO opened for subscription on 23 Feb 2024 and closed on 27 Feb 2024.
What is the listing date of Sadhav Shipping IPO?
Sadhav Shipping IPO listed on 01 Mar 2024.