Sahara Maritime
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 18 Dec 2023 – 20 Dec 2023
- Listing date
- 26 Dec 2023
- Face value
- ₹10 per share
- Issue price
- ₹81 per share
- Lot size
- 1,600 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹6.88 Cr
- Market cap at offer price
- ₹24.87 Cr
- Promoter holding
- 100.00% → 72.32% pre-issue → post-issue
- ISIN
- INE0PSJ01011
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Swaraj shares & securities Pvt.Ltd.
- Registered office
- 105, 106, 108, Floor-1, Plot142, Plaza Shopping Centre, Sheriff Devji Street, Chakala Market Mandvi, 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 | 43,200 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹81
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,29,600 |
| S-HNI (min) | 2 | 3,200 | ₹2,59,200 |
| S-HNI (max) | 7 | 11,200 | ₹9,07,200 |
| B-HNI (min) | 8 | 12,800 | ₹10,36,800 |
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 (₹) | 5.44 | — |
| P/E (×) | 14.89 | — |
| Market cap | — | ₹24.87 Cr |
Key performance indicators
- Return on net worth
- 22.76%
- ROCE
- 32.77%
- Debt / equity
- 0.33
- PAT margin
- 4.63%
- NAV per share
- ₹23.90
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Sahara Maritime
Sahara Maritime Limited was incorporated as Sahara Maritime Private Limited on March 06, 2009 in Mumbai under the Companies Act, 1956, and converted to a public limited company on April 28, 2023 following a special resolution passed at an Extra-Ordinary General Meeting held on February 24, 2023. The Company is registered with the Director General of Shipping, Ministry of Shipping, Government of India as a Multimodal Transport Operator and is an ISO 9001:2015 certified freight forwarder specializing in sea freight forwarding. It operates primarily within Maharashtra, India, offering Less Than Container Load (LCL) and Full Container Load (FCL) ocean freight services, warehousing through a leased godown, multimodal transportation connecting sea and land modes, and allied logistics services including door-to-door delivery, cargo handling, packing, loading/unloading, and shipment chartering. The Company operates on an asset-light business model, outsourcing transportation and related services through third-party intermediaries while booking container space from shipping lines and reselling it to customers. Revenue is generated by charging customers for freight forwarding, handling, agency, and related charges, with significant costs incurred in procuring cargo space from ocean carriers. For FY2023, the Company reported revenue from operations of ₹2,609.95 lakhs, EBITDA of ₹199.33 lakhs, and PAT of ₹119.56 lakhs.
Company Analysis
from DRHPSahara Maritime Limited is an ISO 9001:2015 certified sea freight forwarder and multimodal transport operator providing shipment, consignment tracking, consolidation, customs clearance, freight forwarding, warehousing, and ancillary logistics services across the logistics and maritime shipping industries.
Sahara Maritime Limited was incorporated as Sahara Maritime Private Limited on March 06, 2009 in Mumbai under the Companies Act, 1956, and converted to a public limited company on April 28, 2023 following a special resolution passed at an Extra-Ordinary General Meeting held on February 24, 2023. The Company is registered with the Director General of Shipping, Ministry of Shipping, Government of India as a Multimodal Transport Operator and is an ISO 9001:2015 certified freight forwarder specializing in sea freight forwarding. It operates primarily within Maharashtra, India, offering Less Than Container Load (LCL) and Full Container Load (FCL) ocean freight services, warehousing through a leased godown, multimodal transportation connecting sea and land modes, and allied logistics services including door-to-door delivery, cargo handling, packing, loading/unloading, and shipment chartering. The Company operates on an asset-light business model, outsourcing transportation and related services through third-party intermediaries while booking container space from shipping lines and reselling it to customers. Revenue is generated by charging customers for freight forwarding, handling, agency, and related charges, with significant costs incurred in procuring cargo space from ocean carriers. For FY2023, the Company reported revenue from operations of ₹2,609.95 lakhs, EBITDA of ₹199.33 lakhs, and PAT of ₹119.56 lakhs.
Objects of the Issue
- Funding of capital expenditure requirements of our Company towards purchase of: (i) commercial vehicles; and (ii) Office Equipment ₹32.68 Lakhs p.73
- For funding of working capital requirements ₹483.70 Lakhs p.73
- General Corporate Purposes p.73
Issue Structure
- Total Issue
- 8,50,000 Equity Shares aggregating to ₹688.50 Lakhs
- Fresh Issue
- 8,50,000 Equity Shares aggregating to ₹688.50 Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹81/- per Equity Share (Fixed Price)
- Lot Size
- 1,600 Equity Shares
- Face Value
- ₹10/- each
Business Model
The Company earns revenue by purchasing container space from sea shipping lines (as LCL and FCL freight forwarder) and soliciting/selling that space to clients at a markup, charging freight, handling, agency and other charges for end-to-end logistics solutions including sea freight forwarding, warehousing, multimodal transportation, and allied logistics services. It operates on an asset-light model, outsourcing transportation, cargo handling, and packing to third-party intermediaries.
Business Segments
SWOT Analysis
- • Diversified service offering acts as a one-stop logistics solution, giving a diversified customer base(p.113)
- • Experienced promoters with ~six decades of aggregate industry experience(p.113)
- • Established client base generating repeat business(p.113)
- • Comprehensive end-to-end third-party logistics solutions(p.114)
- • Asset-light business model offering flexibility, scalability and high capital efficiency(p.114)
- • Statutory/quality credentials: Multimodal Transport Operator registration and ISO 9001:2015 certification(p.108)
- • Improving financial track record: revenue nearly 2.6x from FY2021 to FY2023 with rising EBITDA and PAT(p.83)
- • Outstanding litigation pending against directors, promoters and group companies (mainly tax matters; ₹13.38 Lakhs against promoters, including ₹11.69 Lakhs against Alif Air Freight)(p.27)
- • Dependence on third-party intermediaries for logistics, transport management and freight-related services(p.28)
- • Geographical concentration: entire sales generated within Maharashtra(p.30)
- • Unsecured loans from parties other than bankers/FIs, repayable on demand(p.34)
- • Heavy dependence on Promoters and Directors for continuity, guidance and financial support(p.36)
- • Discrepancies and non-compliances in corporate records (ROC filings, auditor mismatches, delayed GST returns, unregistered charges)(p.37)
- • Group companies allowed to carry on similar line of business; no non-compete agreements, creating conflict-of-interest risk(p.38)
- • History of related-party transactions with promoters, their relatives and promoter-group entities(p.39)
- • Integrated, end-to-end logistics strategy leveraging Multimodal Transport Operator approval to expand customer base and revenue(p.114)
- • Brand awareness expansion through presence in major cities and targeted marketing(p.114)
- • Operational cost reduction and efficiency programme to stay cost-competitive(p.115)
- • Structural industry tailwind: maritime transport dominates India's trade volumes and value(p.18)
- • Sagarmala National Perspective Plan envisages six new mega ports(p.18)
- • Sagar Mala Program: USD 123 Bn investment across 415 projects for port-led development(p.106)
- • IPO-funded fleet expansion (₹24.13 Lakhs for a truck) to grow freight, handling and agency revenue(p.75)
- • Volatility/increases in freight, fuel and transportation costs, largely beyond company control(p.28)
- • Global economic slowdown and trade restrictions (tariffs, embargoes, import/export bans) impacting cargo volumes(p.29)
- • Competition from international and domestic third-party logistics providers and the unorganised sector(p.31)
- • Possible reversal of the outsourcing trend in supply-chain management reducing demand for services(p.32)
- • Challenging global economic and political conditions affecting the Indian market(p.40)
- • Evolving regulatory environment and changes in laws/taxation (incl. GST and pending labour codes)(p.41)
- • Risk of downgrade of India's sovereign credit rating raising financing costs(p.47)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Sohrab Rustom Sayed | Promoter / Chairman & Managing Director | 45.25% | 32.72% |
| Mr. Nadeem Aboobakar Hira | Promoter / Executive Director | 45.25% | 32.72% |
| Premila Rajesh Soni jointly with Rajesh Haridas Soni | Promoter Group | 9.05% | 6.54% |
| Zainab Sohrab Sayed | Promoter Group | 0.09% | 0.07% |
| Khalid Sohrab Sayed | Promoter Group | 0.09% | 0.07% |
| Majeed Sohrab Sayed | Promoter Group | 0.09% | 0.07% |
| Zaid Hira | Promoter Group | 0.09% | 0.07% |
| Mehjabeen Hira | Promoter Group | 0.09% | 0.07% |
Leadership
Auto-extracted from the company's DRHP 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 DRHP before relying on it.