Shreeji Shipping Global
Book Building issueMainboardBSE₹411 Cr issue
+7.88%
Listing gain over issue price
Issue size
₹411 Cr
1 lot at cut-off
₹14,616
Lot size
58shares
Open
19 Aug 2025
Close
21 Aug 2025
Allotment
22 Aug 2025
Listing
26 Aug 2025
Listing performance
Issue price
₹252
Listed at
₹271.85
Listing-day close
₹255.10
Latest price
₹776.60
Close on 23 Oct 2026
Listing gain
+7.88%
Return since issue
+208.17%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Aug 2025 – 21 Aug 2025
- Listing date
- 26 Aug 2025
- Face value
- ₹1 per share
- Issue price
- ₹252 per share
- Lot size
- 58 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹411 Cr
- Market cap at offer price
- ₹4,106 Cr
- Promoter holding
- 100.00% → 90.00% pre-issue → post-issue
- ISIN
- INE1B6101010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- Shreeji House, Town Hall Circle, Kalavad, Gujarat
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 | 48,89,400 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 58 shares per lot, in multiples, at ₹252
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 58 | ₹14,616 |
| Retail (max) | 13 | 754 | ₹1,90,008 |
| S-HNI (min) | 14 | 812 | ₹2,04,624 |
| S-HNI (max) | 68 | 3,944 | ₹9,93,888 |
| B-HNI (min) | 69 | 4,002 | ₹10,08,504 |
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
48,89,400
Anchor portion
₹123 Cr
at ₹252 per share
Valuation and performance
Valuation at offer price
₹252 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.63 | 8.67 |
| P/E (×) | 26.17 | 29.07 |
| Price to book (×) | 10.76 | — |
| Market cap | — | ₹4,106 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 42.91%
- ROCE
- 28.09%
- Debt / equity
- 0.75
- PAT margin
- 23.24%
- EBITDA margin
- 33.03%
- NAV per share
- ₹23.41
- Price to book
- 10.76
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shreeji Shipping Global
Shreeji Shipping Global Limited, incorporated in 2024 as a public limited company (earlier operating as a partnership since 1995), operates a diversified fleet consisting of over 75 vessels (barges, mini bulk carriers, tug boats, and floating cranes) and more than 380 earthmoving equipment units. The company generates revenue through three primary service lines: cargo handling (STS Lighterage, Stevedoring, and port services), transportation services for dry bulk cargo, and equipment rentals and ancillary services. As of September 30, 2024, the company served 76 customers and handled 6.99 MMTs of cargo. The company derives the majority of its revenue from the Oil and Gas, Energy and Power, Coal, Shipping and Logistics, and FMCG sectors, with operations concentrated along the west coast of India, particularly in Gujarat.
Company Analysis
from DRHPShreeji Shipping Global Limited is a shipping and logistics company providing dry bulk cargo handling, transportation, and related services across ports and jetties in India and Sri Lanka.
Shreeji Shipping Global Limited, incorporated in 2024 as a public limited company (earlier operating as a partnership since 1995), operates a diversified fleet consisting of over 75 vessels (barges, mini bulk carriers, tug boats, and floating cranes) and more than 380 earthmoving equipment units. The company generates revenue through three primary service lines: cargo handling (STS Lighterage, Stevedoring, and port services), transportation services for dry bulk cargo, and equipment rentals and ancillary services. As of September 30, 2024, the company served 76 customers and handled 6.99 MMTs of cargo. The company derives the majority of its revenue from the Oil and Gas, Energy and Power, Coal, Shipping and Logistics, and FMCG sectors, with operations concentrated along the west coast of India, particularly in Gujarat.
Shipping and LogisticsCargo HandlingMaritime Transportation
Objects of the Issue
- Acquisition of Dry Bulk Carriers in Supramax category in the secondary market ₹2,894.34 million p.29
- Pre-payment/re-payment, in part or full, of certain outstanding borrowings availed by our Company ₹195.07 million p.29
- General Corporate Purposes p.29
- Acquisition of Dry Bulk Carriers in Supramax category in the secondary market ₹2,894.34 million p.110
- Pre-payment / re-payment, in part or full, of certain outstanding borrowings availed by our Company ₹195.07 million p.110
- General Corporate Purposes p.110
- Acquisition of Dry Bulk Carriers in Supramax category in the secondary market ₹2,894.34 million p.111
- Pre-payment/re-payment, in part or full, of certain outstanding borrowings availed by the Company ₹195.07 million p.111
- General Corporate Purposes p.111
- Funding capex for fleet and equipment expansion; Continue to invest in our fleet and earthmoving equipment p.194
- Not disclosed in this section (objects of issue appear in separate sections not included in Part 7)
Issue Structure
- Total Issue
- Up to 20,000,000 equity shares of face value of ₹10 each aggregating up to ₹[●] million
- Fresh Issue
- Up to 20,000,000 equity shares of face value of ₹10 each
- Offer for Sale
- Not Applicable
- Price Band
- [●] per Equity Share (Floor Price ₹[●], Cap Price ₹[●])
- Lot Size
- [●] Equity Shares
- Face Value
- ₹10
Business Model
The company operates through three main business segments: (1) Cargo Handling Services - providing STS (Ship to Ship) Lighterage, Stevedoring, and other port services including cargo management; (2) Transportation Services - providing logistics solutions for dry bulk cargo including port-to-premise drop-off; and (3) Equipment Rentals and Ancillary Services. Revenue is generated by charging customers for cargo handling operations, transportation services measured by tonnage or distance, and equipment rental on per-day or per-tonnage basis.
Business Segments
Provides STS (Ship to Ship) Lighterage, Stevedoring, and other port services including cargo management at ports and jetties
Provides transportation services for dry bulk cargo including port to premise drop-off and vice versa as part of the logistic supply chain
Provides equipment rentals and other ancillary services
Provides dry bulk cargo handling services at ports and jetties, operates self-propelled barges, floating cranes, and other maritime equipment for cargo operations
Provides transportation services including freight movement of cargo and logistics coordination, operates a fleet of heavy vehicles and equipment
Transportation of dry bulk cargo including coal, clinker, salt, iron-ore, pet coke, sulphur and other commodities at ports and jetties
Operation of fleet of self-propelled barges, floating cranes, mini bulk carriers and motor tugs for cargo transportation
Rental of earthmoving equipment including material handling machines, excavators, pay loaders, tippers including trailers, tankers and other vehicles
Ship-to-Ship (STS) lightering services, stevedoring services, and other port services including cargo management services such as high heaping, railway rake handling, water sprinkling, and customs liaison. Lightering involves transfer of cargo from larger mother vessels to smaller daughter vessels (barges or mini bulk carriers) for ports with shallow draft restrictions. Stevedoring covers loading and unloading of cargo using shore-based and ship-based equipment.
Port-to-premise drop-off services and vice versa, providing complete logistic solutions for moving cargo to and from ports to various inland destinations. Uses own fleet as well as fleet on rent of earthmoving equipment for transporting dry bulk cargo including coal, clinker, salt, iron-ore, pet coke, sulphur, and limestone.
Providing vessels (barges, mini bulk carriers, tugs, floating cranes) and earthmoving equipment (material handling machines, excavators, pay loaders, tippers, tankers) on charter basis to other port players and shipping companies. Primarily uses own fleet for cargo handling but also offers chartering services when fleet is available.
Loading, unloading and handling of dry bulk cargo at ports
Transportation services
Chartering of fleet and rental of equipment
STS (Ship to Ship) Lighterage, Stevedoring and other port services including cargo management services for dry bulk cargo
Transportation services for dry bulk cargo including port to premise drop-off and vice versa as part of logistic supply chain
Chartering of vessels and rental of earthmoving equipment to customers
STS (Ship-to-Ship) Lightering Services, Stevedoring Services, and Other port services including cargo management services
Transportation services and vessel chartering
Leasing of barges, mini bulk carriers, and other equipment
Miscellaneous operating revenue
SWOT Analysis
Strengths
- • Established operational presence in shipping and logistics with demonstrated profitability(p.52)
- • Cost pass-through capability to customers via contract renegotiation(p.52)
- • Strong debt service coverage ratio indicating capacity to manage leverage(p.54)
- • Diversified customer and vendor relationships reducing concentration risk(p.70)
- • Established integrated shipping and logistics platform with 25+ years legacy(p.112)
- • Substantial existing fleet of 76+ vessels and 380+ earthmoving equipment(p.112)
- • Experienced promoter leadership with 55+ years combined experience(p.112)
- • Strategic operational footprint across 20+ ports in India and Sri Lanka(p.112)
- • Focused positioning on high-growth non-major ports and seasonal ports(p.112)
- • Prominent integrated shipping and logistics player with 75+ vessels and 380+ earthmoving equipment(p.188)
- • Over 26 years of operational experience in shipping and logistics industry(p.188)
- • Strong customer retention with 95.94% revenue from existing customers(p.189)
- • Long-standing relationships with top customers; 7 of top 10 customers have 5+ year relationships(p.189)
- • Proven financial growth with 22.14% PAT CAGR from FY2022 to FY2024(p.193)
- • Strong operational margins with 27.07% EBITDA margin in FY2024(p.193)
- • Own drydocking yard and in-house maintenance capabilities for fleet(p.194)
- • Established board governance structure with independent director majority on audit committee(p.231)
- • Comprehensive risk management committee with defined governance framework(p.238)
- • Strong promoter backing with significant equity ownership(p.243)
- • Diversified revenue streams across multiple service lines(p.295)
- • Established international presence with operations across multiple geographies(p.295)
- • Robust financial discipline with established audit and compliance frameworks(p.231)
- • Integrated end-to-end shipping and logistics solutions reducing customer complexity(p.349)
- • Diversified revenue from operations across cargo handling, transportation, and equipment rentals(p.370)
- • Strong geographic presence with operations at 20+ ports and jetties(p.338)
- • Substantial tangible asset base with over 75 vessels and 380+ equipment units(p.338)
- • Long-standing customer relationships with high retention rates(p.349)
- • Strong EBITDA margin of 33.19% in first half of FY2025 showing improved operational efficiency(p.339)
- • Strong revenue growth and operational scale in cargo handling(p.372)
- • Dominant cargo handling business with 40.92% volume growth(p.372)
- • Strong profitability and cash generation(p.374)
- • Consistent positive operating cash flows(p.374)
- • Diversified revenue streams across multiple business segments(p.372)
- • Specialized niche positioning in non-major ports with geographic advantage(p.372)
- • Established customer base across major corporations(p.379)
Weaknesses
- • Substantial unsecured borrowings repayable on demand creating liquidity risk(p.54)
- • Negative operating cash flows in recent period indicating liquidity stress(p.55)
- • High dependence on related party funding with significant unsecured loans from promoters(p.65)
- • Substantial contingent liabilities including tax disputes and arbitration proceedings(p.55)
- • Reliance on rented properties including registered office with short lease terms(p.69)
- • High trade receivables concentration at 85.99% of revenues indicating collection risk(p.53)
- • Dependency on secondary market vessel acquisition with no supply guarantees(p.113)
- • No binding commitments for vessel acquisition; dependent on broker engagement(p.114)
- • Significant outstanding debt obligations requiring capital deployment(p.114)
- • Objects of Issue have not been independently appraised by financial institutions(p.119)
- • High customer concentration with top 10 customers representing 68.88% of revenue(p.205)
- • Exposure to single largest customer at 17.39% of revenue(p.205)
- • High employee attrition rate of 24.01% in first half of FY2024-25(p.208)
- • Dependence on fuel costs with significant impact on margins(p.206)
- • Rented office, workshop and residential premises with leases expiring November 30, 2025(p.210)
- • High dependence on promoter financing with significant related party borrowings(p.291)
- • Substantial accumulated debt burden with both current and non-current obligations(p.291)
- • Concentration of trade receivables with extended aging periods(p.303)
- • Significant capital work-in-progress with uncertain completion timelines(p.302)
- • Limited employee benefits with no stock option scheme currently in place(p.242)
- • Reliance on specific customer base for significant revenue generation(p.286)
- • High dependence on small number of customers for significant portion of revenue(p.348)
- • Concentration of cargo handling at non-major ports vulnerable to customer loss(p.370)
- • Material contingent liabilities from tax litigations and arbitration proceedings(p.312)
- • Significant debt burden with net debt of ₹2,605.36 million as of September 2024(p.323)
- • Revenue declined by 11.61% from Fiscal 2023 to Fiscal 2024(p.370)
- • Significant customer concentration risk(p.378)
- • Rising equipment working expenses(p.373)
- • Increasing finance costs and debt obligations(p.373)
- • Material litigation and contingent liabilities(p.385)
- • Multiple outstanding tax disputes and regulatory demands(p.376)
Opportunities
- • Planned acquisition of Dry Bulk Carriers to expand operational fleet capacity(p.68)
- • Debt reduction plan to improve financial leverage and reduce financing costs(p.68)
- • Business growth through continued focus on cost optimization and operational efficiency(p.71)
- • Market expansion through opportunistic inorganic growth initiatives(p.71)
- • New subsidiary setup for ship leasing operations in GIFT City, Gandhinagar(p.56)
- • Planned acquisition of modern Supramax bulk carriers to expand fleet capacity(p.112)
- • Non-major ports handling growing share of Indian cargo traffic(p.152)
- • Significant growth projected in India's logistics market(p.145)
- • Government initiatives driving port infrastructure and logistics efficiency improvements(p.152)
- • Rising demand for auxiliary services at ports with high cargo traffic(p.167)
- • Indian port cargo expected to grow at 10.80% CAGR from 1,540 MMTs in FY2024 to 2,849 MMTs in FY2030(p.188)
- • Gujarat port cargo expected to grow at 17.50% CAGR from 317.20 MMTs in FY2024 to 720 MMTs in FY2030(p.188)
- • Inland waterway cargo volume increased 700% between FY2014 and FY2023(p.174)
- • Government support through multiple flagship initiatives including Sagarmala, Maritime India Vision 2030, and JMVP(p.171)
- • Expansion opportunity through 25-year coal mining contract for 118.90 million tonnes via consortium(p.195)
- • India-Middle East-Europe Economic Corridor connecting Indian ports to Europe via Middle East(p.172)
- • Capacity expansion through capital work-in-progress initiatives(p.302)
- • Growth in intangible asset development for technological advancement(p.300)
- • Geographic expansion with established presence in Africa and Sri Lanka(p.265)
- • Formalized dividend policy enabling shareholder returns(p.251)
- • Non-compete agreements securing market position across related entities(p.250)
- • Revenue growth trajectory across all service segments(p.295)
- • India's port cargo expected to grow at CAGR of 10.80% from FY2024 to FY2030(p.339)
- • Gujarat ports cargo expected to grow at CAGR of 17.50% from FY2024 to FY2030(p.339)
- • Expansion of working capital facilities post-IPO with bank limit increase(p.331)
- • Strategic award for coal mining operations representing new revenue stream(p.331)
- • India's strategic positioning for global shipping generating increased cargo demand(p.349)
- • Potential for customer acquisition with 14 new customers added in six months ended Sep 2024(p.348)
- • Expansion of working capital facilities to support business growth(p.380)
- • New coal mining project awarded to consortium(p.380)
- • Expansion through acquisition of vessels(p.380)
- • Fleet expansion and capacity increase strategy(p.373)
- • Growth in fleet chartering and equipment rental business(p.372)
Threats
- • Inability to pass through fuel and operating cost increases to customers(p.52)
- • Customer price negotiation pressure during economic slowdowns(p.52)
- • Volatility in fuel prices driven by international crude oil markets and geopolitics(p.52)
- • Port modernization risks causing operational disruptions and increased costs(p.56)
- • Natural calamities and climate events threatening logistics infrastructure and cargo(p.74)
- • Indian economic slowdown impact on shipping and logistics demand(p.74)
- • Inflation pressure on operating expenses limiting profit margins(p.74)
- • Foreign exchange volatility affecting overseas operations profitability(p.56)
- • Currency fluctuation risk impacting vessel acquisition costs(p.114)
- • Vessel acquisition expansion may not generate expected revenue increases(p.113)
- • Baltic Dry Index decline indicating softening shipping demand(p.165)
- • Aging Indian shipping fleet requiring renewal and replacement(p.164)
- • Limited draft capacity of Indian ports constraining large vessel operations(p.167)
- • Modernization of ports and increased operation costs emerge as serious threat to lighterage and barging industry(p.177)
- • Port modernization could negatively affect lighterage industry through sophisticated cargo handling facilities(p.169)
- • Geopolitical tensions such as Red Sea crisis pose threat to Indian shipping industry(p.177)
- • Rise in fuel prices impacts cost of operating vehicles and affects profitability(p.177)
- • Climate change and monsoons disrupt port operations and logistics(p.177)
- • Seasonal port closures during monsoon affect operations at non-all-weather ports(p.197)
- • Exposure to foreign exchange volatility through international operations(p.270)
- • Dependence on banking sector liquidity with multiple borrowing facilities(p.293)
- • Commodity price and input cost volatility affecting operational expenses(p.297)
- • Regulatory and compliance burden across multiple jurisdictions(p.265)
- • Port infrastructure dependencies and seasonal cargo handling variations(p.295)
- • Interest rate sensitivity on significant debt portfolio(p.297)
- • Volatility in cargo volumes linked to global and domestic economic conditions(p.347)
- • Trade barriers and tariff changes affecting cargo traffic(p.347)
- • Customer industry concentration risk with Oil and Gas, Energy and Coal sectors comprising 56.70% of revenue(p.349)
- • Dependence on non-major ports particularly in Gujarat with volume concentrated in coal commodity (86.06%)(p.347)
- • Regulatory and environmental restrictions on coal and other commodities(p.347)
- • Rising input costs that cannot be passed to customers affecting profitability(p.350)
- • Seasonal business variability and monsoon impact(p.378)
- • Foreign currency exchange rate fluctuation exposure(p.379)
- • Liquidity risk and working capital management challenges(p.379)
- • Credit risk concentration in trade receivables(p.379)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ashokkumar Haridas Lal | Promoter | 46.50% | — |
| Jitendra Haridas Lal | Promoter | 46.50% | — |
| Ashokkumar Haridas Lal | Promoter | 46.50% | — |
| Jitendra Haridas Lal | Promoter | 46.50% | — |
| Ashokumar Haridas Lal | Promoter | — | — |
| Jitendra Haridas Lal | Promoter | — | — |
| Ashokkumar Haridas Lal | Promoter | 46.50% | — |
| Jitendra Haridas Lal | Promoter | 46.50% | — |
| Ashokkumar Haridas Lal | Promoter | 50.00% | 50.00% |
| Jitendra Haridas Lal | Promoter | 50.00% | 50.00% |
| Ashokkumar Haridas Lal | Promoter/Chairman and Managing Director | — | — |
| Jitendra Haridas Lal | Promoter/Joint Managing Director | — | — |
| Jitendra Haridas Lal | Promoter | — | — |
Leadership
Ashokkumar Haridas Lal · Chairman and Managing Director
Jitendra Haridas Lal · Joint Managing Director
Archanaba Krunalsinh Gohil · Company Secretary and Compliance Officer
Harshida Jayesh Bhanushali · Chief Financial Officer
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.
Shreeji Shipping Global IPO FAQs
What is the lot size of Shreeji Shipping Global IPO?
The minimum lot size of Shreeji Shipping Global IPO is 58 shares. One lot costs ₹14,616 at the cut-off price.
When does Shreeji Shipping Global IPO open and close?
Shreeji Shipping Global IPO opened for subscription on 19 Aug 2025 and closed on 21 Aug 2025.
What is the listing date of Shreeji Shipping Global IPO?
Shreeji Shipping Global IPO listed on 26 Aug 2025.