Transvoy Logistics India SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 20 Jan 2023 – 24 Jan 2023
- Listing date
- 02 Feb 2023
- Face value
- ₹10 per share
- Issue price
- ₹71 per share
- Lot size
- 1,600 shares
- Total issue size
- ₹5.11 Cr
- Market cap at offer price
- ₹18.91 Cr
- Promoter holding
- 97.94% → 71.46% pre-issue → post-issue
- ISIN
- INE0MPU01011
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- B-504, Mondeal Heights, B/S Novotel Hotel, S.G.Highway, 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 |
|---|---|---|---|
| Market maker | 38,400 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹71
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,13,600 |
| S-HNI (min) | 2 | 3,200 | ₹2,27,200 |
| S-HNI (max) | 8 | 12,800 | ₹9,08,800 |
| B-HNI (min) | 9 | 14,400 | ₹10,22,400 |
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 (₹) | 10.31 | — |
| P/E (×) | 6.89 | — |
| Market cap | — | ₹18.91 Cr |
Key performance indicators
- Return on net worth
- 107.15%
- ROCE
- 56.69%
- Debt / equity
- 0.97
- PAT margin
- 59.00%
- NAV per share
- ₹10.17
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Transvoy Logistics India SME
Transvoy Logistics India Limited was incorporated on July 30, 2015, as a private limited company and converted to a public limited company on July 4, 2022. The company is engaged in integrated logistics solutions with core expertise in NVOCC (Non-Vessel Owning Common Carrier), Freight Forwarding, Customs Clearance, Transportation Handling, and MEIS License Trading Advisory. The company's promoters—Mr. Ravindrakumar Kumarchandra Joshi, Mrs. Dipti Ravindrabhai Joshi, and Mr. Naitik Ravindrakumar Joshi—collectively bring over 42 years of experience in the logistics industry. The company operates through a wholly-owned subsidiary, Aashirvad Shipping & Allied Private Limited (registered Custom House Broker), and a 55% stake subsidiary in Singapore, Transvoy Logistics PTE. Ltd. Revenue from operations has grown from ₹42.67 lakhs (FY 2020) to ₹1,047.95 lakhs (period ended November 25, 2022). The company earns revenue by providing value-added logistics services to clients on a purchase order basis without long-term contracts.
Company Analysis
from RHPTransvoy Logistics India Limited provides integrated logistics solutions including NVOCC, freight forwarding, customs clearance, and transportation services across India, China, Middle East, Sri Lanka, Singapore and Malaysia.
Transvoy Logistics India Limited was incorporated on July 30, 2015, as a private limited company and converted to a public limited company on July 4, 2022. The company is engaged in integrated logistics solutions with core expertise in NVOCC (Non-Vessel Owning Common Carrier), Freight Forwarding, Customs Clearance, Transportation Handling, and MEIS License Trading Advisory. The company's promoters—Mr. Ravindrakumar Kumarchandra Joshi, Mrs. Dipti Ravindrabhai Joshi, and Mr. Naitik Ravindrakumar Joshi—collectively bring over 42 years of experience in the logistics industry. The company operates through a wholly-owned subsidiary, Aashirvad Shipping & Allied Private Limited (registered Custom House Broker), and a 55% stake subsidiary in Singapore, Transvoy Logistics PTE. Ltd. Revenue from operations has grown from ₹42.67 lakhs (FY 2020) to ₹1,047.95 lakhs (period ended November 25, 2022). The company earns revenue by providing value-added logistics services to clients on a purchase order basis without long-term contracts.
Objects of the Issue
- To Meet Working Capital Requirements ₹60.00 lakhs p.17
- Investment in Subsidiary for Purchase of Containers ₹250.00 lakhs p.17
- General Corporate Purpose ₹127.75 lakhs p.17
- To Meet Working Capital Requirements ₹60.00 Lakhs p.69
- Investment in Subsidiary for Purchase of Containers ₹250.00 Lakhs p.69
- General Corporate Purpose ₹127.75 Lakhs p.69
- To meet Public Issue Expenses ₹73.45 Lakhs p.68
- General corporate purposes
Issue Structure
- Total Issue
- ₹511.20 lakhs
- Fresh Issue
- 720,000 Equity Shares of face value of ₹10/- each at ₹71/- per share aggregating to ₹511.20 lakhs
- Offer for Sale
- Nil
- Price Band
- ₹71/- per Equity Share (fixed price issue)
- Face Value
- ₹10/- per Equity Share
Business Model
The company earns revenue through freight forwarding, customs clearance, and allied logistics and transportation services. It operates as a third-party logistics provider, relying on a network of overseas agents for cargo handling, transportation, warehousing, and timely delivery. The company depends on independent third parties for freight services (truck, rail, ocean, and air) and does not own or control the transportation assets that deliver customer cargo.
Business Segments
SWOT Analysis
- • Established integrated logistics platform with diverse service offerings(p.14)
- • Promoters have substantial combined experience in logistics industry(p.14)
- • Customized service approach with individual client assessment(p.14)
- • Established subsidiary with custom clearing license and geographic expansion(p.14)
- • Committed to consistent quality and long-term customer relationships(p.14)
- • Experienced promoters with combined 42+ years in logistics(p.94)
- • Asset-light business model enabling flexibility and scalability(p.97)
- • Established customer relationships supporting revenue retention(p.97)
- • Well-defined organizational structure with qualified management team(p.97)
- • Multiple integrated service verticals (freight forwarding, customs clearance, allied logistics)(p.114)
- • 30+ years logistics industry experience by Chairman/MD(p.121)
- • Integrated logistics service offering covering NVOCC, freight forwarding, customs clearance, and transportation(p.141)
- • Multi-geography operational footprint across India, China, Middle East, Sri Lanka, Singapore and Malaysia(p.141)
- • Wholly owned subsidiary and recent Singapore subsidiary expansion demonstrating growth trajectory(p.141)
- • Promoter board composition with 10+ years logistics experience(p.122)
- • Integrated logistics business with diverse service offerings(p.201)
- • Promoters' combined deep industry experience(p.201)
- • Wholly-owned subsidiary with customs clearance authorization(p.201)
- • Strong revenue growth trajectory(p.205)
- • Significant profit growth in recent period(p.206)
- • Foreign subsidiary expansion(p.201)
- • Lack of long-term contracts with dealers, suppliers and customers(p.27)
- • Vulnerability to customer payment delays and defaults(p.27)
- • Significant working capital requirements for business growth(p.29)
- • Negative cash flow from operating activities in recent years(p.29)
- • Registered office title not yet transferred to company(p.28)
- • Heavy dependence on promoters and key managerial personnel(p.30)
- • Promoter group members lack formal consent to inclusion in prospectus(p.26)
- • Subsidiary engaged in pending tax proceedings(p.26)
- • Heavy dependency on third-party service providers(p.100)
- • Lack of brand awareness in the market(p.100)
- • Very small employee base of only 4 employees(p.101)
- • Limited financial resources compared to larger competitors(p.101)
- • Heavy reliance on related party advances and loan funding(p.152)
- • Significant trade receivables concentration - potential collection risk(p.138)
- • Unsecured loans from promoters creating governance risk(p.149)
- • High current borrowings relative to equity base(p.138)
- • Executive Director with minimal industry experience (2 months)(p.119)
- • High customer concentration risk(p.208)
- • Significant supplier concentration dependency(p.208)
- • Material tax liabilities in subsidiary company(p.212)
- • Outstanding TDS defaults in subsidiary(p.212)
- • High debt-to-equity ratio(p.209)
- • Growing Indian logistics market with sustained expansion(p.16)
- • Entry of global players and consolidation trend in logistics(p.16)
- • Increasing demand for multi-modal logistics services(p.16)
- • Significant PE investment inflows in Indian logistics sector(p.16)
- • Fragmented industry structure offering consolidation opportunity(p.17)
- • Expansion into new geographical markets(p.100)
- • Growth through additional value-added services(p.100)
- • Government support for export promotion(p.100)
- • Increasing outsourcing trend of logistics functions by corporates(p.92)
- • GST implementation consolidating warehouse landscape(p.92)
- • Strong growth in Indian logistics industry at 16% CAGR(p.88)
- • Expansion into international markets through Singapore subsidiary(p.141)
- • Customized client solutions through individual engagement approach(p.173)
- • Cost optimization through outsourced business partner network(p.173)
- • Revenue growth trajectory demonstrated by 108% increase YoY(p.171)
- • Multi-country service expansion(p.201)
- • Geographic expansion potential(p.203)
- • Strategic business partnerships via outsourcing(p.201)
- • Value-added allied services expansion(p.202)
- • Dependence on overseas agents for service delivery and operational risks(p.28)
- • Reliance on third-party carriers for transportation and delivery(p.28)
- • Operating risks including accidents, mishaps and hazardous cargo handling(p.28)
- • Foreign exchange fluctuation risks affecting service costs(p.30)
- • Subsidiary investment exposed to foreign currency fluctuations(p.27)
- • COVID-19 pandemic impacts on logistics operations and supply chains(p.33)
- • Regulatory and licensing requirements subject to government discretion(p.28)
- • Natural calamities and adverse weather impacts(p.35)
- • Interest rate fluctuation and financing cost risks(p.35)
- • Tax and regulatory policy changes impacting profitability(p.35)
- • Intense competition from organized and unorganized players(p.101)
- • Low entry barriers enabling new competitor entry(p.101)
- • Change in government policies and regulations(p.100)
- • Highly fragmented and unorganized logistics industry(p.101)
- • Global economic uncertainty and inflation pressures(p.82)
- • Dependence on few large customers for revenue generation(p.146)
- • Significant working capital pressure from trade receivables aging(p.180)
- • Volatile profit margin subject to freight and service cost fluctuations(p.153)
- • Regulatory compliance risks in international logistics operations(p.141)
- • COVID-19 pandemic impact(p.203)
- • Dependence on limited number of customers(p.203)
- • Global economic instability(p.203)
- • Geopolitical risks(p.203)
- • Government policy risk(p.203)
- • Competitive intensity(p.203)
- • Environmental and uninsured loss risks(p.203)
- • Regulatory compliance burden(p.203)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Ravindrakumar Kumarchandra Joshi | Promoter | 700,700 shares (36.06%) | 700,700 shares (26.31%) |
| Mrs. Dipti Ravindrabhai Joshi | Promoter | 532,400 shares (27.40%) | 532,400 shares (19.99%) |
| Mr. Naitik Ravindrakumar Joshi | Promoter | 587,400 shares (30.23%) | 587,400 shares (22.06%) |
| Ravindrakumar Kumarchandra Joshi | Promoter | 36.06% | 26.31% |
| Dipti Ravindrakumar Joshi | Promoter | 27.40% | 19.99% |
| Naitik Ravindrakumar Joshi | Promoter | 30.23% | 22.06% |
| Pooja Naitik Joshi | Promoter Group | 4.13% | 3.02% |
| Aakash Parikh | Promoter Group | 0.06% | 0.04% |
| Dhruv Shah | Promoter Group | 0.06% | 0.04% |
| Mr. Ravindrakumar Kumarchandra Joshi | Promoter-Chairman cum Managing Director | 36.06% | — |
| Mrs. Dipti Ravindrabhai Joshi | Promoter-Non-Executive Director | 27.40% | — |
| Mr. Naitik Ravindrakumar Joshi | Promoter-Whole Time Director & CFO | 30.23% | — |
| Ravindrakumar Kumarchandra Joshi | Promoter | — | — |
| Dipti Ravindrabhai Joshi | Promoter | — | — |
| Naitik Ravindrakumar Joshi | Promoter | — | — |
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.