Shipwaves Online Limited is a reputable digital freight forwarding and logistics-technology company headquartered in Mangalore, Karnataka, which officially declared the launch specifications of its first public offering (IPO). The public issue will raise a total of ₹56.35 crore and will be listed on the BSE SME platform. This major advance towards the public listing highlights the strong growth path of the company and how the company is set to exploit the booming logistics and Software as a Service (SaaS) markets in India. The IPO will open to subscription on December 10, 2025, and close its bidding window soon after on December 12, 2025, which is a rather short period of time in which investors can take part in the offering.
The IPO is organised on the principle of issue of new equity at a fixed price, which is a typical method of listing SMEs. The number of equity shares to be issued by Shipwaves Online Limited will be 4.69 crore with a face value of ₹1/-. These shares are being sold to the general population at a fixed rate of ₹12 per share. The entire amount of shares offered amounts to a dilution of the company at 33.19% of the equity capital base of the company, right after the shares are issued.
This dilution indicates the amount of ownership of the company being sold to new shareholders of the company, who are the public. The formal listing of the IPO will be on the BSE SME platform, which will specifically target small and medium enterprises in need of capital in the form of public markets.
The issue has been given to Finshore Management Services Private Limited, which will lead the issue and manage and execute the IPO. The Registrar will be Cameo Corporate Services Limited, which will be in charge of the process of allotment of shares and operations of the share registry of the company.
Anant Securities has been appointed the Market Maker to the issue and will have the responsibility of ensuring liquidity and orderly trading in the shares after the listing. These appointments complete the intermediate structure required in the successful execution of the offering and subsequent listing.
Shipwaves Online Limited was founded in 2015 and has established itself as a single logistics and SaaS solutions company with a multimodal logistics platform. Its all-inclusive service provisions cover different modes of transportation, such as ocean, air, and road freight services, which offer end-to-end delivery services to supply chain requirements.
In addition to the physical logistics, the company provides an advanced package of enterprise SaaS applications aimed at streamlining the supply chain processes of its customers. The core of the value proposition of the company is these technological capabilities that provide the ability to manage logistics without any hassles.
The digital capabilities of the company offer essential services like real-time tracking of deliveries, automated record keeping, online bookings, demand forecasting applications, and an integrated system of digital freight management. Shipwaves helps its customers to have seamless end-to-end logistics processes by combining logistics implementation with cutting-edge technology.
This business model hybrid puts the company in a better position to capitalise on the physical flow of goods as well as monetise its proprietary supply chain technology. The company promoters are Kalandan Mohammed Haris, Kalandan Mohammed Althaf, Kalandan Mohammad Arif, Abid Ali, Bibi Hajira and Mohammed Sahim Haris.
The consolidated revenue of Shipwaves Online Limited also reported a strong growth, increasing by ₹96.71 crore in the basis fiscal year ending March 31, 2024 (FY24) to ₹108.28 crore in the basis fiscal year ending March 31, 2025 (FY25). Profit after tax (PAT) almost doubled over the period and rose to a huge amount of ₹10.83 crore in FY25 compared to ₹5.83 crore in FY24.
The company has claimed to have improved operational efficiencies, as reflected by a better EBITDA margin of 17.51% in FY25. In the last half-year period reported ending September 30, 2025, the company reported its healthy performance with ₹40.98 crore revenue and a PAT of ₹4.45 crore, keeping its profit margin healthy at 10.88%.
Based on the IPO prospectus, the revenues obtained as a result of the ₹56.35 crore capital raise will be allocated to various strategic initiatives that will serve to drive the future of the company and stabilise its financial base. The main purposes of funds are to meet the working capital needs to facilitate the day-to-day operations and growth.
Some of the capital is to be invested in the subsidiary of the company, indicating future vertical or horizontal expansion of the company via its subsidiaries. The funds will be used in the partial repayment or prepayment of current borrowings, and this will lower the leverage of the company and enhance balance sheet performance.
The Net Worth of the company is expected to grow significantly by ₹30.76 crore to ₹87.12 crore after issues. The Share Capital will be increased to ₹14.14 crore from ₹9.45 crore, which is all issued equity shares of ₹1/- face value. The equity structure will also change with the promoter shareholding, which is currently at 99.96%, and will be diluted to 66.79% once the IPO has been successfully closed with the introduction of the public shareholders.
The ₹56.35 crore SME IPO announced by Shipwaves Online Limited on the BSE platform is a clear indication of how the company has managed to integrate logistics and technologies in the Indian market. Through the use of the IPO proceeds to strengthen its working capital, invest in its subsidiary, and deal with the current debt, Shipwaves is equipping its financial and operational framework to continue accelerating and playing a crucial part in the growing Indian digital logistics ecosystem. The offering, which is planned between December 10 and December 12, 2025, is a significant milestone for the Mangalore-based firm as it goes into a publicly listed company.