The shares of Shreeji Shipping debuted on stock markets on August 26, listing at Rs 271.85 apiece on BSE. This marks a premium of nearly 8 percent over the IPO price of Rs 252 apiece.
The stock then tumbled more than 6 percent to close at Rs 254.60 apiece, marking a only 1 percent rise from the IPO price. The market capitalisation of the newly-listed stock stands at around Rs 4,148 crore.
On NSE, the shares listed with around 7 percent premium over the IPO price at Rs 270 apiece. The stock then dropped around 6 percent to close at Rs 254.40 apiece on the stock exchange.
The listing premium is significantly lower than the 13.5 percent grey market premium (GMP) with which unlisted shares of the company were trading in the unofficial grey market, ahead of listing, according to data on Investorgain. As per IPO Watch, the unlisted shares of the company were trading with 11.11 percent GMP over the IPO price.
The Rs 411-crore IPO saw strong investor interest during its three days of public bidding, being subscribed over 58 times between August 19 and August 21. The maiden public issue of the Gujarat-based shipping and logistic solution company entirely comprised a fresh issue of shares at a price band of Rs 240-252 per share. Investors could bid for a minimum of 58 shares, requiring an investment of Rs 14,616 at the upper price band, and in multiples thereafter.
Should you buy, sell or hold?
"As Shreeji enjoys an established market position, rising margins, and the potential for growth, the firm is a strategic exposure for investors looking for the logistics transformation story in India which should still have a long tail. SREJ offers investors long-term exposure to the growth of Logistics in India, and the upside potential on future AI integrations and current succession plans," said Master Capital Services.
The strong subscription numbers for Shreeji Shipping Global IPO reflects overwhelming investor appetite, said Harshal Dasani, Business Head, INVasset PMS. "This enthusiasm came despite a moderation in topline performance, as revenue declined from Rs 736 crore in FY24 to Rs 610 crore in FY25. Profitability, however, showed resilience with a 13 percent year-on-year rise in net profit to Rs 141 crore, aided by tighter cost controls and improved operational efficiency. The company's return ratios remain enviable, with return on equity near 44 percent and return on capital employed above 32 percent, although valuation multiples—around 29 times earnings and over five times book—sit well above sector norms," he added.
Dasani noted that the dry-bulk segment remains highly exposed to global trade volatility and freight cycles, with concentration risk in customer exposure. "The fundamentals suggest a well-run company with strong profitability metrics, but the stretched valuations mean near-term listing gains could be offset by future earnings execution. For investors, the stock may be better suited as a tactical play on listing momentum, while long-term exposure requires careful monitoring of industry cycles," he further said.
Narendra Solanki, Head of Fundamental Research, Investment Services, Anand Rathi Shares and Stock Brokers, advised investors to 'hold' the issue for the long term, according to their risk appetite. "At the upper price band company is valuing at P/E of 28.5x to its FY25 earnings, with EV/EBITDA of 21.4x and market cap of ₹ 41,055 million post issue of equity shares," he said.
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