The shares of Shreeji Shipping Global are set to make their market debut tomorrow (August 26). 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.
Shreeji Shipping Global IPO GMP:
Ahead of listing, the unlisted shares of the company were trading with a grey market premium (GMP) of nearly 13.5 percent over the IPO price at Rs 286 apiece, according to data on Investorgain. This is higher than the 12 percent GMP cited by the site on the day of allotments. However, it is lower than the 15 percent cited on its last day of public bidding.
According to IPO Watch, the unlisted shares of the company were trading with 11.11 percent GMP over the IPO price in the grey market.
Shreeji Shipping Global IPO: What to expect?
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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