Fly-Hi Maritime IPO
Miscellaneous • ₹52.63 Cr
High risk because:
- 5 material risk factors disclosed in DRHP
- High customer concentration flagged in the DRHP
- Working capital or debt pressure highlighted in DRHP
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹102
Lot Size
1200 shares
Issue Size
₹52.63 Cr
Open
01 Sept 2026
Close
03 Sept 2026
Subscription
—
IPO Schedule
| Issue Open Date | 01 Sept 2026 |
| Issue Close Date | 03 Sept 2026 |
| Listing Date | 07 Sept 2026 |
About Fly-Hi Maritime
Fly-Hi Maritime Travels Limited is a marine travel company engaged in managing end-to-end travel arrangements for crew members of commercial shipping companies. The company was incorporated in September 2021 and was converted into a public limited company in December 2025. The company manages various aspects of crew travel, including airline tickets, ground transportation, hotel accommodation, and visa applications, to facilitate the movement of crew members from their home countries to their designated ports of boarding. The company works with commercial shipping companies across more than six countries and focuses exclusively on addressing the travel requirements of maritime crew. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Funding working capital requirements of the company — Rs 24.24 crore Repayment and/or pre-payment, in full or in part, of certain borrowings availed by the company — Rs 4 crore Towards talent acquisition for business marketing and development activities — Rs 1.80 crore General corporate purposes — Rs 6.36 crore
Company Details
Founders / Promoters
Mr Jitendra Kumar Negi
Founded
2021
Registrar
KFin Techologies Ltd
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
Fly-Hi Maritime — IPOFins Verdict
QuantitativeDriven by elevated disclosed risk (9/10), Fly-Hi Maritime listed at a discount of 20.0% to its issue price. SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
- The company claims to have developed relationships with commercial shipping companies that contribute to repeat business and customer referrals. According to the company, word-of-mouth recommendations
- The company claims to have a workforce capable of handling complex crew movements requiring travel planning, real-time monitoring, prompt responses, and 24/7 support, which are particularly relevant w
- The company claims to have appointed a distributor in the UAE to serve international customers more closely. This presence may help address the preferences of shipping clients operating through Dubai
- The company claims that operating primarily from India provides lower manpower and operating costs compared with certain international markets. This cost structure may allow it to offer competitive cr
- The company has seen a consistent increase in revenue from operations and PAT. Revenue from operations increased from Rs 45.08 crore in FY24 to Rs 45.39 crore in FY25 to Rs 62.04 crore in FY26, while
Score breakdown — what drove this verdict
High risk from DRHP → score -1.6
Actual listing outcome → score −1.5
SME IPOs have lower liquidity after listing → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
Listing Performance
Issue Price
₹102
Listing Price
₹81.6
Listing Gain/Loss
-20.00%
Listing Date
07 Sept 2026
Price Since Listing
Returns are measured against the ₹102 issue price.
Listing
₹81.6
-20.0%
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FAQ
What is the price band of Fly-Hi Maritime IPO?
The price band is ₹102 per share with a lot size of 1200 shares. Minimum investment: ₹1,22,400.
What does Fly-Hi Maritime do?
Fly-Hi Maritime Travels Limited is a marine travel company engaged in managing end-to-end travel arrangements for crew members of commercial shipping companies. The company was incorporated in September 2021 and was converted into a public limited company in December 2025. The company manages various aspects of crew travel, including airline tickets, ground transportation, hotel accommodation, and visa applications, to facilitate the movement of crew members from their home countries to their designated ports of boarding. The company works with commercial shipping companies across more than six countries and focuses exclusively on addressing the travel requirements of maritime crew. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Funding working capital requirements of the company — Rs 24.24 crore Repayment and/or pre-payment, in full or in part, of certain borrowings availed by the company — Rs 4 crore Towards talent acquisition for business marketing and development activities — Rs 1.80 crore General corporate purposes — Rs 6.36 crore
Should I apply for Fly-Hi Maritime IPO?
Fly-Hi Maritime listed at ₹81.6 (-20.0% discount to the ₹102 issue price). IPOFins Score 1/10: Driven by elevated disclosed risk (9/10), Fly-Hi Maritime listed at a discount of 20.0% to its issue price. SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
Who founded Fly-Hi Maritime?
Fly-Hi Maritime was founded by Mr Jitendra Kumar Negi in 2021.