Fly-Hi Maritime Travels IPO

About Fly-Hi Maritime Travels IPO

The Fly-Hi Maritime Travels IPO, an SME IPO, opens on Tuesday, September 01, 2026 and closes on Thursday, September 03, 2026. The allotment of shares will take place on Friday, September 04, 2026. The credit of shares to the demat account will take place on Monday, September 07, 2026. The initiation of refunds will take place on Monday, September 07, 2026. The listing of shares will take place on Tuesday, September 08, 2026.

The equity shares of the company are proposed to be listed on the BSE SME platform.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 41,60,400 shares aggregating up to ₹42.44 crore. The offer for sale portion includes 9,99,600 shares aggregating up to ₹10.20 crore. The total number of shares and aggregate amount are 51,60,000 shares aggregating up to ₹52.63 crore.

Fly-Hi Maritime Travels IPO's price is fixed at ₹102 per share. The lot size for an application is 1,200 shares. The minimum amount of investment required by a retail investor is ₹2,44,800 (2,400 shares, being two lots) based on the fixed issue price.

The company manages end-to-end travel arrangements for the crew of commercial shipping companies, coordinating airline ticketing, ground travel, hotel stays, and visa and immigration formalities from a seafarer's home country to the port of boarding.

Objectives of Fly-Hi Maritime Travels IPO

The company proposes to deploy the net proceeds of the fresh issue towards the following objects:

• Funding working capital requirements of the company.
  
• Repayment and/or pre payment, in part, of borrowings availed by the company.
  
• Talent acquisition for business marketing and development activities.
  
• General corporate purposes.
  

Industry Outlook

Shipping crew travel management is a niche segment. It covers the planning, booking, and coordination of seafarers' movement between vessels, ports, and home locations, spanning air travel, visa processing, accommodation, and ground transport. As global shipping routes lengthen and multinational crews grow more common, shipping operators increasingly outsource these functions to specialised marine-focused travel providers.

The global shipping crew travel management market expanded from USD 1.62 billion in 2019 to USD 2.18 billion in 2024. It is projected to advance from USD 2.36 billion in 2025 to more than USD 4.25 billion by 2033, driven by rising workforce mobility and the expansion of international shipping routes. Demand is structural. Growth tracks the underlying trade cycle.

According to UN Trade and Development, global maritime trade rose by 2.4% in 2023 to 12.3 billion tons and is projected to expand by an average of 2% annually through 2030. Rising vessel deployment across a wider set of routes translates directly into more frequent crew rotations and greater travel-coordination requirements. A persistent shortage of qualified seafarers adds to the complexity, with the International Transport Workers' Federation reporting at least 2,286 seafarers across 222 vessels abandoned in 2025, up sharply from the prior year.

About Fly-Hi Maritime Travels

Fly-Hi Maritime Travels arranges end-to-end travel for the crew of commercial shipping companies. Its scope runs from route planning and airline ticketing to visa and immigration coordination, OK-to-board clearance, real-time disruption handling, and 24/7 emergency support until seafarers reach their port of boarding. The company is IATA-accredited. It operates a centralised, lean-team model from its Mumbai corporate office, with its registered office in New Delhi.

The company's revenue is heavily overseas-weighted. In FY 26, international operations contributed ₹5,603.90 lakhs of ₹6,203.63 lakhs in revenue from operations, or roughly 90%, with the UAE accounting for 56.64% and Cyprus 29.48%. Tickets and allied services form the bulk of billings. Domestic revenue remains a small share.

Strengths of Fly-Hi Maritime Travels

• The company operates in a niche segment, serving commercial shipping companies exclusively for their crew-travel needs rather than the general travel market.
• A geographically diversified client base spanning more than six countries, including Cyprus, Greece, the USA, the UK, Singapore, the UAE, and India, reduces dependence on any single market.
• A UAE distributor extends the company's reach to large international clients that prefer to transact from Dubai.
• An India-based, asset-light operating model keeps manpower and overhead costs low, supporting the company's margins.

Risks of Fly-Hi Maritime Travels

• A majority of the business flows through a single exclusive UAE distributor, so any disruption to that relationship could interrupt servicing of international customers.
• The business is working-capital intensive, and an inability to fund working capital on time could constrain the Company's ability to service growing crew-travel volumes.
• Net cash from operating activities was negative ₹0.98 crore in FY 26, so weak operating cash generation could pressure liquidity if it persists.
• Most revenue is billed in foreign currency, so exchange-rate movements against the Rupee could erode the Company's realisations and margins.

Peer Comparison

There is no listed company which is dealing in similar business segments/ services as are our Company

Anchor Investor Bidding Date

Anchor investor allocation is not applicable for this SME IPO.

IPO Registrar and Book Running Lead Managers

Registrar Details
KFin Technologies Limited
Phone: +91 40 6716 2222/ 18003094001
Email Id: flyhi.ipo@kfintech.com

Lead Manager
Corporate Makers Capital Limited

Fly-Hi Maritime Travels Contact Details
SF-04, 2nd Floor, Vasant Square, Mall, Vasant Kunj, New Delhi110070.
Email: cs@fhmtravels.in
Phone: +91-9152110080

Fly-Hi Maritime Travels Business Model

The company earns its revenue through managing end-to-end travel arrangements for the crew of commercial shipping companies. It bills shipping-company clients for coordinating airline ticketing, ground travel, hotel stays, and visa and immigration formalities, along with round-the-clock disruption handling and emergency support, so that seafarers move from their home country to the port of boarding without interrupting vessel schedules. Tickets and allied services account for the bulk of billings, supplemented by visa and hotel services. Sourcing is arranged through direct connectivity with airlines, hotels, and transfer providers or through third-party aggregators, and a UAE distributor services large international clients.

Fly-Hi Maritime Travels Growth Trajectory

Fly-Hi Maritime Travels Limited's Total Income for FY 26 was ₹62.21 crore, whereas in FY 25 and FY 24 it was ₹45.75 crore and ₹45.41 crore, respectively.

The Profit After Tax for FY 26 was ₹8.43 crore, whereas in FY 25 and FY 24 it was ₹3.44 crore and ₹1.82 crore, respectively.

Their EBITDA for FY 26 was ₹12.97 crore, whereas in FY 25 and FY 24 it was ₹5.78 crore and ₹3.09 crore, respectively.

Fly-Hi Maritime Travels Market Position

Fly-Hi Maritime Travels serves commercial shipping companies from a centralised Mumbai base, with a client footprint spanning more than six countries and roughly 90% of FY 26 revenue drawn from overseas markets, led by the UAE and Cyprus. It is IATA-accredited and extends its reach to large international clients through a UAE distributor. The Company competes in a highly fragmented and largely unorganised market and reports no comparable listed Indian peer.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹62.21 crore, ₹8.43 crore, and ₹12.97 crore, respectively.

How to apply for Fly-Hi Maritime Travels IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.