Shreeji Shipping Global IPO opens today; GMP at 12%. Should you subscribe?
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The Rs 411-crore IPO of Shreeji Shipping Global will open for subscription on Tuesday. The issue will close on Thursday, August 21 with shares set to list on the BSE on August 26.The IPO is a fresh issue of equity shares worth Rs 410.7 crore, with no offer-for-sale component. The price band has been fixed at Rs 240–252 per share, and investors can bid for a minimum of 58 shares per lot, translating to Rs 14,616 at the upper end of the price band.The company plans to use the proceeds for acquiring dry bulk carriers in the supramax category (Rs 251 crore), repaying debt (Rs 23 crore), and general corporate purposes.Ahead of the issue, the stock is commanding a grey market premium (GMP) of around 12%, indicating muted but positive listing expectations.Shreeji Shipping Global, incorporated in 1995, is an integrated shipping and logistics service provider specializing in dry bulk cargo handling at non-major ports in India and Sri Lanka.It operates a fleet of 80+ vessels, 370+ earthmoving machines, and has long-term relationships with clients across Oil & Gas, Energy, FMCG, coal, and metals.For FY25, the company reported revenue of Rs 610.5 crore, EBITDA of Rs 200.7 crore, and net profit of Rs 141.2 crore, with a robust EBITDA margin of 33%.Brokerages tracking the IPO point to the company's strong market positioning, operational efficiency, and valuation comfort.Canara Bank Securities notes that SSGL's 'niche positioning in dry bulk cargo logistics, robust asset base, and valuation comfort make the IPO attractive,' recommending a Subscribe for long-term investors.Analysts also highlighted risks such as dependence on cargo handling volumes, cyclical global trade fluctuations, and competition from domestic and global peers.At the upper price band, the issue is valued at a P/E of 25.6x FY25 earnings. Despite revenue contraction in recent years, profitability has expanded, with net margins rising to 23% in FY25.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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