Shipwaves Online Ltd IPO GMP Steady at ₹0; Expected 0% Listing Gain

Shipwaves Online Ltd IPO is generating muted conversations in the grey market ahead of its listing on 2025-12-17. Despite strong fundamental growth reported in its prospectus, the grey market sentiment remains flat, signaling a quiet debut on the bourses.

📊 GMP Snapshot: What’s the Premium Today?

As of December 15, 2025, the Grey Market Premium (GMP) for Shipwaves Online Ltd has flattened to ₹0, indicating a neutral market sentiment. Early sessions saw minor activity around ₹3-4, but this premium has eroded as the listing date approaches.

Metric	Value
Issue Price	₹12
Current GMP	₹0 (Source: ipodekho.in / ipowatch.in as of 2025-12-15)
Expected Listing Price	₹12
Expected Listing Gain	0%
Minimum Investment	₹120,000 (10,000 shares)
Data Source	ipodekho.in / ipowatch.in

Fundamental-IQ Analysis: A GMP of ₹0 implies that the unlisted market expects the stock to list at par with its issue price. The absence of a premium often reflects caution among short-term traders or a lack of liquidity in the counter before listing. Investors looking for “pop” gains should temper expectations immediately.

📈 Subscription Status: How Strong is the Demand?

The subscription data reveals a stark contrast between retail enthusiasm and institutional caution. The issue closed with an overall subscription of approximately 1.64 times, driven largely by retail investors, while the Non-Institutional Investor (NII) category remained undersubscribed.

Category	Subscription
QIB	0.00 times (Not Applicable/No Allocation)
NII	0.36 times
Retail	2.92 times
Overall	1.64 times

Interpretation:

• Retail Demand (2.92x): Retail investors have shown moderate interest, likely attracted by the low absolute share price of ₹12.
• NII Weakness (0.36x): The “smart money” (HNI/NII) category was significantly undersubscribed. In SME IPOs, NII participation is a critical indicator of market confidence. A figure below 1.0x typically signals that savvy investors see limited short-term upside or valuation concerns.
• QIB Absence: As a fixed-price SME issue, there was no specific QIB quota or participation, which further limits the institutional validation of the price point.

🏢 Company Overview

Shipwaves Online Ltd operates as a digital freight forwarding and enterprise SaaS solutions provider. Established in 2015, the company offers a unified platform for cross-border logistics, integrating ocean, land, and air transport.

Key Fundamentals:

• Revenue Growth: Revenue climbed to ₹108.65 Cr in FY25, up from ₹97.28 Cr in FY24, reflecting steady business scaling.
• Profitability: The company demonstrated a robust bottom-line performance, with Profit After Tax (PAT) nearly doubling to ₹12.20 Cr in FY25 compared to ₹6.29 Cr in FY24.
• Business Model: By combining traditional logistics with a SaaS layer, Shipwaves aims to digitize the fragmented freight industry, offering real-time tracking and automated documentation.

Competitive Positioning: While the financials show a healthy doubling of profits, the logistics sector is highly competitive with thin margins. The company’s “asset-light” digital model is a strength, but the undersubscription from NIIs suggests the market may be skeptical about the sustainability of its recent growth spurt or the aggressive pricing relative to peers.

🎯 Verdict: Should You Apply?

Verdict: Long Term Only

Based on the final data points before listing, the outlook for Shipwaves Online Ltd is mixed.

1. No Listing Gain Buffer: With a GMP of ₹0 and an expected listing gain of 0%, this is not a candidate for listing gain strategies. The risk of a flat or even discounted listing is real given the weak NII support.
2. Fundamental Strength: The company’s financial performance—specifically the 94% jump in PAT—is impressive. A P/E valuation based on FY25 earnings appears reasonable compared to industry peers.
3. Smart Money Signal: The NII subscription of just 0.36x is a major red flag for immediate price action. It suggests that the market makers and HNIs are not willing to bet on this stock at ₹12 in the current environment.

Conclusion: Investors seeking quick flips should Avoid this listing. However, for those with a high-risk appetite and a horizon of 2-3 years, the company’s fundamental growth trajectory offers potential value. We categorize this strictly as “Long Term Only”, advising investors to wait for the listing dust to settle. Buying on dips post-listing may offer a better entry point than the IPO price if the stock faces initial selling pressure.