Fly-Hi Maritime Travels IPO Review 2026: Key Investor Insights

The Fly-Hi Maritime Travels IPO is open for bidding from 1 September 2026 to 3 September 2026. It is a fixed price issue of Rs 52.63 crore, comprising a fresh issue of about Rs 42.43 crore and an offer for sale of about Rs 10.20 crore by the company promoter. The issue will be listed on the SME platform of BSE, with a tentative listing date of 8 September 2026.

Incorporated in September 2021 and headquartered in Mumbai, Fly-Hi Maritime Travels is a specialised maritime travel company that manages crew travel and mobility solutions for commercial shipping companies, including airline ticketing, visa coordination and 24×7 travel support. The company has posted strong growth in both revenue and profit in FY26.

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Fly-Hi Maritime Travels IPO Details

The Fly-Hi Maritime Travels IPO date is fixed between 1 September 2026 and 3 September 2026. The face value of Fly-Hi Maritime Travels shares is Rs 5 per share, and the issue is priced at a fixed price of Rs 102 per share. Kfin Technologies Ltd. is the registrar of the issue and is responsible for managing the allotment process and initiating refunds. Check the latest Fly-Hi Maritime Travels IPO details in the table below.

Particular	Details
Allotment Date	4 September 2026
Open Date	1 September 2026
Close Date	3 September 2026
Refund Initiation	7 September 2026
Issue Size	51,60,000 shares (agg. up to Rs 53 Cr)
Fresh Issue	38,96,400 shares ex Market Maker (agg. up to Rs 40 Cr)
Offer for Sale	9,99,600 shares (agg. up to Rs 10 Cr)
Face Value	Rs 5 per share
Lot Size	1,200 Shares
Issue Price	Rs 102 per share (fixed price)
Issue Type	Fixed Price IPO
Listing At	BSE SME
Listing Date	8 September 2026

Fly-Hi Maritime Travels IPO Share Reservation

Fly-Hi Maritime Travels IPO comprises a total issue size of 51,60,000 shares. Of the net offer, 50 percent is reserved for non-institutional investors (NII/HNI) and 50 percent for retail individual investors, with a further 2,64,000 shares reserved on a firm basis for the market maker. The table below shows the share reservation.

Investor Category	Shares Offered	Shares Percentage
NII (HNI)	24,48,000	47.44% of total issue
Retail	24,48,000	47.44% of total issue
Market Maker	2,64,000	5.12% of total issue
Total	51,60,000	100.00%

Financial Health

Fly-Hi Maritime Travels reported total income of Rs 62.21 crore for the year ended 31 March 2026, up 36 percent from Rs 45.75 crore in the previous fiscal. Profit after tax rose sharply by 145 percent to Rs 8.43 crore in FY26 from Rs 3.44 crore in FY25, while EBITDA more than doubled to Rs 12.49 crore from Rs 5.27 crore.

The improvement in profitability lifted the EBITDA margin to 20.14 percent and the PAT margin to 13.58 percent in FY26, reflecting the benefits of scale in the company’s asset-light travel management model.

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Technical Analysis

Key Indicators	Value
PE Ratio (Price to Earnings)	12.13
EPS (Earnings Per Share)	Rs 8.41
RoNW	61.29%
ROCE	67.22%
ROE	61.29%
EBITDA Margin	20.14%
Price to Book Value	5.69
Market Capitalisation	Rs 144.64 Cr

The pre-issue PE ratio of Fly-Hi Maritime Travels works out to around 12.13 times, which is reasonable relative to peers in the tour and travel related services segment. Return ratios are strong, with ROE at 61.29 percent and ROCE at 67.22 percent for FY26.

Note: The data mentioned above is taken from the RHP/DRHP and reflects pre-issue financials. The valuation metrics of Fly-Hi Maritime Travels are subject to change once the issue is fully subscribed and shares are allotted. Refer to the table below for pre-issue and post-issue metrics.

Indicators	Pre-IPO	Post-IPO
EPS (Rs)	8.41	5.94
PE Ratio (x)	12.13	17.17

Fly-Hi Maritime Travels IPO Subscription Status

The Fly-Hi Maritime Travels IPO opened for bidding on 1 September 2026. As the issue is currently open, the category wise subscription status is yet to be announced. Stay informed on this page to check the live Fly-Hi Maritime Travels IPO subscription status once bidding data becomes available.

Investor Categories	Shares Offered	Shares Percentage	Shares Subscribed	Subscription to the Times
NII (HNI)	24,48,000	47.44%	Yet to be announced	Yet to be announced
Retail	24,48,000	47.44%	Yet to be announced	Yet to be announced
Market Maker	2,64,000	5.12%	Yet to be announced	Yet to be announced
Total	51,60,000	100.00%	Yet to be announced	Yet to be announced

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About Fly-Hi Maritime Travels Limited

Incorporated in September 2021, Fly-Hi Maritime Travels Limited is a specialised maritime travel company engaged in providing end-to-end crew travel and mobility solutions for commercial shipping companies. The company manages travel arrangements for seafarers from their home countries to their designated ports of boarding, including airline ticketing, route planning, ground transportation, hotel bookings, visa coordination and round the clock travel support.

Fly-Hi Maritime Travels serves commercial shipping companies across more than six countries, including Cyprus, Greece, the USA, the UK, Singapore, UAE and India. The company is accredited by the International Air Transport Association (IATA) and its registered office has been recognised as a startup by the DPIIT. As of July 2026, the company had a workforce of 54 employees across travel operations, marketing, visa operations, finance, IT and HR.

Competitive Strengths: IATA accreditation and international servicing capabilities, a centralised and efficient operational model, presence in international markets through a UAE distributor, and established relationships with customers across multiple geographies.

Fly-Hi Maritime Travels Limited Financials

Fly-Hi Maritime Travels Ltd. revenue increased by 36 percent and profit after tax rose by 145 percent between the year ended 31 March 2025 and 31 March 2026. See the table below for the company financials on a restated consolidated basis.

Period Ended	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	37.94	23.00	16.47
Total Income	62.21	45.75	45.41
Profit After Tax	8.43	3.44	1.82
EBITDA	12.49	5.27	2.68
Net Worth	17.96	9.53	6.09
Reserves and Surplus	12.95	9.52	6.08
Total Borrowings	12.97	10.03	4.84

Amount in Rs Crore

Total borrowings rose to Rs 12.97 crore in FY26 from Rs 10.03 crore in FY25, broadly in line with the scale up in revenue, while net worth grew nearly twofold on the back of retained earnings.

Fly-Hi Maritime Travels Limited IPO Promoter Holdings

Fly-Hi Maritime Travels is promoted by Jitendra Kumar Negi and Mridul Dilip Singhvi. Jitendra Kumar Negi is also the sole selling shareholder in the offer for sale, offloading 9,99,600 shares worth Rs 10.20 crore.

Category	Pre-Issue	Post-Issue
Promoter and Promoter Group	80.00%	49.48%
Public	20.00%	50.52%

Aim of the Fly-Hi Maritime Travels IPO

The primary aim of the Fly-Hi Maritime Travels IPO is to raise around Rs 42.44 crore through the fresh issue component (excluding the market maker portion). The company proposes to utilise the net proceeds towards the following objects.

• Funding working capital requirements of the company (Rs 24.24 Cr)
• Repayment or pre-payment, in part, of borrowings availed by the company (Rs 4.00 Cr)
• Business marketing and development activities (Rs 1.80 Cr)
• General corporate purposes (Rs 6.37 Cr)
• Issue related expenses (Rs 6.03 Cr)

Should I Invest in the Fly-Hi Maritime Travels IPO?

Explore the pros and cons of Fly-Hi Maritime Travels below to understand the IPO’s potential to deliver returns before deciding whether to apply or avoid the issue.

Pros of Investing in Fly-Hi Maritime Travels

• Sharp FY26 turnaround with revenue up 36 percent and profit after tax up 145 percent, alongside strong ROE of 61.29 percent and ROCE of 67.22 percent
• A niche, high barrier segment with IATA accreditation and an established international footprint across more than six countries
• Asset-light services model, reflected in a healthy EBITDA margin of around 20 percent in FY26

Cons of Investing in Fly-Hi Maritime Travels

• A small, single-service SME business that remains exposed to global shipping crew travel demand cycles
• The offer for sale component allows the promoter a partial exit alongside the fresh issue
• As a fixed price SME issue, there is limited market driven price discovery compared with a bookbuilding issue

How to Apply for the Fly-Hi Maritime Travels IPO?

1. Conduct thorough research on the Fly-Hi Maritime Travels IPO subscription status, issue size, lot size and other details.
2. Open a demat account with Univest to access real time insights on subscription status, or use your existing demat account by navigating to the IPO section.
3. Place a bid for a minimum of 2 lots of 2,400 shares, worth Rs 2,44,800 at the issue price, or in multiples of 1,200 shares thereafter.
4. You will receive a mandate request after placing the bid. Approve the request on your UPI app to complete the application.

Note: You can apply for the Fly-Hi Maritime Travels IPO across multiple demat accounts to increase your chances of allotment.

How to Check Fly-Hi Maritime Travels Allotment Status?

You can check the Fly-Hi Maritime Travels IPO allotment status in different ways, including the BSE SME website and the registrar portal. Follow the steps below.

Check On BSE SME

1. Visit the official BSE website.
2. Navigate to the IPO allotment status section for the SME platform.
3. Select SME as the issue type and choose Fly-Hi Maritime Travels IPO from the list.
4. Choose whether to proceed with your PAN number or application number.
5. Submit your details to view the allotment status online.

Check On the Registrar Portal

1. Visit the official registrar portal of Kfin Technologies Ltd.
2. Click on the IPO allotment status option.
3. Fill in the required details such as PAN, application number or DPID/Client ID.
4. Click submit to check your Fly-Hi Maritime Travels IPO allotment status.

Grey market premium (GMP) is an unofficial, unregulated indicator for the Fly-Hi Maritime Travels IPO that is not endorsed by SEBI, NSE, or BSE. Investors looking for indicative GMP data can go through other relevant sources, though such figures should never be the sole basis for an investment decision.

Let’s Wrap

The Fly-Hi Maritime Travels IPO is a Rs 52.63 crore fixed price SME issue at Rs 102 per share, with shares proposed to list on BSE SME around 8 September 2026. The company has delivered a strong FY26 with sharp growth in both revenue and profit and healthy return ratios, though its small scale and the offer for sale component are factors to weigh. Investors should study the DRHP, subscription trends and their own risk appetite before applying, and consulting a financial advisor is recommended.

You can open a demat account with Univest to track the Fly-Hi Maritime Travels IPO and apply online once the issue opens for bidding.

FAQs on Fly-Hi Maritime Travels

What is the Fly-Hi Maritime Travels IPO?

Ans. The Fly-Hi Maritime Travels IPO is an SME IPO of 51,60,000 equity shares of face value Rs 5 aggregating up to Rs 53 crore. The issue is priced at a fixed price of Rs 102 per share.

What is the price for this IPO?

Ans. The Fly-Hi Maritime Travels IPO issue price is fixed at Rs 102 per equity share.

When does the issue open and close?

Ans. The issue opens on 1 September 2026 and closes on 3 September 2026.

What is the lot size for this issue?

Ans. The lot size is 1,200 shares, with a minimum application of 2 lots (2,400 shares) worth Rs 2,44,800 at the issue price.

Who is the registrar for this offer?

Ans. Kfin Technologies Ltd. is the registrar and is responsible for the allotment process and refunds.

When is the Fly-Hi Maritime Travels IPO allotment and listing date?

Ans. The Fly-Hi Maritime Travels IPO allotment is expected to be finalised on 4 September 2026, and the shares are tentatively scheduled to list on BSE SME on 8 September 2026.

Is the Fly-Hi Maritime Travels IPO a good investment?

Ans. Fly-Hi Maritime Travels posted strong FY26 revenue and profit growth with healthy return ratios and a reasonable pre-issue PE of around 12.13 times, but as a small SME name it carries higher business concentration risk. Investors should study the DRHP and assess their risk profile before applying.

How can I apply for this issue?

Ans. You can apply online using UPI or ASBA through your broker or bank, including via a Univest demat account, by bidding for a minimum of 2 lots of 2,400 shares.