Market Performance: Flat Opening, Quick Slide
The Shipwaves Online IPO listing began on a cautious note on the BSE SME platform. The stock opened flat, reflecting muted sentiment at the time of listing and limited risk appetite in the broader SME space.
The Shipwaves Online share price debuted at ₹12, exactly in line with its IPO price. However, the flat start did not hold for long. Selling pressure emerged soon after listing, pushing the stock down to its 5% lower price band of ₹11.40 during early trade.
The sharp move to the lower circuit underlined weak demand immediately after listing, even as the debut stayed aligned with issue pricing.
Key listing-day numbers:
- Listing price: ₹12
- Lower circuit level: ₹11.40
- Platform: BSE SME
Main News: How the IPO Shaped Up
The Shipwaves Online IPO was an SME IPO worth ₹56.35 crore, priced at ₹12 per share. The issue was open for bidding from December 10 to December 12, with the allotment finalised on December 15.
Investor participation remained measured through the bidding period. By the close of the issue, the IPO saw an overall subscription of 1.64 times, indicating selective interest across categories.
A closer look at the subscription data shows:
- Overall subscription: 1.64 times
- Retail portion: Nearly 3 times subscribed
The IPO was structured as a book-built issue and consisted entirely of a fresh issue of 4,69,60,000 shares.
Financial Snapshot: Revenue and Profit Growth
Shipwaves Online reported steady growth in its financial performance during the most recent fiscal year.
- Revenue: Increased by 12% to ₹108.65 crore in FY25
- Profit after tax: Rose sharply from ₹6.29 crore to ₹12.20 crore
The near doubling of profit highlighted operational scaling over the previous year, even as the listing-day market response remained subdued.
Company Details: What Shipwaves Online Does
Shipwaves Online operates in the logistics and supply chain space, offering technology-led and service-driven solutions to its clients.
The company’s operations are built around two core service segments:
- Digital freight forwarding
- Enterprise SaaS solutions
Its services span multimodal transportation, supporting shipments across ocean, land, and air. The business focuses on managing complex freight movements while also delivering software solutions aimed at improving efficiency across global logistics operations.
Summary: A Muted SME Market Debut
The Shipwaves Online IPO listing unfolded without early momentum. While the stock opened flat at its issue price, selling pressure quickly pushed the Shipwaves Online share price to its lower circuit level.
Despite moderate IPO subscription numbers and strong year-on-year growth in revenue and profit, the first day of trade reflected cautious sentiment in the SME segment. The listing performance showed that investors remained selective, with limited appetite for immediate post-listing exposure in the current market environment.
This debut adds another data point to the evolving IPO listing news flow, where pricing discipline at listing does not always translate into early trading stability on SME platforms.
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