Shreeji Shipping Global IPO opens today: Check analysts review, latest GMP and more

The initial public offering (IPO) of Shreeji Shipping Global is set to kick-off for bidding on August 19, Tuesday. The shipping and logistics solutions company offers its shares in the range of Rs 240-252 per equity share, for which one can apply for a minimum of 58 equity shares and its multiples thereafter. The issue can be subscribed until Thursday August 21.

The Rs 410.71 crore IPO of Shreeji Shipping Global includes a fresh share sale of 1,62,98,000 equity shares. The net proceeds from the issue shall be utilized towards acquisition of dry bulk carriers in Supramax category in the secondary market; prepayment/re-payment of certain outstanding borrowings; and general corporate purposes.

Incorporated in 1995, Jamnagar-based Shreeji Shipping Global is a shipping and logistics company focusing on dry-bulk cargo. Shreeji Shipping primarily focuses on non-major ports and jetties, especially along the west coast of India and Sri Lanka. It has provided services at over 20 ports and jetties, including Kandla, Navlakhi, Magdalla, Bhavnagar, Bedi, Dharmatar, and Puttalam.

Shreeji Shipping raised a total of Rs 123.21 crore via 15 anchor investors as it allocated 48,89,400 equity shares at Rs 252 apiece. Its anchor book included names like Bank of India Mutual Fund, Morgan Stanley Asia (Singapore), BNP Paribas Financial Market ODI, Aarth AIF Growth Fund, Viney Growth Fund, Gold Equity Fund, SB Opportunities FUnd, Invicta Continuum Fund and more.

For the financial year ended on March 31, 2025, Shreeji Shipping reported a net profit of Rs 141.24 crore with a revenue of Rs 610.45 crore. Its net profit stood at Rs 123.51 crore with a revenue of Rs 736.17 crore for the year 2024-25. The company shall command a total market capitalization of Rs 4,105.54 crore.

Shreeji Shipping has reserved 50 per cent of the net issue for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) and retail investors will have 15 per cent and 35 per cent of allocation, respectively. Last heard, its grey market premium (GMP) stood at Rs 30 apiece, suggesting 12 per cent uspide.

Beeline Capital Advisors and Elara Capital (India)are the book running lead managers and Bigshare Services is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on August 26, Tuesday. Here's what a host of brokerage firms are say on the IPO of Shreeji Shipping Global:
 

Anand Rathi Shares & Stock Brokers
Rating: Subscribe for long-term
Shreeji Shipping has successfully built and maintained long-standing relationships with reputed institutional customers across several critical industries. Over the years, it has also developed a strong presence in cargo handling operations, particularly in the dry bulk cargo segment, said Anand Rathi.

"Its operational strength is further reinforced by the advantage of owning and managing its own fleet, which enhances reliability, efficiency, and service delivery for its clients. The issue is valued at P/E of 28.5 times to its FY25 earnings, with EV/Ebitda of 21.4 times. We believe that the IPO is fully priced and recommend a 'subscribe for long term' rating to the IPO," it added.
 

Deven Choksey Research
Rating: Neutral
Shreeji Global’s revenue and Ebitda grew at -9.9 per cent and 17.7 per cent CAGR between FY23-25. Revenue witnessed a sharp decline as it lost some customers, while EBITDA grew at a healthy pace despite a decline in revenue, led by its cost optimization, reduction in equipment rentals and its focus on in-house maintenance of its fleet and equipment, said Deven Choksey Research.

"The peers are not directly comparable; its initial issue appears fully priced in. Despite higher valuations, we believe it can provide higher risk adjusted returns led by its superior return profile, rapid increase in fleet size, and higher operating leverage kicking in with higher scale of operations. We assign a 'neutral' rating to the issue," it added.
 

Swastika Investmart
Rating: Subscribe
Shreeji Shipping operates in the shipping and logistics sector, focusing on dry bulk cargo. Its services are spread across 20 ports and jetties in India, along with one port in Sri Lanka, said Swastika Investmart.

"While revenue has shown a declining trend in recent years, profitability has improved due to effective cost management and niche service offerings. Considering the latest financial performance, the valuation of the issue seems fair. Investors with a medium to long-term horizon may consider investing," it added.
 

Arihant Capital Markets
Rating: Neutral
Shreeji Shipping leverages its 30-year track record and diversified fleet of 83 vessels and 370+ earthmoving assets to serve India’s energy, steel and port sectors. A recent equity raise will finance Supramax-class carriers, bolstering end-to-end dry-bulk logistics and cutting third-party hire costs, said Arihant Capital Markets.

"With a largely contracted order book and strong customer relationships, the move into owned ocean-going tonnage is poised to improve margins and drive sustained revenue growth. The issue has an Adjusted P/E ratio of 34.38 times, based on adjusted EPS of Rs 7.33. We assign a 'neutral' rating for this issue," it added.
 

Canara Bank Securities
Rating: Subscribe for long term
Shreeji Shipping's niche positioning in dry bulk cargo logistics, robust asset base, and expertise in non-major ports provide a sustainable competitive edge in a fragmented market. Long-term institutional relationships, recurring revenue streams, and sector tailwinds support its growth trajectory, said Canara Bank Securities.

"The IPO appears attractively valued considering its operational scale and profitability metrics. Key risks include cyclical fluctuations in global trade, commodity demand, and geographic concentration. Given its operational resilience, brand equity, and valuation comfort, we recommend a 'subscribe' rating for investors with a long-term horizon," it added.
 

SBI Securities
Rating: Subscribe for long-term
Shreeji Shipping is valued at a P/E multiple of 34.4 times based on FY25 earnings on post-issue capital. It  is a prominent player in the domestic integrated shipping and logistic solution provider industry with established cargo handling operations for dry bulk cargo. At present, it operates a fleet of 83 vessels and 376 earthmoving equipment, said SBI Securities.

"Going ahead, Shreeji Shipping will use the proceeds from the issue to acquire Dry Bulk Carrier in the 'Supramax' category, further strengthening its fleet size. It does not have any listed like-to-like peers in India. We recommend investors to 'subscribe' to the issue with a long-term investment horizon at the cut-off price," it added.
 

Marwadi Financial Services
Rating: Subscribe
Shreeji Shipping is set to list at a P/E of approximately 29 times. There are no listed peer group companies, in India or globally that engage in a business similar to that of the company, said Marwadi Financial Services. We assign 'subscribe' rating to this IPO as it is a prominent player in integrated shipping and logistic service providers in India with a proven track record of growth in financial performance. Also, it is available at a reasonable valuation on an absolute basis," it added.
 

BP Equities
Rating: Subscribe for long-term
Shreeji Shipping is valued at a P/E multiple of 25.6 times at FY25 earnings, said BP Equities. "Given its expanding margins, scalable business model, and growth potential, we believe the valuation, although at a premium, is justified. We recommend investors to 'subscribe' to the issue with a long-term investment horizon," it added.
 

Kunvarji Finserv
Rating: Subscribe with caution
"We recommend subscribing to this IPO with a long term view only. Its operational performance is on an upward trajectory, reflected in its expanding operating margins. Meanwhile, the port infrastructure and logistics sector continues to benefit from supportive government policies," said Kunvarji Finserv.