BSE SME Fly-Hi Maritime Travels faces turbulence on debut

Fly-Hi Maritime Travels traded at Rs 77.55 on the BSE, a 23.97% discount to the issue price of Rs 102.

The scrip was listed at Rs 81.60, a 20% discount to the initial public offer (IPO) price. The stock is currently frozen at its lower limit of 5% over its listing price.

The counter hit a high of Rs 81.60 and a low of Rs 77.55. About 17,000 shares of the company changed hands at the counter.

Fly-Hi Maritime Travels' IPO was subscribed 2.07 times. The issue opened for bidding on 1 September 2026 and it closed on 3 September 2026. The price of the IPO was fixed at Rs 102 per share.

The IPO comprised 51,60,000 equity shares, including a fresh issue of 41,60,400 shares and an offer for sale (OFS) of 9,99,600 shares by selling shareholder Jitender Kumar.

The company intends to utilize the net proceeds from the issue towards funding its working capital requirements, repayment and/or pre-payment, in part, of certain borrowings availed by the company, talent acquisition for business marketing and development activities, and general corporate purposes.

Fly-Hi Maritime provides end-to-end travel management services for crew members of commercial shipping companies, including airline tickets, ground transportation, hotel accommodation, visa applications and other travel requirements until crew members reach their designated port of embarkation. The company serves commercial shipping companies across more than six countries, with overseas operations contributing 90.33% of FY26 revenue at Rs 56.03 crore, while India accounted for 9.67% at Rs 5.99 crore. Maharashtra contributed 8.09% of total revenue during the year. As of 31 July 2026, the company had 54 employees, excluding its non-executive independent director.

The company recorded revenue from operations of Rs 62.03 crore and net profit of Rs 8.42 crore for financial year ended 31 March 2026.

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