Shreeji Shipping Global Launches IPO on August 19, Targets Expansion

Gujarat-based Shreeji Shipping Global is set to launch its initial public offering (IPO) on August 19, 2023, as it seeks to expand its operations in the shipping and logistics sector. The IPO, which will close on August 21, consists of an entirely fresh issue of 1.6 crore shares. This move allows the company to directly benefit from the proceeds of the offering.

The IPO process will commence with the launch of the anchor book on August 18. Following this, the share allotment is scheduled for August 22, with trading in Shreeji Shipping Global shares expected to begin on the bourses on August 26. The company specializes in cargo handling, transportation, fleet chartering, and equipment rentals, providing solutions for dry bulk cargo at various ports and jetties in India and Sri Lanka.

Shreeji Shipping Global boasts a fleet of over 80 vessels, including barges, mini bulk carriers, tugboats, and floating cranes, as well as more than 370 earthmoving equipment. The company, which is part of the Jamnagar-based Shreeji Group, has a particular focus on non-major ports and jetties along the West Coast of India.

Rs 251.2 crore of the IPO proceeds is earmarked for acquiring dry bulk carriers in the Supramax category from the secondary market, while Rs 23 crore will be allocated for debt repayment. The remaining funds will be utilized for general corporate purposes.

In its most recent financial year ending March 2025, Shreeji Shipping Global reported a profit of Rs 141.2 crore, marking a 13.4 percent increase from the previous fiscal year. However, the company’s revenue saw a decline of nearly 17 percent, totaling Rs 607.6 crore during the same period.

Shreeji Shipping Global submitted its draft IPO papers to the Securities and Exchange Board of India (SEBI) in January 2023 and obtained regulatory approval in May. The company is being advised on this IPO by Beeline Capital Advisors and Elara Capital (India), who are acting as merchant bankers.

As the IPO approaches, investors are keenly observing this opportunity, particularly given that Shreeji Shipping Global operates in a sector with significant growth potential. This IPO could pave the way for further investments and expansion in the maritime logistics industry.