IPO Snapshot : Shreeji Shipping Global Limited

IPO Opens on : August 19^th

IPO Closes on : August 21^st

IPO Price Band: Rs 240 – 252

Background & Operations:

Shreeji Shipping Global Limited (SSGL) is a seasoned provider of integrated shipping and logistics solutions specializing in dry bulk cargo handling across India and Sri Lanka, with a fleet of over 80 vessels—including barges, mini bulk carriers, tug boats, and floating cranes—and more than 370 earthmoving machines such as material handling equipment, excavators, loaders, tippers, trailers, tankers, and other vehicles. With over 30 years of legacy, it excels in cargo handling, transportation, fleet chartering, equipment rental, and ancillary services. As the flagship entity of the Jamnagar-based Shreeji Group, led by Ashokumar Haridas Lal and Jitendra Haridas Lal who collectively hold 60+ years of industry expertise, the Company focuses primarily on servicing non-major ports and jetties along India’s West Coast, while also operating out of major ports such as Kandla and overseas at Puttalam Port in Sri Lanka. As of March 31, 2025, its extensive operational footprint spans more than 20 ports including Navlakhi, Magdalla, Bhavnagar, Bedi, and Dharmatar.

SSGL’s service portfolio includes comprehensive cargo handling activities such as Ship-to-Ship (STS) lighterage, stevedoring, port services, cargo management, and transportation services covering port-to-premise drop-offs and vice versa. Over the last three fiscal years, it successfully handled cargo volumes of 15.71 million metric tons (MMTs) in 2025, 13.78 MMTs in 2024, and 13.87 MMTs in 2023. Transportation volumes for the same periods were 2.49 MMTs, 2.74 MMTs, and 2.96 MMTs, respectively. The Company’s broad customer base includes key sectors such as Oil & Gas, Energy & Power, FMCG, Coal, and Metals, benefiting from its end-to-end, single[1]window integrated service model that streamlines logistics operations and enhances client value while boosting revenue opportunities.

Financially, for the fiscal year ended March 31, 2025, the Company posted consolidated revenue from operations of ₹6,076.13 million, EBITDA of ₹2,006.82 million, and PAT of ₹1,412.37 million. Market outlooks from Dun & Bradstreet anticipate a cargo volume CAGR of 10.8% across Indian ports, rising from 1,540 MMTs in fiscal 2024 to 2,849 MMTs by 2030. Specifically, Gujarat ports, where the Company has a strong presence, are expected to witness an even higher CAGR of 17.5%, with cargo volumes projected to grow from 317.20 MMTs in 2024 to 720 MMTs by 2030. Leveraging deep industry experience, extensive asset base, and strategic geographic focus, the Company is well-positioned to capitalize on the growing demand for dry bulk cargo shipping and logistics in this rapidly expanding market.

SSGL’s Service Offering:

Cargo handling services which primarily includes lightering, stevedoring and other port services including cargo management services;

Transportation which includes port to premise drop off services and vice versa providing complete logistic solutions;

Fleet Chartering and Equipment rentals which primarily includes the providing vessels and earthmoving equipment on charter basis. It also provides other necessary equipment needed for loading and unloading of cargo;

Other operational income which primarily includes the sale of scrap and other sundry activities.

Objects of Issue:

The Issue comprises of a fresh issue of 16,298,000 Equity Shares. The net proceeds of the Fresh Issue, i.e., gross proceeds of the Fresh Issue less Issue related expenses (“Net Proceeds”), are proposed to be utilized in the following manner:

• Acquisition of Dry Bulk Carriers in Supramax category in the secondary market; (“Acquisition of Vessels”)
• Pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by the Company
• General corporate purposes.

In addition to the above Objects, SSGL expect to receive the benefits of listing of the Equity Shares on the Stock Exchanges, which include enhancement of the Company’s visibility and brand image and creation of a public market for its Equity Shares in India, among others.

Competitive Strengths

• Prominent player in integrated shipping and logistic service provider in India
• Long-term institutional customer relationships in key sectors
• Established cargo handling operations for Dry Bulk Cargo
• Operational capabilities of its own fleet
• Proven Track Record of Growth in Financial Performance
• Experienced Promoters and committed Management Team

 Business Strategy:

• Continued focus on cost optimization and improving operational efficiency
• Continue to invest in fleet and earthmoving equipment
• Focus on expansion of business operations from land to port to capitalize on industry opportunities
• Acquire new customers and expand into new sectors

 Key Concerns

• Significant revenue is derived from a few large customers, with the largest single customer accounting for over 20% of revenue in Fiscal 2025. Loss or reduction of business from any of these customers could materially affect financial performance.
• The Company heavily depends on sectors like Oil & Gas, Energy & Power, and Coal. Fluctuations in these sectors’ performance could reduce demand for the Company’s services.
• Faces intense competition from domestic and international shipping and logistics operators, which could erode market share and profitability.
• Exposure to risks related to cargo loss, damage, personal injury, and delay claims, some of which may not be fully insured.
• Majority of operations are conducted through non-major ports with limited infrastructure, making the business vulnerable to operational disruptions and regulatory changes.
• Business performance depends on retaining experienced promoters, directors, key personnel, and skilled employees; high attrition poses operational risks.
• Overseas operations generate revenue in foreign currencies, leading to exposure to currency fluctuations which are not hedged.
• Operations at seasonal ports and monsoon season cause revenue concentration in the second half of the fiscal year, impacting cash flows and forecasting.
• Significant trade receivables and possibility of payment delays or defaults by customers could strain working capital.
• The Company carries substantial secured and unsecured debt with associated risks of default, cross-default, and asset liquidation.
• Pending tax, arbitration, and legal disputes could result in liabilities that materially affect financial condition.
• Insurance may be insufficient to cover losses from accidents, cargo damage, or third-party liabilities, exposing the Company to financial risk.
• Most contracts are short-term or consignment-based, offering no guarantee of future business continuity.
• Trademark registrations are pending and intellectual property protections are limited; unauthorized use could harm business.
• Disruption or failure of IT systems, including ERP, could impact financial reporting and operations.
• Must comply with multiple licenses and regulations; non-compliance or failure to obtain renewals can disrupt operations.
• Several ongoing litigations involving the Company, promoters, and directors pose financial and reputational risks.
• Equity shares may experience volatility post-listing, and investors face risks related to lack of liquidity, regulatory restrictions, and changes in Indian taxation or foreign investment policies.

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Source: RHP