The Blue Water Logistics IPO has opened for bidding on 27th May 2025 with high anticipation in the SME space. Priced in the range of ₹132 to ₹135 per share, the book-built issue comprises 30,00,000 equity shares aggregating to ₹40.5 crores, entirely through a fresh issue. The offering will close on 29th May 2025, with listing scheduled on 3rd June 2025 on the NSE SME platform.
Investors looking for exposure in the fast-evolving logistics and freight sector are closely watching this IPO. With solid financials, an impressive jump in profits, and a ₹8 grey market premium (GMP) as of 26th May 2025, Blue Water Logistics is turning heads in the retail and SME investment circles.
IPO Snapshot: Key Facts at a Glance
| Detail | Information |
|---|---|
| IPO Open Date | 27th May 2025 (Tuesday) |
| IPO Close Date | 29th May 2025 (Thursday) |
| Issue Size | ₹40.50 crore |
| Number of Shares Offered | 30,00,000 shares |
| Price Band | ₹132 to ₹135 per share |
| Face Value | ₹10 per share |
| Lot Size | 1000 shares |
| Minimum Investment (Retail) | ₹1,35,000 |
| Listing Exchange | NSE SME |
| Listing Date | 3rd June 2025 |
| Registrar | Maashitla Securities Pvt. Ltd. |
Grey Market Premium (GMP) Trends
As of 26th May 2025, the GMP for Blue Water Logistics IPO is ₹8. At the upper end of the price band (₹135), this indicates a potential listing price of ₹143, implying listing gains of 5.92%.
GMP Table:
| Date | IPO Price | GMP | Est. Listing Price | Listing Gain % |
|---|---|---|---|---|
| 26-05-2025 | ₹135 | ₹8 | ₹143 | 5.92% |
| 24-05-2025 | ₹135 | ₹8 | ₹143 | 5.92% |
| 23-05-2025 | ₹135 | ₹8 | ₹143 | 5.92% |
| 22-05-2025 | ₹135 | ₹8 | ₹143 | 5.92% |
GMP is often used as an indicator of market sentiment and investor appetite, though it does not guarantee listing performance.
Company Overview: Blue Water Logistics Limited
Founded in 2010, Blue Water Logistics Ltd. is a full-service logistics provider engaged in:
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Freight Forwarding
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Custom Clearance
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Project Cargo Handling
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Supply Chain Management
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Warehousing Services
The company caters to domestic and global clients and has a presence across air, sea, and land freight networks. It offers one-stop solutions tailored to complex logistics challenges, earning a strong reputation in India’s fragmented transport and logistics sector.
Financial Performance: Consistent Growth
| Financial Year | Revenue (₹ Cr.) | PAT (₹ Cr.) | Assets (₹ Cr.) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| FY22 | 84.72 | 1.04 | 38.80 | 0.00 |
| FY23 | 98.07 | 1.54 | 29.28 | 3.54 |
| FY24 | 138.74 | 5.94 | 42.12 | 9.48 |
| FY25 | 196.29 | 10.67 | 76.34 | 20.15 |
From FY22 to FY25, the company’s revenue has more than doubled while PAT has jumped over 10x, reflecting efficient expansion and operational leverage.
Technical & Valuation Indicators
| Metric | Pre-IPO | Post-IPO |
|---|---|---|
| PE Ratio | 10.12 | 13.92 |
| EPS (₹) | 13.34 | 9.70 |
| RoNW (%) | 52.95 | — |
| ROE (%) | 72.02 | — |
| PAT Margin (%) | 5.44 | — |
| Market Cap (₹ Cr.) | 148.50 | — |
With a PE ratio of 10.12, the valuation is relatively attractive compared to listed peers like Shree Vasu Logistics and Shreeji Translogistics, making it a compelling investment option in the SME IPO space.
Peer Comparison
| Company Name | Revenue (₹ Cr.) | PE Ratio | EPS (₹) | RoNW (%) |
|---|---|---|---|---|
| Blue Water Logistics Ltd. | 196 | 10.12 | 13.34 | 52.95 |
| Shreeji Translogistics | 266 | 5.70 | 2.33 | 29.09 |
| Shree Vasu Logistics | 124 | 220.33 | 2.72 | 9.77 |
Despite being in a highly competitive and fragmented industry, Blue Water’s superior EPS and RoNW set it apart, especially with aggressive capital reinvestments underway.
IPO Objectives: Where Will ₹40.50 Cr Go?
The proceeds from the IPO will be used in the following manner:
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Capital Expenditure:
Purchase of new vehicles and their body-building to expand logistics capability. -
Working Capital:
To fund daily operations and improve liquidity for scaling business demands. -
General Corporate Purposes:
Technological upgrades, market expansion, and strengthening organizational infrastructure.
This capital infusion is expected to solidify Blue Water’s logistics backbone and help increase operational coverage in underserved regions.
Share Reservation Breakdown
| Category | % of Net Issue |
|---|---|
| QIB | <50% |
| NII (HNI) | >15% |
| Retail | >35% |
| Market Makers | 1,56,000 shares |
Each lot comprises 1,000 shares, requiring a minimum investment of ₹1,35,000 for retail investors.
Promoter Holding
| Stage | % Shareholding |
|---|---|
| Pre-Issue | 95.62% |
| Post-Issue | 69.55% |
Promoter Ashish Gulati continues to hold a significant stake even post-issue, reflecting promoter confidence and skin in the game.
IPO Review & Analyst Take
Leading IPO analysts have largely rated Blue Water Logistics positively, particularly for long-term investors.
Expert Opinion:
“BWLL is operating in a competitive segment but has shown remarkable growth post FY24. It is well-positioned for scale. Well-informed investors may park funds for the long term.”
— Dilip Davda, Market Analyst
Strengths:
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Proven growth in revenues and profits
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Comprehensive logistics solutions across all transport modes
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Strong client relationships and geographic diversification
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Experienced promoter with deep industry know-how
Risks:
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Operates in a highly fragmented market
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Exposure to global freight rate volatility
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Competition from unorganized sector players
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Dependency on consistent working capital funding
Subscription & Allotment Process
How to Apply:
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Visit your broker’s IPO section or NSE portal.
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Select Blue Water Logistics IPO.
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Enter bid amount (Minimum 1 lot = ₹1,35,000).
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Approve UPI mandate or ASBA option.
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Wait for allotment status on 30th May 2025.
How to Check Allotment:
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Visit www.maashitla.com or NSE’s allotment page.
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Enter PAN or Application Number to view allotment status.
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Refunds will be initiated by 2nd June 2025 if not allotted.
Should You Subscribe?
If you’re a high-conviction investor in India’s expanding logistics space and can hold for the medium to long term, Blue Water Logistics IPO presents a fundamentally sound opportunity.
Invest If:
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You seek exposure in an essential, asset-backed logistics business.
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You prefer SMEs with strong growth potential and reasonable valuations.
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You’re looking for a listing pop based on current GMP and financial momentum.
Avoid If:
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You need immediate liquidity or short-term returns.
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You’re not comfortable with high lot sizes or SME volatility.
Final Thoughts
Blue Water Logistics Limited is entering the capital markets with a strong track record of revenue growth, strategic capex plans, and a profitable model. The SME IPO is priced attractively with ₹8 GMP and fair valuations. As logistics and supply chain sectors continue to digitalize and globalize, companies like Blue Water are poised to ride the momentum.
