Essex Marine Limited launched its Initial Public Offering (IPO) on 4th August 2025, marking a significant step in its journey toward public ownership. The company aims to raise ₹23.01 crore entirely through a fresh issue of 42.62 lakh equity shares with a face value of ₹10 each. The price band for the issue is ₹71 to ₹75 per share. Investors can subscribe until 6th August 2025, and the shares are scheduled to list on BSE SME on 11th August 2025.
This IPO provides retail and high-net-worth investors (HNIs) an opportunity to participate in a niche marine services player with promising financials. Skyline Financial Services Pvt. Ltd. acts as the IPO registrar.
IPO Key Details
| Particulars | Details |
|---|---|
| IPO Open Date | 4th August 2025 |
| IPO Close Date | 6th August 2025 |
| Allotment Date | 7th August 2025 |
| Refund Initiation Date | 8th August 2025 |
| Issue Size | 42.62 lakh shares (₹23.01 Cr) |
| Face Value | ₹10 per share |
| Lot Size | 2,000 shares |
| Price Band | ₹71-₹75 per share |
| Issue Type | Bookbuilding |
| Listing Date | 11th August 2025 |
| Listing Exchange | BSE SME |
IPO Share Reservation
As per SEBI guidelines, Essex Marine divides its net issue between two main investor categories:
| Investor Category | Shares Offered |
| Retail | 50% of Net Issue |
| NII (HNI) | 50% of Net Issue |
This simplified allocation allows a fair opportunity for both small and large investors.
Grey Market Premium (GMP) Trend
The Grey Market Premium (GMP) helps gauge early sentiment about the IPO. As of 1st August 2025, the GMP stood at ₹3, hinting at moderate listing gains.
| Date | GMP | IPO Price | Est. Listing Price | Potential Gain |
| 01-08-2025 | ₹3 | ₹71-75 | ₹78 approx | ~5.56% |
| 31-07-2025 | ₹3 | ₹71-75 | ₹78 approx | ~5.56% |
| 30-07-2025 | ₹0 | ₹71-75 | ₹71-75 | 0% |
The flat GMP trend over the last two days indicates steady demand from investors.
Financial Overview of Essex Marine Limited
The company has shown consistent performance with improvements in revenue and profitability.
| Period Ended | Revenue (Cr) | PAT (Cr) | Net Worth (Cr) | Borrowings (Cr) |
| 31 Dec 2024 | 29.86 | 4.10 | 17.11 | 20.91 |
| 31 Mar 2024 | 21.11 | 1.82 | 13.01 | 16.08 |
| 31 Mar 2023 | 23.59 | 2.03 | 11.19 | 19.34 |
| 31 Mar 2022 | 63.01 | 1.73 | 9.16 | 26.52 |
Key Observations:
- Revenue grew steadily from FY23 to FY24.
- PAT jumped 10.3% YoY, showing operational efficiency.
- Borrowings decreased, strengthening the balance sheet.
Valuation and Key Ratios
| Metric | Value |
| PE Ratio (Pre-Issue) | 32.59 |
| PE Ratio (Post-Issue) | 15.08 |
| EPS | 1.66 |
| EPS (Post-Issue) | 3.58 |
| RoNW | 14.01% |
| ROCE | 14.40% |
| ROE | 15.06% |
| Price to Book Value | 4.56 |
| Market Cap (Approx) | ₹82.41 Cr |
The significant drop in the post-issue PE ratio signals a more reasonable valuation.
Peer Comparison
| Company Name | EPS | P/E Ratio | RoNW | Revenue (Cr) |
| Essex Marine Limited | 1.66 | 12.74 | 26.39% | 21.11 |
| Kings Infra Ventures Ltd | 5.31 | 28.23 | 18.38% | 90.60 |
| Zeal Aqua Limited | 0.80 | 14.02 | 11.33% | 371.00 |
The comparison indicates that Essex Marine has better RoNW than its peers despite smaller revenue.
Promoter Holding
| Shareholding | Pre-Issue | Post-Issue |
| Promoters (K. Kumar & R. Kumar) | 99.95% | 72.94% |
Promoter dilution allows liquidity creation while retaining majority control.
IPO Lot Size and Investment Requirement
| Category | Min Lots | Shares | Amount (₹) |
| Retail (Min & Max) | 2 | 4,000 | 2,16,000 |
| S-HNI (Min) | 3 | 6,000 | 3,24,000 |
Investors must apply in multiples of 2,000 shares per lot.
Utilization of IPO Proceeds
The company plans to deploy the funds for:
- Working capital requirements.
- Purchase of trucks and equipment.
- General corporate purposes.
This strategy reflects Essex Marine’s intent to expand operational capacity and improve service delivery.
Pros of Investing in Essex Marine IPO
- Operates in a growing marine and port services industry.
- Backed by infrastructure expansion in the Indian maritime sector.
- Healthy financials with improving profitability.
- Moderate GMP signals potential listing gains.
Cons of Investing in Essex Marine IPO
- Niche operations create geographical concentration risks.
- High competition with limited service diversification.
- SME listing may have lower liquidity for short-term traders.
Investment Insights
Essex Marine IPO appeals to investors seeking moderate listing gains and long-term sector growth exposure. Financial stability, improved profitability, and a reasonable post-issue valuation support the investment case. However, the risks associated with SME IPOs and industry concentration require careful evaluation.
Retail investors with medium risk appetite may consider applying, while HNIs can evaluate based on GMP and allotment probability.
Conclusion
Essex Marine Limited’s ₹23.01 crore IPO provides a gateway to participate in India’s expanding marine services market. With stable financials, efficient operations, and moderate GMP, it offers potential for both listing and long-term gains. Investors should align their decision with portfolio goals and risk tolerance before subscribing.
ALSO READ: Flysbs Aviation IPO: GMP, Review, and Key Details
