By IndiaHub 
Qualified institutional buyers (QIBs) led the demand, subscribing to 3.31 times their allocated quota. Non-institutional investors (NIIs) followed with 1.86 times, while retail investors subscribed 1.54 times of their portion. The Rs 40.50 crore issue closes on May 29, with listing expected on the NSE SME platform on June 3.
GMP signals muted debut
In the grey market, shares of Blue Water Logistics were not commanding any premium as of the latest update, with the GMP quoted at zero. With the IPO’s upper price band set at Rs 135 per share, the estimated listing price is also Rs 135—indicating no gain at current grey market levels.
While the flat GMP reflects tepid short-term sentiment, market watchers suggest listing-day interest could pick up if broader market conditions improve or post-allotment demand strengthens.
IPO structure and details
The IPO is entirely a fresh issue of 30 lakh equity shares, aimed at raising Rs 40.50 crore. The price band has been fixed at Rs 132–135 per share.
Retail investors can apply for a minimum lot of 1,000 shares, requiring an investment of Rs 1.35 lakh at the upper end. Allotment is expected to be finalised by May 30.
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The proceeds from the issue will be used for purchasing new commercial vehicles, working capital requirements, and general corporate purposes.
Company profile and operations
Founded in 2010, Blue Water Logistics offers integrated logistics and supply chain solutions, including freight forwarding, customs clearance, and transport services via air, sea, and land routes.
With five branches across India and a fleet of 25 commercial vehicles, the company serves a diverse client base across chemicals, electronics, textiles, and crockery sectors. It also has a growing international footprint in Africa, Singapore, and the UAE.
Financial snapshot
Blue Water has shown strong top-line and bottom-line growth. For FY25, the company reported a 41% jump in revenue to Rs 196.29 crore and an 80% surge in net profit to Rs 10.67 crore, reflecting operating leverage and scale benefits.
Key intermediaries
The IPO is being managed by Smart Horizon Capital Advisors, with Maashitla Securities as the registrar. Shreni Shares is acting as the market maker for the issue.
As with most SME offerings, investor interest in the final hours and post-listing delivery execution will determine the stock’s near-term performance.
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