IPO Listed — 08 Sep 2026
Listing Price: ₹81.6
Fly-Hi Maritime Travels SME IPO GMP History | Listing Price ₹81.6 & Kostak Rate
Fly-Hi Maritime Travels SME IPO has been listed on September 8, 2026 at a listing price of ₹81.6, against the issue price of ₹102 — a loss of ₹20.4 (-20%). The GMP peaked at ₹20 on 2 September 2026 and reached a low of ₹1 on 8 September 2026. The day-wise GMP trend below shows how grey market sentiment evolved from subscription to listing.
Fly-Hi Maritime Travels SME IPO raised ₹52.63 Cr. through its IPO at a price band of ₹102 per share, with a lot size of 1200 shares. The IPO was open for subscription from 01 Sep 2026 to 03 Sep 2026.
Table of Contents
GMP Trend Chart
Day-wise GMP Trend
| Date | GMP | ↑↓ | % | Kostak | Sub. Sauda |
|---|---|---|---|---|---|
| 08 Sep 2026 | ₹ 1 | 0.98% | ₹ 0 | ₹ 0 | |
| 07 Sep 2026 | ₹ 1 | 0.98% | ₹ 0 | ₹ 0 | |
| 06 Sep 2026 | ₹ 1 | 0.98% | ₹ 0 | ₹ 0 | |
| 05 Sep 2026 | ₹ 1 | 0.98% | ₹ 0 | ₹ 0 | |
| 04 Sep 2026 | ₹ 1 | 0.98% | ₹ 0 | ₹ 0 | |
| 03 Sep 2026 | ₹ 1 | 0.98% | ₹ 0 | ₹ 0 | |
| 02 Sep 2026 | ₹ 20 | 19.61% | ₹ 0 | ₹ 0 | |
| 01 Sep 2026 | ₹ 12.5 | 12.25% | ₹ 0 | ₹ 0 | |
| 31 Aug 2026 | ₹ 5 | 4.90% | ₹ 0 | ₹ 0 |
Fly-Hi Maritime Travels SME IPO Dates
| Event | Date |
|---|---|
| Open Date | 01 Sep, 2026 |
| Close Date | 03 Sep, 2026 |
| Allotment Date | 04 Sep, 2026 |
| Refund Date | 07 Sep, 2026 |
| Credit to Demat | 07 Sep, 2026 |
| Listing Date | 08 Sep, 2026 |
Fly-Hi Maritime Travels SME IPO Actual Listing Price
| Basis | Value |
|---|---|
| Issue Price | ₹102 |
| GMP-Based Estimate (Pre-Listing) | ₹103 (+1%) |
| Actual Listing Price | ₹81.6 (-20%) |
| Listing Gain / Loss | ₹-20.4 per share |
| Listing Date | 08 Sep, 2026 |
Is Fly-Hi Maritime Travels SME IPO GMP Reliable?
Grey market premium for Fly-Hi Maritime Travels SME IPO should be interpreted with caution. The GMP is an unregulated, unofficial market not governed by SEBI. Here's how to read the current signal:
- Subscription rate matters: A high GMP paired with strong subscription — especially QIB (Qualified Institutional Buyer) oversubscription — is a more reliable bullish signal than GMP alone. Read our in-depth analysis: GMP vs Subscription Data — Which Predicts Listing Gains Better?
- Timing matters: GMP in the first 1–2 days of subscription is less reliable. GMP on the final subscription day and the day before listing tends to be the most accurate predictor.
- Grey market is thin: For smaller IPOs, even a handful of large orders can swing the GMP significantly. Treat low-volume GMP signals with extra caution.
- Cross-check before acting: Review the Fly-Hi Maritime Travels SME IPO full review for a fundamentals-based assessment before making any grey market trades.
Fly-Hi Maritime Travels SME IPO IPO Kostak Rate Explained
The Kostak rate for Fly-Hi Maritime Travels SME IPO was not active during the subscription period, as no grey market premium was established. Kostak is the fixed amount a grey market buyer pays for an IPO application regardless of allotment outcome.
The Subject to Sauda price was not active for this IPO. Subject to Sauda only applies if allotment is confirmed — the buyer pays a premium on top of the issue price per lot allotted.
Grey market trading is unofficial and unregulated by SEBI. Proceed with full awareness of the associated risks.
About Fly-Hi Maritime Travels SME IPO
For each crew member it arranges air tickets, plans the route, books ground transport and hotels, coordinates the visa and gives round the clock travel support. Its services include global crew ticketing, visa and immigration work, OK-to-board confirmations, live tracking of the journey, handling of delays and cancellations, emergency support and confirmation of boarding. All of this has to fit the ship's schedule and the window in which the crew must join, so timing matters more than in ordinary travel booking.
The company runs a centralised operation from its Mumbai corporate office and also has a distributor in the UAE to serve some international customers. It works for commercial shipping companies in more than six countries, including Cyprus, Greece, the USA, the UK, Singapore, the UAE and India. It is accredited by the International Air Transport Association and its registered office is recognised as a startup by the DPIIT. As on 31 July 2026 it had 54 employees.
Strengths & Risks
Strengths
- ✓ Profit has grown more than four times in two years, from Rs 1.82 crore in FY2024 to Rs 3.44 crore in FY2025 and Rs 8.43 crore in FY2026.
- ✓ Sales grew 36% in FY2026, from Rs 45.75 crore to Rs 62.21 crore.
- ✓ EBITDA rose sharply from Rs 2.68 crore in FY2024 to Rs 5.27 crore in FY2025 and Rs 12.49 crore in FY2026.
- ✓ Return ratios are very high, with RoCE of 45.18% and RoNW of 44.08%, and the issue is priced at about 17.17 times earnings on an EPS of Rs 5.94.
- ✓ This is a niche business. Crew travel has to match ship schedules and joining windows, which needs specialist knowledge that a general travel agent does not have.
- ✓ It is accredited by IATA, which is needed to issue airline tickets directly, and is recognised as a startup by the DPIIT.
- ✓ It serves shipping companies in more than six countries including Cyprus, Greece, the USA, the UK, Singapore and the UAE, so it is not dependent on Indian customers alone.
- ✓ It is an asset light service business. It does not own aircraft, ships or hotels, so it does not carry heavy fixed assets.
Risks
- ⚠ The company is very young, having started only in September 2021, so it has under five years of operating history.
- ⚠ Sales were flat before the latest year. Total income was Rs 45.41 crore in FY2024 and Rs 45.75 crore in FY2025, so almost all the growth has come in a single year.
- ⚠ The company is small and is raising a lot relative to its size. Net worth was Rs 17.96 crore as on 31 March 2026 against an issue of Rs 52.63 crore, which is close to three times its own funds.
- ⚠ Borrowing of Rs 12.97 crore is high against a net worth of Rs 17.96 crore.
- ⚠ This is a travel booking business, so the earnings depend on commissions and service fees. Airlines can change commission terms, and fare swings affect both cost and margin.
- ⚠ Demand depends on shipping activity and crew rotation volumes. A downturn in global trade or shipping reduces crew movement directly.
- ⚠ The customer base is a limited set of commercial shipping companies, so losing a few accounts would be felt quickly.
- ⚠ This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
- ⚠ Promoter holding falls sharply from 80% to 49.48%, which leaves the promoters below a half share.
- ⚠ This is a fixed price SME issue at Rs 102 per share, so there is no price discovery through bidding. One lot is 1,200 shares, about Rs 1.22 lakh, and SME shares usually trade in low volume after listing.
Frequently Asked Questions about Fly-Hi Maritime Travels SME IPO
What is the GMP of Fly-Hi Maritime Travels SME IPO?
The current Grey Market Premium (GMP) of Fly-Hi Maritime Travels SME IPO is ₹ 1.
What is the Kostak Price of Fly-Hi Maritime Travels SME IPO?
Kostak rate is the profit made by selling an IPO application before allotment. The current Kostak rate for Fly-Hi Maritime Travels SME IPO is currently not available.
What is the Subject to Sauda Price of Fly-Hi Maritime Travels SME IPO?
Subject to Sauda is the premium amount decided if the allotment is confirmed. The current Subject to Sauda rate is currently not available.
What was the actual listing price of Fly-Hi Maritime Travels SME IPO?
Fly-Hi Maritime Travels SME IPO listed on September 8, 2026 at ₹81.6, against the issue price of ₹102 — a loss of -20%.
How did the GMP of Fly-Hi Maritime Travels SME IPO trend before listing?
The GMP of Fly-Hi Maritime Travels SME IPO was stable in its final days before listing. The GMP peaked at ₹20 on 2 September 2026. View the day-wise table above for the complete GMP history.
Explore Fly-Hi Maritime Travels SME IPO Further
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