Shreeji Shipping Global Ltd IPOSHREEJISPG

The IPO opens on 19 Aug 2025 & closes on 21 Aug 2025.

Shreeji Shipping Global Limited was erstwhile established as a partnership firm in the name of 'M/s Shreeji Shipping' through Deed of Partnership dated June 14, 1995. Subsequently, the Partnership was converted to a Private Limited Company and the name of the Company was changed to 'Shreeji Shipping Global Private Limited' and a fresh Certificate of Incorporation upon change of name was issued by the Registrar of Companies, Central Registration Centre on April 11, 2024. The name of the Company was thereafter changed to 'Shreeji Shipping Global Limited' upon conversion to Public Limited Company by the Registrar of Companies, Central Processing Centre on November 18, 2024. Company provides shipping and logistic solution for dry bulk cargo at various ports and jetties in India and Sri Lanka. It offer comprehensive shipping and logistic solutions for dry bulk cargo, including cargo handling and transportation services. Under cargo handling segment, it provide STS (Ship to Ship) Lighterage, Stevedoring and other port services including cargo management services. Further, as a part of logistic supply chain, it also provide transportation services for dry bulk cargo including port to premise drop-off and vice versa. As of March 31, 2025, Shreeji operates a fleet of more than 80 vessels (consisting of barges, mini bulk carriers (MBCs), tug boats and floating cranes) and more than 370 earthmoving equipment (consisting of material handling machines, excavators, pay loaders, tippers including trailers, tankers and other vehicles) in services of the clients. Company provided services at more than 20 ports and jetties including Major Indian ports at Kandla, Non-major ports at Navlakhi, Magdalla, Bhavnagar, Bedi and Dharmatar and overseas port at Puttalam Port (Sri Lanka). It has also also provided fleet chartering services in past at Konta Port and Boffa Port, located at Guinea, West Africa. Shreeji Shipping Global Limited is the flagship company of Jamnagar based 'Shreeji Group', promoted and led by Ashokumar Haridas Lal and Jitendra Haridas Lal, having combined experience of more than 55 years in the shipping and logistics industry. Under their leadership, Company has evolved into an integrated shipping and logistic solution provider for dry bulk cargo handling at all-weather and seasonal ports in India and Sri Lanka. Though, it provide services at major ports, it primarily focused on non major ports and jetties, particularly along the West Coast of India. The Company has been honoured by Deen-Dayal Port Trust (DPT) for achieving exceptional productivity in the coal/coke handling category during the FY 2019. It has discharge 36,376 MT (0.04 MMTs) of coal in a single day at Kandla anchorage. Company raised Rs 410.71 Cr by way of IPO issuing an aggregate of 16,298,000 equity shares of face value of Rs 10 each through fresh issue in August, 2025.

Shreeji Shipping Global Ltd IPO will close on 21 Aug 2025.

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

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Ashokkumar Haridas Lal</td> <td>68178418</td> <td>46.5</td> <td>68178418</td> <td>41.85</td> </tr> <tr> <td>2</td> <td>Jitendra Haridas Lal</td> <td>68178418</td> <td>46.5</td> <td>68178418</td> <td>41.85</td> </tr> <tr> <td>3</td> <td>Deenaben Ashokkumar Lal</td> <td>1466203</td> <td>1</td> <td>1466203</td> <td>0.9</td> </tr> <tr> <td>4</td> <td>Mitesh Ashokkumar Lal</td> <td>1466203</td> <td>1</td> <td>1466203</td> <td>0.9</td> </tr> <tr> <td>5</td> <td>Viraj Ashokkumar Lal</td> <td>1466203</td> <td>1</td> <td>1466203</td> <td>0.9</td> </tr> <tr> <td>6</td> <td>Ashok Lal family beneficiary t</td> <td>733100</td> <td>0.5</td> <td>733100</td> <td>0.45</td> </tr> <tr> <td>7</td> <td>Kamalben Jitendrakumar Lal</td> <td>2932405</td> <td>2</td> <td>2932405</td> <td>1.8</td> </tr> <tr> <td>8</td> <td>Krishnaraj Jitendrakumar Lal</td> <td>1466204</td> <td>1</td> <td>1466204</td> <td>0.9</td> </tr> <tr> <td>9</td> <td>Jitendra Lal family beneficiar</td> <td>733100</td> <td>0.5</td> <td>733100</td> <td>0.45</td> </tr> </tbody> </table>

<ul><li>The company derives a significant portion of its revenue from operations from the company top ten customers, with its single largest customer contributing more than 17.39%, of its revenue from operations in the six months period ended September 30, 2024. Loss of any of these customers or a reduction in purchases by any of them could adversely affect its business, results of operations and financial condition. </li><li>The company is dependent on the performance of industries in which its customers operate and fluctuations in the performance of such industries may result in a loss of such customers, a decrease in the volume of work the company undertake or the price at which it offer its services. </li><li>Its success depends on the company ability to generate sufficient volume of cargo and optimise revenue to achieve desired profit margins and avoid losses. Any failures on its part to achieve desired operating or net profit margins could have an adverse impact on its business, results of operations and financial condition. </li><li>The company faces significant competition from domestic and international shipping and logistic players which may lead to a reduction in its market share, which in turn may adversely affect the company business, results of operations, financial condition and cash flows. </li><li>The company is subject to various risks associated with transportation and its may face claims relating to loss or damage to cargo, personal injury claims or other operating risks that are not adequately insured. </li><li>The company success largely depends upon the knowledge and experience of its Promoters, Directors, Key Managerial Personnel and Senior Management as well as its ability to attract and retain personnel with technical expertise. The company inability to retain its Directors, Key Managerial Personnel and Senior Management or its ability to attract and retain other personnel with technical expertise could adversely affect its business, results of operations and financial condition. </li><li>Any disruptions which affect its ability to utilize the company transportation network in an uninterrupted manner could result in delays, additional costs or a loss of reputation or profitability. </li><li>Its operations may be subject to strikes and work stoppages by the company employees and are also susceptible to risks relating to compliance with labour laws, either of which could result in an increase in its employee benefits expense impacting the company profitability. </li><li>Its cargo handling services are dependent on the ports and jetties on which the company provide its services. Majority of these ports and jetties are situated across the west coast of India. Any adverse developments affecting its operations in such ports and jetties, could have an adverse impact on its business, financial condition, results of operations and cash flows. </li><li>The Company has in the past committed procedural non-compliances in respect to GR Waiver Approval by the Foreign Exchange Management Act 1999 and RBI Master circular Master Direction No. 16/2015-16 dated January 01, 2016. However, no adverse actions have been taken by the statutory authorities in relation to such non-compliances. </li><li>Upgrading or renovation works or physical damage to its vessels and earthmoving equipment may disrupt the company operations and adversely affect its business, cash flows, and results of operations. </li><li>The company is significantly dependent on particular dry bulk commodities such as coal, pet coke and sulphur. Any change in regulations or demand of such commodities may significantly affect its operations. </li><li>Its business is subject to significant revenue concentration in the second half of a fiscal and the company may not be able to forecast its project schedule which could have an adverse effect on the company cash flows, business, results of operations and financial condition. </li><li>Its may not be able to pass on any increase in the company cost of services. Conversely, its may not be able to pass on any decline in prices the company charge its customers to the company third-party service providers. </li><li>There may be delays or defaults in payment by its customers or the tightening of payment periods by third party service providers which could negatively affect its cash flows. As a result, the company experience significant working capital requirements and its inability to meet the company working capital requirements may materially and adversely affect its business, cash flows and financial condition. </li><li>The company has availed of certain unsecured borrowings which are repayable on demand. </li><li>The company has incurred indebtedness, and an inability to comply with repayment and other covenants in its financing agreements could adversely affect the company business and financial condition. </li><li>The company has experienced negative cash flows in the six months period ended September 30, 2024. </li><li>Its contingent liabilities could materially and adversely affect the company business, results of operations and financial condition. </li><li>Exchange rate fluctuations may adversely affect its results of operations as the company sales and operating expenses in its overseas operations are denominated in foreign currencies. </li><li>Its services are dependent on the ports and jetties on which the company provide its services. Any modernization in the ports and jetties may affect its operations in such ports and jetties, could have an adverse impact on its business, financial condition, results of operations and cash flows. </li><li>Its may not have sufficient insurance coverage to cover the company economic losses as well as certain other risks, not covered in its insurance policies, which could adversely affect business, results of operations and financial condition. </li><li>Delay/ default in payment of statutory dues may attract penalties and in turn have an adverse impact on its financial condition. </li><li>There are outstanding legal proceedings against the Company, Promoters, and certain of its Directors. Any adverse decision in such proceedings may render it/them liable to liabilities /penalties and may adversely affect its business, results of operations and financial condition. </li><li>The company require various licenses and approvals for undertaking its businesses and the failures to obtain or retain such licenses or approvals in a timely manner, or at all, may adversely affect its business, results of operations and financial condition. </li><li>Its international operations are subject to legal and regulatory risks. </li><li>Failures to maintain confidential information of the company customers could adversely affect its reputation, business, business, results of operations and financial condition. </li><li>The company has a trademark application pending for its name and corporate logo. The company also relies on a combination of trade secret and contractual restrictions to protect its intellectual property. If the company ise unable to protect its intellectual property rights, its business, results of operations and financial condition may be adversely affected. </li><li>The company might infringe upon the intellectual property rights of others and any misappropriation of its intellectual property could harm the company competitive position. </li><li>The company enter into certain related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not adversely affect its business, results of operations and financial condition. </li><li>After the completion of the Issue, its Promoters will continue to collectively hold substantial shareholding in the Company. </li><li>Any variation in the utilization of the Net Proceeds as disclosed in this Draft Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company. </li><li>The objects of the Issue have not been appraised by any bank or financial institution and its cannot assure you that the objects of the Issue will be achieved within the expected time frame, or at all, and any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval. </li><li>The company intend to utilise a portion of the Net Proceeds towards acquisition of Dry Bulk Carriers in Supramax category in the secondary market. If such expansion does not lead to increases in its revenue from operations, it could have an adverse effect on the company business, results of operations, financial condition and cash flows. Further, the company is yet to place orders for the acquisition of such vessels and its cannot assure you that the company will be able to place orders for such vessels, in a timely manner or at all.</li><li>Some of its Directors does not have any prior experience of being a director in any other listed company in India and this may present certain potential challenges for the Company and in the event of any material noncompliance where its Directors are held liable and responsible, the company may have to appoint new directors. </li><li>The company is susceptible to risks relating to accidents due to human error, which can lead to injury or loss of human life and cause interruptions and disruptions to its logistics operations. Moreover, misconduct or errors by manpower engaged by it could expose the company to business risks.</li><li>Its Registered Office, workshop and certain residential premises are not located on land owned by it. In the event the company lose or are unable to renew such agreements, its business, financial condition and results of operations may be adversely affected. </li><li>The company is dependent on contract labour and any disruption to the supply of such labour or its inability to control the composition and cost of its contract labour could adversely affect the company operations. </li><li>The company is dependent on third party vendors and suppliers for the supply of fuel, heavy vehicles or equipment and any disruption in the supply of such utilities or equipment could adversely affect its operations. </li><li>Its inability to successfully implement some or all the company business strategies in a timely manner or at all could have an adverse effect on its business. </li><li>If the company does not continue to invest in its vessels and earthmoving equipment, the company existing fleet of vessels and earthmoving equipment may become obsolete after certain age and its may not be able to effectively optimise its asset fleet relative to the company competitors, which may have an adverse impact on its business, results of operations and financial condition. </li><li>Failures or disruption of its IT systems may adversely affect the company business, results of operations and financial condition. </li><li>If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected. </li><li>Certain sections of this Draft Red Herring Prospectus contain information from the Dun & Bradstreet Report which the company commissioned and purchased and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.</li><li>This Draft Red Herring Prospectus includes certain Non-GAAP Measures, financial and operational performance indicators and other industry measures related to our operations and financial performance. The Non-GAAP Measures and industry measures may vary from any standard methodology that is applicable across the Indian shipping and logistics industry and, therefore, may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.</li><li>We had derived 20.86 %, 15.20%, and 16.83% of our revenue from operations from our largest customer in Fiscal 2025, 2024 and 2023 amounting to Rs. 1,267.51 million, Rs. 1,111.23 million, Rs. 1,391.71 million respectively. Any loss or reduction of business from this customer and our inability to maintain close relationship with this customer could reduce our revenues and adversely affect our business, cash flows, financial condition and results of operations.</li><li>We derive a significant portion of our revenue from operations from our top 10 customers, with our top 10 customers contributing 64.12 %, 68.79%, and 75.87% of our revenue from operations in the Fiscal 2025, Fiscal 2024, and Fiscal 2023 respectively. Loss of any of these customers or a reduction in purchases by any of them could adversely affect our business, results of operations, cash flows and financial condition.</li><li>We are dependent on the performance of industries such as Oil and Gas, Energy and Power and Coal, aggregating to 54.11%, 49.51%, and 46.15% for the Fiscal 2025, Fiscal 2024, and 2023, respectively, in which our customers operate and fluctuations in the performance of such industries may result in a loss of such customers, a decrease in the volume of work we undertake or the price at which we offer our services. </li><li>Our revenue generation is mostly dependent on cargo handling. Any failure on our part to achieve desired operating or net profit margins could have an adverse impact on our business, results of operations and financial condition. </li><li>We face significant competition from domestic and international shipping and logistic players which may lead to a reduction in our market share, which in turn may adversely affect our business, results of operations, financial condition and cash flows.</li><li>We are subject to various risks associated with transportation and we may face claims relating to loss or damage to cargo, personal injury claims or other operating risks that are not adequately insured. </li><li>Our Registered Office, workshop and certain residential premises are not located on land owned by us. In the event we lose or are unable to renew such agreements, our business, financial condition and results of operations may be adversely affected.</li><li>Our dependence on Non-Major Ports may involve certain operational and regulatory risks that are different from those associated with Major Ports, which could adversely affect our business, results of operations and financial condition.</li><li>Some of the members of our Promoter Group have not consented to the inclusion of, nor have they provided, information or any confirmations or undertakings pertaining to themselves or the entities in which they hold interest, which are required to be disclosed in this Red Herring Prospectus, under the SEBI ICDR Regulations. The disclosures relating to the members of the Promoter Group have been included in this Red Herring Prospectus based on information available in public domain. Accordingly, we cannot assure you that the disclosures relating to such members of our Promoter Group are accurate, complete, or updated.</li><li>Our success largely depends upon the knowledge and experience of our Promoters, Directors, Key Managerial Personnel and Senior Management as well as our ability to attract and retain personnel with technical expertise. Our inability to retain our Directors, Key Managerial Personnel and Senior Management or our ability to attract and retain other personnel with technical expertise could adversely affect our business, results of operations and financial condition.</li><li>Exchange rate fluctuations may adversely affect our results of operations as our sales and operating expenses in our overseas operations are denominated in foreign currencies. </li><li>Our operations may be subject to strikes and work stoppages by our employees and are also susceptible to risks relating to compliance with labour laws, either of which could result in an increase in our employee benefits expense impacting our profitability. </li><li>The objects of the Issue have not been appraised by any bank or financial institution and we cannot assure you that the objects of the Issue will be achieved within the expected time frame, or at all, and any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.</li><li>We intend to utilise a portion of the Net Proceeds towards acquisition of Dry Bulk Carriers in Supramax category in the secondary market. If such expansion does not lead to increases in our revenue from operations, it could have an adverse effect on our business, results of operations, financial condition and cash flows. Further, we are yet to place orders for the acquisition of such vessels and we cannot assure you that we will be able to place orders for such vessels, in a timely manner or at all. </li><li>We enter into certain related party transactions in the ordinary course of our business and we cannot assure you that such transactions will not adversely affect our business, results of operations and financial condition. </li><li>Our significant portion of cargo handling operations is conducted through Non-Major Ports, accounting for 13.09 MMTs, 11.32 MMTs and 11.03 MMTs out of total volumes of 15.71 MMTs, 13.78 MMTs and 13.87 MMTs, for Fiscal Years 2025, 2024 and 2023, respectively. Any adverse changes in their regulatory, political, or operational environment may impact our business, financial condition, or results of operations.</li><li>Our cargo handling services are dependent on the ports and jetties on which we provide our services. Majority of these ports and jetties are situated across the west coast of India. Any adverse developments affecting our operations in such ports and jetties, could have an adverse impact on our business, financial condition, results of operations and cash flows. Further, any modernization in the ports and jetties may disrupt operations in such ports and jetties, could have an adverse impact on our business, financial condition, results of operations and cash flows.</li><li>We have a trademark application pending for our name and corporate logo. We also rely on a combination of trade secret and contractual restrictions to protect our intellectual property. If we are unable to protect our intellectual property rights, our business, results of operations and financial condition may be adversely affected. </li><li>We do not have long term arrangements with any of our customers. Any termination of our current arrangements with our customers could materially and adversely affect our business, results of operations and financial condition.</li><li>Our Company has in the past committed procedural non-compliances in respect to GR Waiver Approval by the Foreign Exchange Management Act 1999 and RBI Master circular Master Direction No. 16/2015-16 dated January 01, 2016. However, no adverse actions have been taken by the statutory authorities in relation to such noncompliances. </li><li>Upgrading or renovation works or physical damage to our vessels and earthmoving equipment may disrupt our operations and adversely affect our business, cash flows, and results of operations. </li><li>We are significantly dependent on particular dry bulk commodities such as coal, pet coke and sulphur. Any change in regulations or demand of such commodities may significantly affect our operations.</li><li>Any disruptions which affect our ability to utilize our transportation network in an uninterrupted manner could result in delays, additional costs or a loss of reputation or profitability.</li><li>Our business is subject to seasonal fluctuations with significant revenue concentration in the second half of a fiscal and we may not be able to forecast our project schedule which could have an adverse effect on our cash flows, business, results of operations and financial condition. </li><li>We may not be able to pass on any increase in our cost of services. Conversely, we may not be able to pass on any decline in prices we charge our customers to our third-party service providers. </li><li>There may be delays or defaults in payment by our customers or the tightening of payment periods by third party service providers which could negatively affect our cash flows. As a result, we experience significant working capital requirements and our inability to meet our working capital requirements may materially and adversely affect our business, cash flows and financial condition. </li><li>We have availed of certain unsecured borrowings which are repayable on demand. </li><li>We have incurred indebtedness, and an inability to comply with repayment and other covenants in our financing agreements could adversely affect our business and financial condition. </li><li>Our contingent liabilities could materially and adversely affect our business, results of operations and financial condition. </li><li>We may not have sufficient insurance coverage to cover our economic losses as well as certain other risks, not covered in our insurance policies, which could adversely affect business, results of operations and financial condition.</li><li>Delay/ default in payment of statutory dues may attract penalties and in turn have an adverse impact on our financial condition.</li><li>The advent of superior technology or the introduction of a new line of vessels/equipment could cause our existing fleet of vessels to become outdated and therefore less desirable, which could adversely affect our financial results and growth prospects. </li><li>There are outstanding legal proceedings against our Company, Promoters, and certain of our Directors. Any adverse decision in such proceedings may render us/them liable to liabilities/penalties and may adversely affect our business, results of operations and financial condition. </li><li>We require various licenses and approvals for undertaking our businesses and the failure to obtain or retain such licenses or approvals in a timely manner, or at all, may adversely affect our business, results of operations and financial condition.</li><li>Our international operations are subject to legal and regulatory risks. Changes in laws and government rules and regulations could reduce our operating flexibility, increase operating expenses, result in service delays and disruptions, prevent us from successfully implementing our growth strategy or otherwise adversely affect us.</li><li>Failure to maintain confidential information of our customers could adversely affect our reputation, business, business, results of operations and financial condition.</li><li>We might infringe upon the intellectual property rights of others and any misappropriation of our intellectual property could harm our competitive position.</li><li>After the completion of the Issue, our Promoters will continue to collectively hold substantial shareholding in our Company.</li><li>Conflicts of interest may arise out of common pursuits between our Company and our Promoter Group/ Group Companies.</li><li>Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of our Company.</li><li>Majority of our Directors do not have any prior experience of being a director in any other listed company in India and this may present certain potential challenges for our Company and in the event of any material noncompliance where our Directors are held liable and responsible, we may have to appoint new directors. </li><li>We are susceptible to risks relating to accidents due to human error, which can lead to injury or loss of human life and cause interruptions and disruptions to our logistics operations. Moreover, misconduct or errors by manpower engaged by us could expose us to business risks.</li><li>We are dependent on contract labour and any disruption to the supply of such labour or our inability to control the composition and cost of our contract labour could adversely affect our operations. </li><li>Our vessel fleet primarily comprises of Barges, Mini-bulk carriers, Motor tugs and Floating cranes. While we continue to maintain our fleet in seaworthy condition, certain vessels are in operation for a considerable period, which may result in increased maintenance needs and evolving compliance requirements.</li><li>We are dependent on third party vendors and suppliers for the supply of fuel, heavy vehicles or equipment and any disruption in the supply of such utilities or equipment could adversely affect our operations. </li><li>Our inability to successfully implement some or all our business strategies in a timely manner or at all could have an adverse effect on our business.</li><li>If we do not continue to invest in our vessels and earthmoving equipment, our existing fleet of vessels and earthmoving equipment may become obsolete after certain age and we may not be able to effectively optimise our asset fleet relative to our competitors, which may have an adverse impact on our business, results of operations and financial condition. </li><li>Failure or disruption of our IT systems may adversely affect our business, results of operations and financial condition. </li><li>If we are unable to establish and maintain an effective internal controls and compliance system, our business and reputation could be adversely affected. </li><li>Certain sections of this Red Herring Prospectus contain information from the Dun & Bradstreet Report which we commissioned and purchased and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.</li><li>This Red Herring Prospectus includes certain Non-GAAP Measures, financial and operational performance indicators and other industry measures related to our operations and financial performance. The Non-GAAP Measures and industry measures may vary from any standard methodology that is applicable across the Indian shipping and logistics industry and, therefore, may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.</li></ul>

The Issue type of Shreeji Shipping Global Ltd is Book Building.

The minimum application for shares of Shreeji Shipping Global Ltd is 58.

The total shares issue of Shreeji Shipping Global Ltd is 16298000.

Initial public offering of 16,298,000 equity shares of face value of Rs. 10/- each ("Equity Shares") of Shreeji Shipping Global Limited (the "Company" or the "Issuer") for cash at a price of Rs. 252/- per equity share (Including a Share Premium of Rs. 242/- per Equity Share) ("Issue Price") aggregating Rs. 410.71 crores (the "Issue"). The issue shall constitute 10.00% of the post issue paid up equity share capital.