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- Sadhav Shipping Ltd
Sadhav Shipping Ltd IPO
SSL was the first company in India to start services of providing Tier-1 Oil Spill Response facility for the Ports. It started the service in 2014 in Mumbai Port. They were the first responders attending to MV Black Rose which sank off Paradip Port in 2009. Today, SSL, Mumbai based company, owns and operates more than 20 vessels in various sectors of the maritime trade in India and are now operating in most of the Major Ports in India. Their barges plying in Coastal & Inland Waterways operate for transportation or lighter age of cargo.
The Company take up service works with the Ports such as providing Mooring Services (connecting the ships rope to land), Garbage Collection Services (collecting garbage from ships) and Flotsam collection services (collecting floating debris on water). The services offered by SSL comprise of Offshore Logistics, Port Services and Oil Spill Response. It operate & manage Port crafts and provide high speed security boats for patrolling services, which constitute their Port Services operations. It supports the exploration & production of Oil & Gas in offshore fields. Its 4 DP Anchor Handling Tugs cum Supply Vessels (AHTSV's) carry out the duties that follow i) towing of Offshore assets; ii) supply of Drilling materials including casing pipes, cement, baryte, drill water, brine etc.; participation in Search & Rescue Duties; iv) transportation of men & material to offshore locations and v) other duties as guided by the charterer and within the scope of work.
The Company propose IPO of 40,18,800 Fresh Issue Equity Shares.
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Sadhav Shipping Ltd IPO Timeline
Sadhav Shipping Ltd IPO opens on 23-Feb-2024, and closes on 27-Feb-2024. The Sadhav Shipping Ltd IPO bid date is from 23-Feb-2024 to 27-Feb-2024. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.
| Event | Date |
|---|---|
| Sadhav Shipping Ltd IPO Opening Date | 23-Feb-2024 |
| Sadhav Shipping Ltd IPO Closing Date | 27-Feb-2024 |
| Basis of Allotment | 28-Feb-2024 |
| Initiation of Refunds | 29-Feb-2024 |
| Credit of Shares to Demat | 29-Feb-2024 |
| Sadhav Shipping Ltd IPO Listing Date | 01-Mar-2024 |
Sadhav Shipping Ltd IPO Lot Size
Sadhav Shipping Ltd IPO lot size is 1200 shares. A retail-individual investor can apply for up to 1 lots (1200 shares or 114000).
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Minimum | 1 | 1200 | ₹114000 |
| Maximum | 1 | 1200 | ₹114000 |
Sadhav Shipping Ltd IPO Details
| Sadhav Shipping Ltd IPO Date | 23-Feb-2024 to 27-Feb-2024 |
| Sadhav Shipping Ltd IPO Face Value | Shares of ₹10 per share |
| Sadhav Shipping Ltd IPO Price | ₹95 per share |
| Sadhav Shipping Ltd IPO Lot Size | 1200 |
| Issue Size | Shares of ₹10 (aggregating up to ₹38.18 Cr) |
| Fresh Issue | Shares of ₹10 (aggregating up to ₹38.18 Cr) |
| Offer for Sale | - |
| Issue Type | Fixed Price - SME |
| Listing At | NSE - SME |
| QIB Shares Offered | - |
| Retail Shares Offered | - |
| NII (HNI) Shares Offered | - |
| Company Promoters | Kamal Kant Biswanath Choudhury, Sadhana Choudhury, Vedant Kamalnath Choudhury. |
Objects of the Issue
The company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:
- 1 Repayment/Prepayment in part of full of certain outstanding borrowings availed by the company
- 2 Part funding of capital expenditure to purchase acquire additional boats vessels
- 3 Working capital requirements
- 4 General corporate purposes
Company Financials
Sadhav Shipping Ltd Financial Information (Restated)
| Period Ended | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 03-2024 | 179.64 | 84.70 | 9.15 |
| 03-2023 | 116.29 | 78.91 | 7.75 |
| 03-2022 | 69.09 | 69.78 | 3.01 |
| Amount in ₹ Crore | |||
- Company is in ship operation business since last 27 years.
- Experienced Promoters and Management Team.
- Quality backed assets to service to its client requirement.
- Strong Client Base.
- Business Growth opportunities.
- There are outstanding legal proceedings involving the Company which may adversely affect its business, financial condition and results of operations.
- Breakdown, Mishaps or accidents could result in a loss or slowdown in operations and could also cause damage to life and property.
- The company may incur penalties or liabilities for non-compliance or delay in compliance with certain provisions of GST Act, Income tax and other applicable laws in the last Three years and in stub period.
- The Company may incur penalties or liabilities for non-compliances with certain provisions of the Companies Act and other applicable laws in the last three Years.
- The deployment of the Net Proceeds from the Issue is based on management estimates and have not been independently appraised by any bank or financial institution and is not subject to any monitoring by any independent agency and the Company's management will have flexibility in utilizing the Net Proceeds from the Issue.
- Its revenue and profits are largely dependent on chartering/ hire of barges/vessels.
- There is no monitoring agency appointed by the Company and the deployment of funds is at the discretion of its Management and its Board of Directors, though it shall be monitored by its Audit Committee.
- The Company operates under several statutory and regulatory permits, licenses, registrations, and approvals. Its failure to obtain and/or renew any approvals or licenses in future may have an adverse impact on its business operations.
- The company has incurred substantial indebtedness which exposes it to various risks which may have an adverse effect on its business and the results of operations.
- Its lenders have charge over its movable and immovable properties in respect of finance availed by it.
- The company has availed credit facility from banks, and it is subject to certain restrictive covenants. Any Delay in issuing No Objection Certificate for the proposed issue may delay its proposed Initial public offering.
- Its Top 5 customers contribute a significant portion of the company revenue from operations.
- The Logo used by the Company is currently under process of registration under Trade Marks Act, 1999. Failure to protect its intellectual property rights may adversely affect the company competitive business position, financial condition and profitability.
- Its insurance coverage may not adequately protect the company against all material hazards, which may adversely affect its business, results of operations and financial condition.
- Its success largely depends on the company's ability to attract and retain its Key Managerial Personnel. Any loss of its Key Managerial Personnel could adversely affect its business, operations and financial condition.
- In addition to normal remuneration, other benefits and reimbursement of expenses to Directors (including its Promoters) and Key Management Personnel are interested in the Company to the extent of their shareholding and dividend entitlement in the Company.
- Certain unsecured loans availed by it from its Promoter Directors and relative of Director may be recalled at any time. This may affect its business and financial conditions adversely.
- The Company if not able to manage its growth or to successfully implement its business plan could have an effect on its business, results of operations and financial condition.
- Its Promoters and Promoter Group will continue to retain majority shareholding after the Issue, which will allow them to exercise significant influence and potentially create conflicts of interest.
- Employee misconduct, errors or fraud could expose it to business risks or losses that could adversely affect its business prospects, results of operations and financial condition.
- The company has not identified any alternate source of funding and hence any failure or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- Any Penalty or demand raised by statutory authorities in future will affect its financial position of the Company.
- Its may not be able to sustain effective implementation of its business and growth strategies.
- The company cannot guarantee the accuracy or completeness of facts and other statistics with respect to India, the Indian economy and industry in which its operate contained in this draft Prospectus.
- Fluctuations in vessel prices may adversely affect its financial condition and results of operations.
- Its may experience decreased revenues due to the fluctuations in charter rates, which may have a material adverse effect on its financial condition and results of operations.
- The company cannot assure you that its will be able to purchase or acquire new or second-hand vessels meeting its requirements at prices, delivery times or in a condition acceptable to it.
- Changes in technology may render its current vessel technology obsolete or may require it to make Substantial capital investment.
- Its industry is highly competitive and subject to intense price competition, which could depress vessel day rates and utilization rates, thereby adversely affecting its business and financial performance.
- The company is subject to hazards customary to the operation of vessels and unforeseen interruptions that could adversely affect its financial performance, for which its may not be adequately insured or indemnified. If the company is unable to obtain adequate compensation under its insurance coverage, its business and financial condition would be adversely affected.
- Its growth depends on its ability to expand relationships with existing charterers and new charterers in a highly competitive environment.
- Termination of contracts for the employment of its vessels or inability to obtain contracts for the employment of its vessels for any significant period may adversely affect its financial condition and results of operations.
- Its results of operations may be adversely affected by foreign currency exchange rate fluctuations and movements in interest rates as well as changes to the accounting treatment of the effects of such fluctuations and movements.
- The company has high levels of fixed costs that will be incurred regardless of its level of business activity. Non employment of vessels or low productivity due to reduced demand, weather interruptions or other causes can have a significant negative effect on its results of operations and financial condition as a consequence.
- The company is susceptible to unexpected increases in operating costs, which may exceed estimates upon which its long-term contracts for the employment of the company vessels are based and this could adversely affect its results of operations.
- The company has in the past entered into related party transactions and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on the Company's financial condition and results of operations.
- Its ability to pay dividends in the future will depend upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in its financing arrangements.
- The Issue Price of its Equity Shares may not be indicative of the market price of its Equity Shares after the Issue.
- The Equity Shares issued pursuant to the Issue may not be listed on the Stock Exchange(s) in a timely manner, or at all, and any trading closures at the Stock Exchange(s) may adversely affect the trading price of its Equity Shares.
- Any further issuance of Equity Shares by the Company or sales of Equity Shares by any significant shareholders may adversely affect the trading price of the Equity Shares.
- There is no existing market for its Equity Shares, and the company does not know if one will develop. its stock price may be highly volatile after the Issue and, as a result, you could lose a significant portion or all of your investment.
- There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, the Equity Shares at a particular point in time.
- Investors may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares.
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Sadhav Shipping Ltd IPO Promoter Holding
| Pre Issue Share Holding | 93.89% |
| Post Issue Share Holding | 67.61% |
Sadhav Shipping Ltd IPO Subscription Status (Bidding Detail)
The Sadhav Shipping Ltd IPO is subscribed 120.7193 times on Feb 27, 2024 05:00:00 PM. The public issue subscribed - times in the retail category, - times in the QIB category, and - times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | QIB | NII | Retail | Employee | Total |
|---|---|---|---|---|---|
| Subscription (times) | - | - | - | - | 120.7193 |
Sadhav Shipping Ltd IPO Prospectus
Sadhav Shipping Ltd IPO Listing Date
| Listing Date | 01 Mar 24 |
| BSE Script | 92472 |
| NSE Symbol | SADHAV |
| Listing In | NSE - SME |
| ISIN | INE0K5H01010 |
| IPO Price | ₹95 |
| Face Value | ₹10 |
Sadhav Shipping Ltd IPO Registrar
Maashitla Securities Pvt Ltd
Phone: +91-11-45121795-96
Email: contact@maashitla.com
Website: www.maashitla.com
Sadhav Shipping Ltd IPO Lead Manager(s)
- ISK Advisors Pvt Ltd
FAQs on Sadhav Shipping Ltd IPO
Sadhav Shipping Ltd IPO, which opens for subscription from 23-Feb-2024 to 27-Feb-2024 has an issue size of ₹38.18 crore. The issue type is book building issue.
In case of pre-apply, your IPO order will be placed on the Exchange as soon as the official bidding for Sadhav Shipping Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.
Sadhav Shipping Ltd IPO Opens for subscription from 23-Feb-2024 to 27-Feb-2024.
The lot size of Sadhav Shipping Ltd is 1200 shares. Retail investors can subscribe to minimum 1 lot and maximum 1 lots. The minimum and maximum application value is ₹114000 and ₹114000 respectively.
Allotment date for Sadhav Shipping Ltd is 28-Feb-2024 and refund of application amount (in case allotment is not received) will begin from 29-Feb-2024. If your allotment goes through, then shares will be credited in your Demat account by 29-Feb-2024.
The registrar for Sadhav Shipping Ltd IPO is Maashitla Securities Pvt Ltd. You can check your IPO allotment status on the registrar's website.
The shares of Sadhav Shipping Ltd are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
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