Curis Lifesciences Ltd. IPO

Fly-Hi Maritime Travels 

• Fly-Hi Maritime Travels is coming out with an initial public offering (IPO) of 51,60,000 equity shares of face value of Rs 5 each for cash at a fixed price of Rs 102 per equity share.
• The issue will open on September 01, 2026 and will close on September 03, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 20.40 times higher to its face value of Rs 5.
• Book running lead manager to the issue is Corporate Makers Capital.
• Compliance Officer for the issue is Renu Agrawal.

Profile of the company

Fly-Hi Maritime Travels manages end to end travel arrangements for crew of commercial shipping companies, ensuring that the crew members move seamlessly from their home country to the port of boarding. It manages their airline tickets, ground travel, hotel stay, visa application etc until they reach the desired port of boarding. Every movement of the crew members directly impacts the vessel schedules, compliances and operations. 

Its role is to absorb this complexity on behalf of shipping companies by planning and making end to end travel arrangements for the crew members and by offering them 24/7 support during their travel from their home country to the port of boarding. Modern shipping fleets operate with crew of mixed nationalities and therefore each crew member has to have a tailor made travel itinerary to ensure their arrival to the port of boarding as per the desired time and schedule. It works with commercial shipping companies to move their crew from more than countries to the port of boarding. It has commercial shipping companies as its customers from more than 6 countries.

The company has a centralized operational model driven by a lean and efficient team. It has centralized its operations in its Mumbai office which is its corporate office. It arranges supply of hotels, airlines, car rentals, transfer providers, cruise companies and other via direct connectivity or through third party aggregators. It has appointed a distributor in UAE to manage a few customers based in foreign countries due to their international requirements. Its customers include a few marquee names in the commercial shipping industry. It is an International Air Transport Association (IATA) accredited company.

Proceed is being used for:

• Funding working capital requirements of the company.
• Repayment and/or pre-payment, in part, of borrowing availed by the company.
• Talent acquisition for business marketing and development activities.
• Meeting out the general corporate purposes. 

Industry Overview

The Shipping crew travel management refers to the organised planning, booking, and coordination of seafarers’ movement between vessels, ports, and home locations. It covers logistics such as air travel, visa processing, accommodation, and ground transport, while ensuring compliance with applicable maritime regulations and safety requirements. The objective is to facilitate timely crew rotations, limit vessel downtime, and support crew movement during assignments. Given the complexity of global shipping routes and evolving regulatory conditions, specialised travel-management services are increasingly required by shipping companies, ship managers, and offshore operators. These services assist in coordinating crew movements, improving operational efficiency, and reducing travel-related risks. 

The market is also shaped by the critical need to manage travel for seafarers originating predominantly from Asia Pacific, particularly India, the Philippines, Indonesia, Vietnam and China. These countries serve as the principal manpower hubs for global shipping companies and drive a large share of outbound and inbound crew movements. As marine operations grow more geographically dispersed, the need for synchronized, 24x7 travel coordination has become indispensable, especially for activities involving on-signing, off-signing, emergency deployment, repatriation and short-notice crew changes triggered by operational contingencies. 

The period from 2025 to 2033 is expected to mark a continued expansion phase for the industry. Rising levels of fleet modernization, increasing offshore exploration activities and the growth of specialized vessel categories such as LNG carriers, offshore wind support vessels and hybrid propulsion ships will generate additional crew travel requirements. The adoption of digital platforms for marine fares, automated itinerary management and real-time disruption handling is further expected to enhance the efficiency and scalability of the sector. As a result, the global shipping crew travel management market is projected to advance from $2.36 billion in 2025 to more than $4.25 billion by 2033, supported by a cumulative annual growth pattern driven by rising workforce mobility, expansion of international shipping routes and increasing dependence on specialized travel management companies.

Pros and strengths

Distributor for better customer servicing: The company, understanding the needs of its international customers, has appointed a distributor in UAE to be able to be closer to the customers to take care of their needs. A few large international customers prefer doing business in Dubai which it could capitalizes by appointing a distributor. This has also helped the company to reach new clients in the international markets.

Skilled and hardworking workforce: Its achievements are due to the discipline and hard work of its workforce. It has been able to give top notch service quality to its customers due to their dedication. Its services include complex planning, prompt feedbacks, continuous real time monitoring, etc which needs 24/7 working schedule and its workforce has arisen at every occasion to do so. The company places emphasis on continuous learning and skill development to ensure that its employees remain updated with global technology standards and industry best practices. Combination of technical expertise, hard work and client-oriented approach ensures that its human capital remains one of its most valuable assets, directly contributing to growth and competitiveness in this industry. 

Established relationships with customers: It has built good relationship with its customers over the last few years which help it in getting more business from them. It has grown with the mouth publicity of its existing customers which has helped it in getting new customers. Its focus has always been keeping its customer requirements as first priority and it continuously works on its systems to better its services as per their needs.

Risks and concerns

Dependence on adequate working capital for smooth business operations: Its business demands working capital requirements. In case there are insufficient cash flows to meet its working capital requirement or it is unable to arrange the same from other sources or there are delays in disbursement of arranged funds, or it is unable to procure funds on favourable terms, it may result into its inability to finance its working capital needs on a timely basis which may have an adverse effect on its operations, profitability and growth prospects. It intends to continue growing by expanding its business operations. This may result in increase in the quantum of its current assets. Its inability to maintain sufficient cash flow, credit facility and other sources of fund, in a timely manner, or at all, to meet the requirement of working capital could adversely affect its financial condition and result of its operations.

Third-party vendor dependence: Its business operations rely significantly on various third-party service providers and vendors, including but not limited to commercial fleet vendors, air ticket vendors, hotels, embassies, port authorities, and local logistics service providers. These third parties are crucial to the smooth functioning of its operations, enabling it to manage crew handling, their movement and assisting their timely reach to the vessel or port. However, the performance of these service providers may not always meet its expectations, and any failure or disruption in their services could potentially lead to operational delays and affect its overall business continuity. A major portion of its operations is dependent on services viz. airways, commercial vehicles, embassy which are primarily managed through third-party vendors. Any interruptions in the timely supply of these support services assets, whether due to supply chain disruptions, maintenance issues, or delays, could negatively impact its ability to perform its services efficiently.

Trade receivables form a major part of its current assets: Its business is working capital intensive and hence, trade receivables form a major part of its current assets. The results of operations of its business are dependent on its ability to effectively manage its trade receivables. To effectively manage its trade receivables, it must be able to accurately evaluate the credit worthiness of its customers and ensure that suitable terms and conditions are given to them in order to ensure its continued relationship with them. However, if it fails to accurately evaluate the credit worthiness of its customers, it may lead to bad debts, delays in recoveries and / or write-off which could lead to a liquidity crunch, thereby adversely affecting its business and results of operations. During the financial year March 31, 2026, March 31, 2025 and March 31, 2024 its trade receivables were Rs 2,478.67 lakh, Rs 972.61 lakh and Rs 961.66 lakh and the trade receivable days were 146 days, 78 days and 78 days respectively, Additionally, it has not written off any bad debts in the last three fiscal 2024, 2025 and 2026. However, it cannot assure that it will not face any bad debt in future and in the event any such bad debts occur they may impact the financial position of it. 

Outlook

Fly-Hi Maritime Travels manages end to end travel arrangements for crew of commercial shipping companies, ensuring that the crew members move seamlessly from their home country to the port of boarding. It has built good relationship with its customers over the last few years which help it in getting more business from them. It has grown with the mouth publicity of its existing customers which has helped it in getting new customers. Its focus has always been keeping its customer requirements as first priority and it continuously work on its systems to better its services as per their needs. On the concern side, its majority of the business is dependent on an exclusive distributor appointed by it to works exclusively for the company and who contributes to majority of its revenues from operations. Any dispute or due to inferior service provided by them to its customers or any other sort of disruption may result in loss of business for the company and may adversely affect its revenues and profitability.

The company is coming out with an IPO of 51,60,000 equity shares of face value of Rs 5 each for cash at a fixed price of Rs 102 per equity share to mobilize Rs 52.63 crore. On performance front, its revenue from operations increased by 36.66% to Rs 6,203.63 lakh for FY 2026 from Rs 4,539.50 lakh for FY 2025. Profit after tax has increased by 144.69% from Rs 344.34 lakh for FY 2025 to Rs 842.58 lakh for FY 2026.

Meanwhile, it has planned to appoint distributors in the international markets to offer its services to clients based in the international markets. This will help in expanding reach of the company to more markets abroad and for new customer acquisition as well as it will help in servicing the customers better giving them an ease of doing business with the company.  Going forward, it plans to start approaching cruise lines by giving them travel management solutions for their crew travel. This will help it in expanding its customer portfolio which will create new revenue stream for the company and will also insulate it from any future disruptions in the commercial shipping industry.