Blue Water Logistics Limited made its market debut on the NSE SME platform today, June 3, 2025, listing at ₹141 per share, reflecting a 4.44% premium over the issue price of ₹135. The modest listing comes amid a mixed sentiment for recent SME IPOs.
The ₹40.50 crore IPO was entirely a fresh issue of 30 lakh equity shares, with a price band set between ₹132 and ₹135 per share. The issue opened for subscription on May 27 and closed on May 29, 2025.
Investor response was decent across categories, with the overall issue subscribed 6.67 times. The Qualified Institutional Buyers (QIB) segment was subscribed 14.04 times, followed by Non-Institutional Investors (10.22 times) and Retail Investors (6.55 times).
Blue Water Logistics intends to utilise the IPO proceeds primarily to fund the purchase of vehicles and related body-building work (₹10.51 crore), meet working capital requirements (₹20 crore), and for general corporate purposes.
With its entry into new logistics verticals and strong industry experience, the company aims to accelerate growth in the coming years. At an IPO valuation of ₹148.5 crore and FY25 projected PAT of ₹11 crore, the stock is priced at a P/E of ~14x, with forward estimates indicating a P/E of ~7x for FY26.
