Global Ocean Logistics India
- Global Ocean Logistics India is coming out with an initial public offering (IPO) of 38,99,200 shares in a price band of Rs 74-78 per equity share.
- The issue will open on December 17, 2025 and will close on December 19, 2025.
- The shares will be listed on SME Platform of BSE.
- The face value of the share is Rs 10 and is priced 7.40 of its face value on the lower side and 7.80 times on the higher side.
- Book running lead manager to the issue is Marwadi Chandarana Intermediaries Brokers.
- Compliance Officer for the issue is Shweta Sarraf.
Profile of the company
Global Ocean Logistics India is a freight forwarding company having multi modal logistics solutions. It has logistics services with diverse capabilities across verticals include (i) shipping/coastal transportation including ODC (Over Dimensional Cargo) (Ocean Freight Forwarding); (ii) road/rail transportation (Transport); (iii) air cargo (Air Freight Forwarding); (iv) Container Freight Station solution (CFS); (iv) Custom Clearance (v) and; other services. It also provides integrated logistics solutions including project logistics and third party logistics (3PL). It operates through major Indian ports, including NHAVA Sheva, Hazira, Tumb, Pune, Mundra and Chennai and have Pan-India operations covering over 23 states and union territories through its network of 4 marketing offices located in the city of Vishakhapatnam, Jaipur, Pune, Tuticorin.
The company operates an “asset-light” business model, leveraging a network of trusted business partners for assets such as containers, commercial vehicles, warehouses and multi-axle transporters. It is a Multimodal Transport Operator registered under the Multimodal transportation of Goods Act 1993 to carry on the business of multimodal transportation. The company has license and certificate of MTO, FMC, AEO, FFFI and ISO. Additionally, the company is recognized member of WCA and JCtrans having worldwide member offices with network of more than 20,000 agents. These associations have a set of freight forwarding agents in each and every country and they connect all such kind of agents in different parts of the world.
It specializes in providing services to importers sourcing goods from key regions, including Europe, the USA, South Africa, China, Southeast Asia, and the Gulf countries, where it has an established presence through its network of agency partners. At the same time, it is dedicated to supporting exporters who wish to ship products to these regions. Through strategic collaborations with its agency partners, the company is able to offer its services in markets where it does not operate directly. These partnerships also play a crucial role in helping it to explore and secure new business opportunities in India, leveraging its partners' networks in regions where they lack a direct operational footprint.
Proceed is being used for:
- Funding working capital requirements of the company
- General corporate purposes
Industry Overview
The Indian logistics market, valued at $107.16 billion (Rs 9 trillion) in FY23, is projected to grow significantly, reaching $159.54 billion (Rs 13.4 trillion) by FY28, with a compounded annual growth rate (CAGR) of 8-9%, according to a recent report by Motilal Oswal. This growth is driven by structural shifts, technological advancements, and government initiatives focused on reducing logistics costs and improving infrastructure. The National Logistics Policy, unveiled in September 2022, aims to optimize India’s logistics landscape by increasing the share of railways in freight movement, currently at 18%, through developing dedicated freight corridors (DFCs), enhancing road infrastructure, and expanding inland waterways.
As of April 2024, DFCs are 96% complete, which is expected to enhance the capacity and efficiency of rail freight and improve its share in the overall modal mix. Additionally, the government's push for port privatization has improved infrastructure and efficiency at Indian ports, benefiting major operators such as Adani Ports and Special Economic Zone (APSEZ) and JSW Infrastructure. India’s logistics costs as a percentage of GDP stand at 14%, significantly higher than the 8-9% range observed in developed countries. This is largely attributed to the skewed modal mix, where roads account for 71% of freight movement, leaving railways and waterways with a smaller share. To address these inefficiencies, the government has implemented key initiatives like the Goods and Services Tax (GST) and invested heavily in road infrastructure, inland waterways, and DFCs. These measures are anticipated to reduce the logistics cost-to-GDP ratio to 8-9% in the coming years, aligning India with global standards.
The highly diverse logistics market encompasses road transport, rail transport, air cargo, multimodal logistics, and industrial warehousing. The domestic express logistics segment is projected to grow faster, with a 14% CAGR from FY23 to FY28, driven primarily by the expansion of e-commerce. Organized players currently control about 80% of the market. They are expected to solidify their dominance by leveraging government policies such as the e-way bill and GST. Furthermore, the less-than-truckload (LTL) segment in road transportation is anticipated to experience notable growth, with a projected 10% CAGR driven by the increased demand for smaller and more frequent shipments that bypass warehouse storage to reach retailers directly.
Pros and strengths
Asset-light business model resulting into higher efficiencies: The company operates an “asset-light” business model, leveraging a network of trusted business partners for assets such as containers, commercial vehicles, warehouses and multi-axle transporters. The company has license and certificate of MTO, IATA, FMC, AEO, FFFI and ISO. Additionally, the company is recognised member of WCA and JCtrans having worldwide member offices with network of more than 20,000 agents. The company’s ‘asset-light’ business model enables it to reduce its capital expenditure requirements, mitigate the effects of operational risks relating to direct fuel cost, maintenance cost and depreciation. It follows a diversified capital deployment which may result in improvement in efficiencies.
Comprehensive service portfolio: The company, being a freight forwarding company having multi modal logistics solutions, is capable of offering a wide range of logistics services with focus on creating solutions that address the requirements of its clients. Its range of services involves Ocean Freight Forwarding, Transport, Air Freight Forwarding, CFS, custom clearances, and other services, which assist its clients to improve their service levels, reduce cost and ensure better quality, scalability and visibility of their supply chain. This along with a combination of its logistics and transportation network and diversified service portfolio, has made it possible for it to attract and retain clients across various industry segments. Further, it has built an asset-light business model, which provides it with lower fixed costs and greater flexibility. This enables it to maintain control over operational quality metrics and improve overall network performance.
Strategic geographic presence: With aggregate of over one and half a decade of its promoter, Managing Director operational experience, the company has developed internal intelligence related to trade flows and volumes across routes, seasonality impact on volumes and freight across Pan-India routes, Pan- India customer base to enable two-way business with minimum wastage of empty runs for business partners. Further, its decade of experience enables it to collate and study the data for route optimization and thereby allows it to be cost-efficient for its customers. The company operates through major Indian ports, including NHAVA Sheva, Hazira, Tumb, Pune, Mundra and Chennai and have Pan-India operations covering over 20 states and union territories through its network of 4 marketing offices.
Risks and concerns
Client concentration and contract renewal risk: The company’s top ten customers contribute about representing 48.55%, 42.21%%, 44.43% and 36.53% of its revenues for period ended September 30, 2025, Fiscal 2025, 2024 and 2023. The company’s reliance on a select group of clients may also constrain its ability to negotiate these agreements. The company cannot assure that it will be able to maintain historic levels of business and/or negotiate and execute long term contracts on terms that are commercially viable with its significant customers or that it will be able to significantly reduce customer concentration in the future. A loss of any of its significant clients, a decrease in the volume of work its clients outsource to it or a decline in its prices may materially and adversely affect its business, operations, financial condition, results of operations and prospects.
Revenue concentration in Maharashtra and Gujarat: The company generate a substantial portion of revenue from Maharashtra and Gujarat. The company has garnered 63.41%, 62.71% and 74.57% of its total revenue from Maharashtra and Gujarat in FY25, FY24 and FY23 respectively. Such geographical concentration of its business in the Maharashtra and Gujarat region heightens its exposure to adverse developments related to competition, as well as economic and demographic changes in the region, which may adversely affect its business prospects, financial conditions and results of operations.
Dependence on ocean freight forwarding business: The company has derived a major portion of its revenue from operation from ocean freight forwarding business. During the period ended September 30, 2025 and fiscal 2025, 2024 and 2023 it derived approximately 62.63%, 63.85%, 53.52% and 77.80% of its revenue (freight forwarding) from providing logistics services by means of ocean freight forwarding. In case of any slowdown in the demand for the ocean transportation service or its customer shifting towards any alternate mode of transportation, it may face disruption in its logistic and freight forwarding business. If there is any disruption in the industry it may lead to reduction in orders from the customers, delay or re-schedule of the delivery commitments and delay or defaults in payments from the customers. Thus, in case there is any disruption in the ocean transportation industry or any shift of customers to any alternate mode of transportation, it may have an adverse effect on its business, revenue and results of operations.
Outlook
Global Ocean Logistics India is a freight forwarding company with multi-modal logistics solutions. The company operates through major Indian ports like NHAVA Sheva, Hazira, Tumb, Pune, Mundra, and Chennai, with Pan-India coverage across over 23 states and union territories via four marketing offices in Vishakhapatnam, Jaipur, Pune, and Tuticorin. It offers a range of services, including Ocean and Air Freight Forwarding, Transport, CFS, customs clearances, and others, to help clients improve service, reduce costs, and enhance supply chain quality, scalability, and visibility. On the concern side, the company’s top ten customers contribute to a substantial portion of its revenues and any loss of business from one or more of them may adversely affect its revenues and profitability. Moreover, the company depends significantly on its clients from different industries and are highly dependent on the performance of their industry. A loss of, or a significant decrease in their business could adversely affect its business and profitability.
The company is coming out with a maiden IPO of 38,99,200 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 74-78 per equity share. The aggregate size of the offer is around Rs 28.85 crore to Rs 30.41 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations was increased by 86.45% in the year Fiscal 2025. The amount increased from Rs 10,220.24 lakh in Fiscal 2024 to Rs 19,055.91 lakh in Fiscal 2025. Moreover, the company’s profit after tax increased by 158.78% from Rs 263.35 lakh in Fiscal 2024 to Rs 681.51 lakh in Fiscal 2025.
The company intends to continue to acquire projects with large revenue and provide them with integrated, end-to-end solutions to address all their logistics requirements. This gives the company’s clients flexibility and scalability in their operations along with cost efficiencies. This approach will result in increased revenues which will allow it to continue to grow its business. Additionally, the company will also continue to expand its relationships with its existing clients by offering additional logistics services to them.
