Users on social media Reddit found this BSE-traded company where its promoter only holds a 0.04% stake in the company and retail investors hold a 99.96% stake.

What Happened: Seacoast Shipping is the company that has this unique shareholding pattern. FIIs and DIIs don't own any shares in the company. 

The post left users perplexed with one user asking whether this was a ghost company. The original poster said he saw a finfluencer recommending the stock. The user said he blocked the person on Instagram.

The shareholding pattern of the company shows that the promoters had around 53% stake in the company during the September 2021 quarter. The promoters have been offloading stakes continuously. Their stake fell to 44% in the June 2023 quarter and then to 0.04% in the December 2023 quarter and has remained the same ever since.

See Also: Brokerages Mixed After Zee Entertainment Ends 3-Year Merger Impasse With Sony India

Manishkumar Raichand Shah and Sameer Amit Shah are the promoters of the company. Raichand holds 0.04% stake as per the June quarter’s shareholding data.

FIIs had around 2% stake during the September 2021 quarter and completely exited the stock by September 2022, shareholding data shows. 

DIIs had a 0.16% stake in September 2021 and exited the stock by the March 2022 quarter. 

Established in 2005, Seacoast Shipping is engaged in providing single-window logistics services to exporters and importers according to the company's website. The company is one of the freight forwarders in Gujarat, handling agri-export commodities exports in containers from Mundra port. 

In its Q1 results, Seascost Shipping posted a net profit of ₹7 crore, increasing by 40% from the previous year's ₹4.98 crore. Its revenue gained 51.89% year on year to ₹151.47 crore. 

Another interesting thing in the company’s financials is that the company’s net cash flow has remained zero from FY 2021 to FY 2023.

Price Action: Shares of Seacost Shipping have gained over 83% in the year so far. On Wednesday, the stock was trading 2.94% down at ₹5.95.

Read Next: Premier Energies IPO Day 2: Subscription At 3.37 Times, GMP Down