The SEBI approves Seven Islands Shipping’s Rs 600-crore IPO

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Seven Islands Shipping, a seaborne logistics company, has obtained permission from the Securities and Exchange Board of India (Sebi) to raise Rs 600 crore through an initial share sale.

The Sebi’s observation is important for any company preparing to launch a public offering, such as an initial public offering (IPO), a follow-on public offering (FPO), or a rights issue.

According to the draught red herring prospectus filed with Sebi, the public offering would include a fresh issue of Rs 400 crore and an offer for sale of up to Rs 200 crore.

FIH Mauritius Investment will raise to Rs 100 crore, Thomas Wilfred Pinto up to Rs 85.64 crore, and Leena Metylda Pinto up to Rs 14.35 crore via the bid for sale.

Seaborne Logistics Company, which filed preliminary papers with the Securities and Exchange Board of India (Sebi) in February, received its observation on March 22, according to the latest update with Sebi.

The Sebi’s observation is important for any company preparing to launch a public offering, such as an initial public offering (IPO), a follow-on public offering (FPO), or a rights issue.

The net proceeds from the fresh issue will be used to purchase a large crude carrier vessel and one medium-range vessel on the secondary market for an aggregate cost of Rs 352.43 crore. In 2017, the company attempted to enter the capital markets.

According to the draught documents, interested institutional buyers will be entitled to up to 50% of the bid, while non-institutional investors will be entitled to up to 15% of the offer. Retail investors will be entitled to up to 35% of the sum.

The company began operations in 2003 with one vessel and now has a total deadweight tonnage capacity of 1,105,682 MT with 20 Indian-flagged and Indian-owned liquid cargo vessels.

The company has bought 40 vessels and sold 20 vessels in the last 18 years.

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