Seven Islands Shipping Files for IPO

Image Courtesy: SIS

Mumbai-based Seven Islands Shipping (SIS) is to make a stock market entry as the tanker shipping company has filed draft offer documents with Securities and Exchange Board of India (SEBI) to raise INR 4.5 billion (USD 69.2 million) via an initial public offering (IPO).

The IPO comprises a fresh issue of up to INR 2 billion and an offer for sale amounting to INR 2.5 billion, the Draft Red Herring Prospectus shows.

The face value of equity shares is INR 10 per share. As disclosed, the price band and minimum bid lot will be decided by SIS and the selling shareholders in consultation with the book running lead manager (BRLM).

The shares are to be listed on the BSE Limited (BSE) and the National Stock Exchange of India (NSE).

SIS intends to use the net proceeds from the fresh issue for the acquisition of a very large crude carrier (VLCC) and for other general corporate purposes.

Currently, SIS owns a fleet of eleven ships – three crude oil tankers and eight product carriers.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Green Ship Technology North America

Survival of the fittest in maritime: Make smart investments, ensure you are compliant, future proof your fleet…

read more >

FCCA Cruise Conference & Trade Show

The ​FCCA ​Conference ​is ​a four-day ​event ​designed ​to ​foster ​a ​better ​understanding ​of ​the ​inner ​workings ​of ​the ​cruise…

read more >

Bulk Liquid Storage Europe 2017

The event will cover current key challenges and issues faced by the industry and provide in depth discussions and analysis of today`s…

read more >

3RD ANNUAL GENERAL AVERAGE SEMINAR

ATTEND THIS SEMINAR TO:
– Get up to speed on the revisions to the York-Antwerp Rules 2016…

read more >