Seven Islands Shipping Files for IPO

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>

<< Sep 2018 >>
MTWTFSS
27 28 29 30 31 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

CWC World LNG & Gas Series: 10th Asia Pacific Summit

Bringing together the key LNG buyers and sellers from across the globe, the Summit provides…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

Defence Safety Conference Supported by The Defence Safety Authority, UK MoD

The Defence Safety Conference is the first of its kind exclusively dedicated to safety across the defence domain…

read more >

Singapore International Bunkering Conference and Exhibition (SIBCON)

The 20th edition of the Singapore International Bunkering Conference and Exhibition (SIBCON) will be about inspiring change…

read more >