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