05-10-2017

Seven Islands Shipping files IPO papers with SEBI

Seven Islands Shipping has filed preliminary papers with SEBI to raise Rs. 450 crore through an initial public offering.

According to draft papers filed with the markets regulator, the IPO comprises fresh issue of shares worth Rs. 200 crore, besides sale of scrips to the tune of Rs. 250 crore by private investor Wayzata Investment Partners and the promoters.

Funds raised through the issue will be used to buy a very large crude carrier and for other general corporate purposes.

Edelweiss Financial Services is the sole book running lead manager to the issue. The shares are proposed to be listed on the BSE and the NSE.

Seven Islands Shipping is a liquid sea-borne logistics company and operates under two categories — crude oil trade and liquid products trade that includes white oils, black oils, and lube oil.

Last month turned out to be action-packed for the IPO market as half-a-dozen firms had approached SEBI to float initial share sale offerings. This included Prince Pipes and Fittings, HG Infra Engineering, Newgen Software Technologies, Apollo Micro Systems, Amber Enterprises, Lemon Tree Hotels and CMS Info Systems.

During April-September this fiscal, as many as 19 Indian companies raised close to Rs. 27,000 crore through IPOs, much higher than Rs. 16,535 crore garnered by 15 firms in the year-ago period.

Companies from diverse sectors like insurance, healthcare, education, bank, cable TV and shipping have made their way to the IPO space during the period under review.

Source: The Hindu BusinessLine

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