 "Seven Islands Shipping files papers for Rs 450-cr IPO with Sebi")
Seven Islands Shipping has filed preliminary papers with Sebi to raise Rs 450 crore through an initial public offering, draft papers filed with markets regulator showed.
The IPO comprises a fresh issue of shares worth Rs 200 crore, besides a 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 National Stock Exchange (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 markets as half a dozen firms 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 of this fiscal, as many as 19 Indian companies raised close to Rs 27,000 crore through initial public offers (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.
