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Seven Islands Shipping gets SEBI’s nod to raise Rs 450 crore through IPO

14 Nov 2017 Evaluate

Seven Islands Shipping has received capital markets regulator Securities and Exchange Board of India‘s (SEBI) go ahead to raise an estimated Rs 450 crore through an Initial Public Offering (IPO). The company’s shares are proposed to be listed on the BSE and NSE.

The company, which filed the draft red herring prospectus with the SEBI in September, got the regulator’s approval on November 10. Proceeds from the fresh issue will be used for buying a very large crude carrier and for other general corporate purposes. Edelweiss Financial Services is the sole book running lead manager to the issue.

It is a 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.

Peers
Company Name CMP
Shipping Corpn. 305.85
GE Shipping 1425.30
Dredging Corp 976.65
Seamec 1556.00
Shreeji Ship.Global 377.10
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