Seven Islands Shipping files IPO papers with SEBI

17 Feb 2021 Evaluate

Seven Islands Shipping has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 600 crore through an initial public offering (IPO). The public issue comprises a fundraise via fresh issue amounting to Rs 400 crore, and an offer for sale aggregating up to Rs 200 crore.

The company will utilise the net proceeds raised from the fresh issue to acquire a large crude carrier vessel and one medium-range vessel from the secondary market at an estimated expense of Rs 352.43 crore.

Seven Islands Shipping is a Mumbai-based liquid seaborne logistics company that has been operating ocean going tankers for the past 17 years after being incorporated under the Companies Act, 1956, in Mumbai (India) on May 2, 2002. 

Peers
Company Name CMP
Shipping Corpn. 208.75
GE Shipping 1000.15
Dredging Corp 676.50
Shreyas Shipping 252.05
Seamec 1070.05
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