Shreeji Shipping Global has received Securities and Exchange Board of India’s (SEBI) go-ahead to raise funds through initial public offering (IPO). The IPO is entirely a fresh issue of 2 crore equity shares.
The company is planning to use Rs 289.4 crore out of the IPO proceeds for acquisition of dry bulk carriers in the supramax category in the secondary market, and further use Rs 19.5 crore for repaying debt. Beeline Capital Advisors and Elara Capital (India) are the book-running lead managers to the issue.
The flagship company of Jamnagar-based Shreeji Group primarily focuses on non-major ports and jetties, particularly along the west coast of India.
