Seaways Shipping & Logistics files for an IPO

Logistics service and solutions provider Seaways Shipping & Logistics has filed draft papers with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The company plans to raise Rs 80 crore through a fresh issue and an offer for sale (OFS) by existing investors of up to 64.45 lakh shares.

IDFC PE had invested around Rs 120 crore in 2008. It owns a 24 per cent stake in Seaways Shipping. Through thr IPO, it will completely exit the company. The issue will be managed by ICICI Securities, IDFC Bank and Karvy Investment Banking.

Of the total Rs 80 crore, Seaways Shipping & Logistics plans to use Rs 45.48 crore for capital expenditure and Rs 17 crore for repayment/pre-payment in full or in part of certain loans over the next two financial years. 

On the financial front, Seaways Shipping & Logistics’ total income has increased by 9.02 per cent CAGR for last five financial years and stands at Rs 716.48 crore in FY15. The company’s EBITDA too has risen by CAGR 36.3 per cent to Rs 51 crore. Its PAT stands at Rs 29.24 crore in FY15.

Seaways Shipping & Logistics had initially commenced its business in bulk cargo and since then has expanded to provide integrated logistics services. The company has operations in 30 locations in India with 45 offices for its different business verticals.