Seven Islands Shipping Limited files IPO papers with SEBI

Seaborne logistics company Seven Islands Shipping Limited is likely to make its stock market debut soon as the company filed its Draft Red Herring Prospectus (DRHP) with the market regulator SEBI on Thursday, seeking permission for its Initial Public Offering (IPO). 

The IPO of the company comprise of a fresh issue of up to Rs. 200 crore and an offer for sale summing up to Rs. 250 crore. The equity shares of the company will have a face value of Rs 10 whereas the price band will be decided in consultation with the book running lead managers (BRLMs).

According to the company statement, the net proceeds from the fresh issue of Rs 200 crore will be utilised towards the acquisition of a VLCC vessel in the secondary market and other general corporate purposes.

The company has assigned Edelweiss Financial Services Limited as its book running lead managers to the issue and Link Intime India Private Limited as its registrar.

Seven Islands Shipping Limited is the third largest liquid seaborne logistics company in India in terms of deadweight tonnage. The company operates primarily along the Indian coast, Arabian Gulf and South-east Asia.