Seaways Shipping Set to Go Public
By Aiswarya Lakshmi
Wednesday, March 30, 2016
Logistics service and solutions provider Seaways Shipping & Logistics Ltd has filed draft papers with the capital markets regulator Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
The IPO comprises fresh issue of shares worth about $12 million through a fresh issue of sale and an offer-for sale of up to 6,445,224 equity scrips by the existing shareholders, including IDFC Private Equity, according to the Draft Red Herring Prospectus filed with Sebi.
With this, Seaways Shipping has become the fifth company to file papers with SEBI this year for an IPO.
The proceed of the fresh issue would be utilised for capital expenditure, repayment of loans and for other general corporate purposes.
ICICI Securities, IDFC Bank and Karvy Investor Services will manage the IPO. The equity shares are proposed to be listed on BSE and NSE.
Incorporated in 1989, Seaways Shipping had initially commenced its business in bulk cargo and since then has expanded to provide integrated logistics services.
As of February 29, 2016, the company had operations in 30 locations in India with 45 offices for its different business verticals. It also has direct operations in Singapore, Malaysia, the UAE, Hong Kong, Bahrain and the US, through its subsidiaries, joint venture or branch offices.