Seven Islands Shipping has received the Securities and Exchange Board of India’s (SEBI) approval 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, which filed the draft red herring prospectus with the SEBI in February, got the regulator’s approval on March 22, 2020. 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.