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Nov 13, 2017 06:25 PM IST | Source: PTI

Seven Islands Shipping gets SEBI's approval for Rs 450-crore IPO

Seven Islands Shipping has received SEBI's go-ahead to raise an estimated Rs 450 crore through an initial public offering, latest update with markets regulator showed.

Seven Islands Shipping has received SEBI's go-ahead to raise an estimated Rs 450 crore through an initial public offering, latest update with markets regulator showed.

The company had filed draft papers with the Securities and Exchange Board of India (SEBI) in late September and obtained its "observations" on November 10, which is very necessary for any firm to launch public offer.

Going by the preliminary papers, Seven Islands Shipping's IPO comprises a fresh issue of shares worth Rs 200 crore, besides a sale of scrips to the tune of Rs 250 crore by private investor Wayzata Investment Partners and promoters.

Funds raised through the issue will be used to buy a very large crude carrier and for other general corporate purposes.

Edelweiss Financial Services is the sole book running lead manager on the issue. The shares are proposed to be listed on the BSE and the National Stock Exchange (NSE).

Seven Islands Shipping is a liquid sea-borne logistics company and operates under two categories — crude oil trade and liquid products trade that includes white oils, black oils, and lube oil.

This year so far, a total of 33 companies have raked in Rs 66,000 crore through the IPO route. Indian equity market appears headed for a record haul in 2017 in terms of money raised through IPOs, as a number of big-ticket offers are already lined up for the coming weeks.

So far, the highest amount of funds through IPOs in a full calendar year was raised in 2010 at Rs 37,535 crore — a level which has already been exceeded by a big margin in 2017.
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