Shipping and logistics company Shreeji Shipping Global has raised Rs 123.2 crore from 14 anchor investors including Morgan Stanley, BNP Paribas, and Bank of India Mutual Fund, on August 18 ahead of its IPO.
The Rs 411-crore initial share sale will open for subscription for all kind of investors on August 19 and close on August 21. The price band for the offer has been fixed at Rs 240-252 per share.
The IPO is a complete fresh issue by the company.
Gujarat-based Shreeji Shipping Global on Monday said it has finalised allocation of 48,89,400 equity shares to anchor investors at Rs 252 per share.
Aarth AIF Growth Fund, Viney Growth Fund, Sunrise Investment Trust, Golden Equity Fund, SB Opportunities Fund, Invicta Continuum Fund, and Finavenue Capital Trust also invested in the company via anchor book.
Shreeji Shipping Global, the flagship company of Jamnagar-based Shreeji Group, provides shipping and logistic solution for dry bulk cargo at various ports and jetties at India and Sri Lanka. It has fleet of more than 80 vessels (consisting of barges, mini bulk carriers, tug boats and floating cranes) and more than 370 earthmoving equipment.
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The company intends to spend Rs 251.2 crore of IPO proceeds for acquisition of dry bulk carriers in Supramax category in the secondary market. Further, Rs 23 crore will be utiilsed for repaying debt, and the remainder funds will be set aside for general corporate purposes.
Beeline Capital Advisors, and Elara Capital (India) are acting as the merchant bankers for the Shreeji Shipping Global IPO.
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