Fairfax-backed Seven Islands Shipping files DRHP for ₹600 crore IPO

The Net Proceeds raised from the fresh issue are to be utilized to acquire 1 Very Large Crude Carrier vessel and 1 Medium Range Vessel from the secondary market at an estimated expense of Rs352.43cr.

India’s third Largest Seaborne Logistics company by Deadweight Tonnage, Seven Islands Shipping has filed its papers with the regulator for Rs600cr Initial Public Offering. The company had earlier tried to tap the capital markets in 2017.

The public issue comprises of a fundraise via fresh issue amounting to Rs400cr and an Offer for Sale aggregating up to Rs200cr, by selling shareholders FIH Mauritius Investments aggregating up to Rs100cr and promoter selling shareholder, Thomas Wilfred Pinto aggregating up to Rs85.64cr and Leena Metylda Pinto aggregating upto Rs14.35cr.

The portion reserved for Qualified Institutional Buyers will be upto 50% of the offer, Non-Institutional Investors to have upto 15% of the portion reserved while upto 35% will be reserved for the Retail Investors.

The Net Proceeds raised from the fresh issue are to be utilized to acquire 1 Very Large Crude Carrier vessel and 1 Medium Range Vessel from the secondary market at an estimated expense of Rs352.43cr.