Shreeji Shipping Global Sets Sail with Rs 411-Crore IPO

In a significant financial move, Shreeji Shipping Global Ltd has unveiled plans for a Rs 411-crore initial public offering (IPO), offering shares at a price range of Rs 240 to Rs 252. Potential investors can mark their calendars for the public subscription dates from August 19 to 21, with a special bidding day for anchor investors scheduled for August 18.

This IPO, a fresh issue of 1.63 crore equity shares, does not feature an offer-for-sale component. The funds raised will be strategically allocated towards acquiring dry bulk carriers in the supramax category and repaying existing debt. Specifically, Rs 251.2 crore is earmarked for the former, with Rs 23 crore set aside for the latter.

The company's strategic focus lies on non-major ports, particularly around India's west coast. Supported by findings from a D&B Report, cargo at Indian ports is forecasted to grow significantly, promising robust future prospects for Shreeji Shipping. With shares set to commence trading by August 26, the IPO marks a milestone for the company and the broader shipping industry.

(With inputs from agencies.)