Mumbai-based Seven Islands Shipping To Head For IPO

5 August 2022
3 mins read
Mumbai-based Seven Islands Shipping To Head For IPO

Seven Islands Shipping, a Mumbai-based shipping and logistics firm, has received SEBI’s go-ahead for its IPO. The company announced the news in April 2021. Seven Islands Shipping will join the frenzy of companies heading to Dalal Street this year. Find further details of this public offer in the next section.

Key Highlights of Seven Islands Shipping’s IPO

  • The initial public offering is for new shares worth Rs. 400 crores and an offer of sale of Rs. 200 crores. The total sum of this IPO is Rs. 600 crores, making it one of the more humble onesthis year in comparison to giants like Zomato, Nykaa, and PB Fintech.
  • SEBI’s observation was issued to this company on March 22. SEBI’s issue is required for any IPO bound company.
  • 3 entities put up the offer of sale (OFS). They are Leena Metylda Pinto (approx. 14.35 crores), Thomas Wilfred Pinto (approx. 85.64 crores) and FIH Mauritius Investment (Approx. Rs. 100 crores).
  • Previously, this company had tried to raise money on the capital markets back in 2017.
  • Presently, thecompany will use the money to acquire a sizable crude vessel for carrier purposes and a medium-range vessel from the secondary market at Rs. 352.43 crores.

Break-up of this IPO

Those were some details of the IPO for Seven Islands Shipping. Now, let’s take a look at this Initial Public Offering breakup. Qualified Institutional Buyers will have about 50% of the offer.

15% will be available for non-institutional buyers, and retail investors will have the remaining at 35%.

About Seven Islands Shipping

Seven Islands Shipping is headquartered in Mumbai. Incorporated in 2002, it is a seaborne logistics company that trades in crude oil, petrochemical lubricants, and much more. The vessels of this company are in 3 categories. They are:

  • Aframax
  • Suezmax
  • VLCC

This company runs around 20 vessels in total. This count includes 4 small ships, 13 MR vessels and the rest of Suezmax vessels.

Bottom Line

While the company has received SEBI approval, it is yet to announce the dates or the price band of the IPO. For the Financial year 2020, the Seven Islands Shipping Ltd. had a profit from operations of around Rs. 802.96 million.

 

Frequently Asked Questions

  1. What is the total revenue of this company?

Ans. As of FY 2020, the total revenue is Rs. 7,425.64 crores.

  1. What is the profit after tax for Seven Islands Shipping Ltd.?

Ans. For FY 2020, the profit after tax is Rs. 1,194.67 crores.

  1. What is the total capacity of Seven Islands Shipping Ltd?

Ans. The cargo vessels of Seven Islands Shipping Ltd. have a total dead tonnage of 1,105,682 MT.