Upcoming IPO: Jamnagar-based Shreeji Shipping files DRHP with SEBI to raise funds via IPO. Details here | Stock Market News
Source: Live Mint
Upcoming IPO: Jamnagar-based shipping and logistic solutions provider Shreeji Shipping Global Limited has filed its draft red herring prospectus (DRHP) with the markets regulator, the Securities and Exchange Board of India (SEBI), on Saturday, January 25.
The company aims to raise funds via a fresh issue of shares from the Indian stock market. Shreeji Shipping caters to 17 domestic ports in India along with three international ports, including Puttalam in Srilanka, Konta and Boffa in West Africa, according to data collected from the official website.
Shreeji Shipping IPO Details
The Shreeji Shipping IPO is offering a book-built public issue of an entire fresh issue of up to 2 crore equity shares, with a face value of ₹10 per share, according to the DRHP data.
There is no offer-for-sale (OFS) component in this initial public offering, and hence, all the money raised from the issue will be used to fund the company’s needs.
The company aims to use ₹289.43 crore to fund its acquisition of dry bulk carriers in the “Supramax category” from the secondary market and use ₹19.5 crore to fund its repayment or prepayment activities in part or full of the firm’s outstanding borrowings. The rest of the proceeds raised from the IPO will be used for general corporate purposes.
Ashokkumar Haridas Laland Jitendra Haridas Lal are the promoters of Shreeji Shipping.
Beeline Capital Advisors Pvt Ltd and Elara Capital India Pvt Ltd are the book-running lead managers (BRLMs) for the public issue, while Bigshare Services Pvt Ltd is the registrar for the issue.
Shreeji Shipping Finances
According to the financial statements attached in the draft papers, the company’s net profit for the quarter ended September 30, 2024, was at ₹80.53 crore, with a total income of ₹300.97 crore. The company’s net worth till the period was at ₹297.17 crore.
The company’s net profit for the financial year ended 2023-24 was at ₹124.51 crore, which is 4.7 per cent higher than ₹118.88 crore in the previous financial year. The company recorded a net profit of ₹83.46 crore as of the financial year ended 2021-22.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
