Shreeji Shipping Global Files DRHP For IPO With 2 Crore Shares In Fresh Issue
The equity shares are proposed to be listed on the National Stock Exchange and BSE Ltd.
Shreeji Shipping Global Ltd. has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India. The initial public offering will entirely include a fresh issuance of 2 crore shares with a face value of Rs 10 each. The company disclosed that there will be no offer-for-sale by promoters and investors.
The equity shares are proposed to be listed on the National Stock Exchange and BSE Ltd. The company may consider an issue of equity shares as pre-IPO placement. If the pre-IPO placement is completed, the amount raised under the pre-IPO placement will be reduced from the fresh issue.
Beeline Capital Advisors Pvt. and Elara Capital (India) Pvt. are the book-running lead managers for the issue and Bigshare Services Pvt. Ltd. will be the registrar of the issue.
The Jamnagar-based company will use Rs 289.4 crore out of IPO proceeds for acquisition of dry bulk carriers in supramax category in the secondary market, and further use Rs 19.5 crore for repaying debt.
Shreeji Shipping Global provides shipping and logistic solution for dry bulk cargo at various prost of India and Sri Lanka. The company has a fleet of 75 vessels and over 380 earthmoving equipments as of September, 2024.
The flagship company of Shreeji Group primarily focuses on non-major ports and jetties, particularly along the west coast of India. Until September 2024, it has provided services at more than 20 ports and jetties including major Indian ports at Kandla, non-major ports at Navlakhi, Magdalla, Bhavnagar, Bedi and Dharmatar and overseas port at Puttalam Port (Sri Lanka).
For the six-month period ending Sept. 30, 2024, the company reported a revenue of Rs 299.35 crore, Ebitda of ₹99.36 crore, and profit of Rs 80.54 crore from continuing operations. For the fiscal year ending March 31, 2024, the company recorded a revenue of Rs 731 crore, Ebitda of Rs 197.89 crore, and profit of Rs 124.51 crore from continuing operations, on a restated consolidated basis.
