Shreeji Shipping Kicks Off IPO Journey with Rs 123 Crore Anchor Boost
- Shreeji Shipping raised Rs 123.2 crore from anchor investors ahead of IPO.
- The IPO, priced at Rs 240–252 per share, aims to raise Rs 411 crore.
- Funds will be used to buy dry bulk carriers and repay debt.
Shreeji Shipping Global Ltd, a shipping and logistics solutions provider for dry bulk cargo, has mobilised over Rs 123 crore from anchor investors on Monday, a day before its initial public offering (IPO) opens for subscription.
According to a circular uploaded on the BSE website, the company allotted 48.89 lakh equity shares at Rs 252 per share to 15 anchor investors, aggregating to Rs 123.2 crore. The anchor book saw participation from Bank of India Mutual Fund, Morgan Stanley Asia (Singapore) Pte, BNP Paribas Financial Market - ODI, Aarth AIF Growth Fund, Viney Growth Fund, Khandelwal Finance, Golden Equity Fund Series I, SB Opportunities Fund II, Invicta Continuum Fund I, and Rajasthan Global Securities, among others.
The IPO will open for public subscription from August 19 to August 21, with a price band of Rs 240 - Rs 252 per share. The issue consists entirely of a fresh issue of 1.63 crore equity shares, with no offer-for-sale (OFS) component. At the upper end of the price band, the company is expected to raise Rs 411 crore.
Shreeji Shipping plans to utilise Rs 251.2 crore from the proceeds to acquire dry bulk carriers in the supramax category from the secondary market. In addition, Rs 23 crore will be used for repaying debt, while the remaining funds will go toward general corporate purposes.
The Jamnagar-based company, which is part of the Shreeji Group, primarily focuses on non-major ports and jetties, particularly along India’s west coast. According to a report by Dun & Bradstreet, cargo handled at Indian ports is projected to grow at a compound annual growth rate (CAGR) of 10.8%, reaching 2,849 million metric tonnes (MMT) by FY30, compared to 1,540 MMT in FY24.
Gujarat’s ports are expected to grow at an even faster pace, with cargo volumes estimated to rise from 317.2 MMT in FY24 to 720 MMT by FY30, a CAGR of 17.5%. India has a coastline spanning 12 major ports and 217 minor ports, with 78 non-major ports currently handling cargo.
Beeline Capital Advisors Pvt Ltd and Elara Capital (India) Pvt Ltd are the book-running lead managers for the issue. The equity shares of Shreeji Shipping Global are expected to be listed on the stock exchanges starting August 26.
