Taipei: Kaohsiung-based bulk shipping firm Franbo Lines launched its IPO today, with a view to add three bulk carriers from the capital raised. Investors showed a strong appetite for the offering. The listing price in Taipei was NT$12, it opened at NT$13.8 and by the end of this morning shares had rised in value to NT$14.7.
The company is expected to sign a contract with Japanese company Exeno Yamamizo to build three 16,500 dwt bulk carriers costing $20m each. The ships will be chartered to Exeno Yamamizo after delivery.
Franbo said it is looking to actively expand its fleet and increase long-term charter contracts.
Currently the company owns seven vessels, five on charter and two self-operated. [09/10/14]
Franbo Lines plans to expand fleet