Seven Islands Shipping kicks off IPO campaign

Indian tanker owner Seven Islands Shipping has filed preliminary papers for an IPO on home soil, aiming to raise $68.5m, much of which will go on adding a VLCC to its fleet.

Private investor Wayzata Investment Partners is coming in for more than half of the shares on offer.

Edelweiss Financial Services has been appointed as the sole book running lead manager to the issue.

Mumbai-based Seven Islands Shipping was founded in 2002. Its current fleet comprises three crude oil tankers and eight product carriers.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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