South Korean containerline SM Line is planning for an initial public offering on the local stock exchange in Seoul by the end of this year.
The company has chosen NH Investment & Securities as the underwriter of the IPO, with an aim to go public in the second half of 2021. According to SM Line, proceeds from IPO will be used to acquire ships, invest in container equipment, and explore new business opportunities.
“The IPO will pave the way for us to expand our business as well as gain investor confidence through transparent management,” said Park Ki-hoon, CEO of SM Line.
SM Line was created in 2018 after SM Group took over the assets of bankrupt Hanjin Shipping, once one of South Korea’s largest shipping groups.
Alphaliner data shows SM Line operates a fleet of 11 containerships with a total capacity of around 57,000 teu.
SM Line will likely be the second box shipping IPO this year with Israel’s ZIM gearing up for a New York listing shortly.