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Taylor Maritime Investments closes first day’s trading up 5%

Taylor Maritime Investments, the first shipping IPO in London for many years, closed out its first day of trading yesterday, up 5% to close at $1.05.

The Guernsey-incorporated firm raised $253.7m in an oversubscribed issuing on the London Stock Exchange at an initial price of $1 per ordinary share.

Investors in the Ed Buttery-led vehicle include Germany’s Christian Oldendorff and US-based investment management company PointState Capital LP.

Taylor Maritime Investments will use the proceeds to invest in 23 secondhand handysize and supramax bulk carriers, and it is targeting a dividend yield of 7%.

It completed the purchase agreements for 17 ships yesterday for $182.8m, part-financed by the issue of around 93.7m ordinary shares.

The acquisition of the remaining six vessels is currently expected to complete between July 2021 and February 2022 for a consideration of $81.3m, which will be part-funded by the issue of a further approximately 13.3m ordinary shares.

The company expects to declare its first dividend of 1.75 cents per ordinary share in October this year.

Adis Ajdin

Adis is an experienced news reporter with a backgroud in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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