The first shipping IPO on London’s mainboard has been oversubscribed, Splash understands.
Ed Buttery-led Taylor Maritime Investments will list on the London Stock Exchange this Thursday with plans to offer 253.7m shares at an initial issue price of $1 per ordinary share.
Taylor Maritime Investments was incorporated in Guernsey on March 31 this year as an internally managed investment company. It will invest in a diversified portfolio of vessels which will primarily be secondhand handysize and supramax bulk carriers.
Buttery, the son of the Pacific Basin co-founder Chris Buttery, formed Taylor Maritime in 2014, building up a fleet of more than 20 handysize and supramax ships.
Buttery commented today: “We are very pleased to be part of the prestigious London Main Market and would like to thank everyone who participated in the IPO. This is a major milestone for Taylor Maritime Investments and provides us with a platform to grow the company as we pursue our ambition to deliver consistent income and capital growth to our shareholders. We look forward to swiftly deploying the proceeds of the IPO into our seed portfolio of carefully selected and high-quality handysize and supramax vessels.”