Seaways Shipping & Logistics files draft IPO papers with Sebi

Leading logistics service and solutions provider, Seaways Shipping & Logistics has filed draft papers with capital markets regulator Sebi to float an initial public offering.

The IPO comprises of fresh issue of shares worth Rs 80 crore and an offer-for sale of up to 6,445,224 equity scrips by the existing shareholders including IDFC Private Equity, as per the Draft Red Herring Prospectus (DRHP) filed with Sebi.

The company has reserved up to four lakh shares for employees in the public issue.

The proceed of the fresh issue would be utilised for capital expenditure, repayment of loans and for other general corporate purposes.

ICICI Securities, IDFC Bank and Karvy Investor Services will manage the IPO. The equity shares are proposed to be listed on BSE and NSE.

Seaways Shipping & Logistics has become the fifth company to approach Securities and Exchange Board of India (Sebi) in 2016 for launching IPO.

Prior to that, HPL Electric & Power, Dilip Buildcon, Quess Corp and Advanced Enzyme Technologies have filed their IPO papers with the markets regulator.

Besides, another five firms -- HealthCare Global Enterprises (HCG), Quick Heal Technologies, TeamLease Services, Precision Camshafts and Bharat Wire Ropes have already hit the Dalal Street.