Taylor Maritime Investments Ltd - second-hand ship investor - To issue total of 253.7 million shares in its initial public offering on the London Main Market, raising around USD253.7 million at an issue price of USD1.00.
The total shares issued includes 160.0 million as part of the placing and subscription offer, which is up from the original target of 150.0 million. The remaining 93.7 million shares will be issued as part of the initial seed asset acquisition agreements. Admission of the shares to trading in London is expected to be on Thursday.
"We are greatly appreciative of the positive response received from investors, demonstrating the demand for exposure to an alternative asset class like shipping which provides strong and sustainable returns for shareholders across a portfolio transporting global essential goods," says Chair Nicholas Lykiardopulo.
The second-hand ship investor unveiled IPO ambitions at the end of April, with cash raised in the offer to fund investments in second-hand geared ship assets.
Hong-Kong based Taylor Maritime invests in ships, usually Handysize and Supramax types. These are among the larger bulk carriers.
By Lucy Heming;Â lucyheming@alliancenews.com
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Taylor Maritim (TMI)