(Alliance News) - Taylor Maritime Investments Ltd on Friday announced the launch of its initial public offering on the London Main Market.
The second-hand ship investor plans to raise USD250.0 million through the issue of 250 million new shares at a price of USD1.00 each.
The cash will be used to fund investments in second-hand geared ship assets, it said.
Taylor Maritime has conditionally agreed to acquire 23 seed assets, each of which are geared ships, for USD264.1 million, of which USD157.1 million will be satisfied in cash and USD107.0 million in consideration shares.
As well as the seed assets, Taylor has a pipeline of further acquisition opportunities representing around USD500 million in total, it said.
Hong-Kong based Taylor Maritime invests in ships, usually Handysize and Supramax types. These are among the larger bulk carriers.
Taylor Maritime said it will target an annual dividend yield of 7% on the IPO price and expects to declare its first dividend of USD0.0175 per share for the period ended September 30, in October.
By Will Paige; willpaige@alliancenews.com
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Taylor Maritim (TMI)