Shreeji Shipping Global Limited, a Jamnagar-based provider of shipping and logistics solutions, submitted its draft red herring prospectus (DRHP) to the market regulator Securities and Exchange Board of India (SEBI). This upcoming IPO is entirely a fresh issue. The promoters of Shreeji Shipping are Ashokkumar Haridas Lal and Jitendra Haridas Lal. Beeline Capital Advisors Pvt Ltd and Elara Capital India Pvt Ltd are the lead managers for the issue, while Bigshare Services Pvt Ltd is the registrar.
The Shreeji Shipping IPO will offer a public issue of up to 2 crore equity shares with a face value of ₹10 each, through a book-built process, as outlined in the DRHP. There will be no offer-for-sale (OFS) component in this IPO, meaning all funds raised will directly support the company’s operations.
The company intends to allocate ₹289.43 crore to acquire dry bulk carriers in the “Supramax category” from the secondary market and use ₹19.5 crore for repaying or prepaying some of its outstanding borrowings. The remaining proceeds will be used for general corporate purposes.
Established in 1995 as a partnership firm, Shreeji Shipping Global Limited entered the shipping and logistics business with the primary objective of providing a one-stop solution for all services related to this sector. The company reported a net profit of ₹80.53 crore for the quarter ending September 30, 2024, with a total income of ₹300.97 crore. Its net worth as of that date stood at ₹297.17 crore.
For FY24, the company posted a net profit of ₹124.51 crore, a 4.7% increase from ₹118.88 crore in the previous year. For FY 2021-22, the company’s net profit was ₹83.46 crore.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Jan 28, 2025, 10:13 AM IST
Sachin Gupta
Sachin Gupta is a Content Writer with 6+ years of experience in the stock market, including global markets like the US, Canada, and Australia. At Angel One, Sachin specialises in creating financial content that simplifies complex market trends. Sachin holds a Master's in Commerce, specialising in Economics.
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