Shreeji Shipping Plans IPO for Fleet Expansion
India’s Shreeji Shipping has submitted an application to the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The company aims to expand its fleet by acquiring secondhand supramax bulk carriers. Shreeji Shipping plans to allocate approximately $33.5 million from the IPO proceeds for this purpose, while $2.2 million will be used to repay existing debt.
Fleet Expansion and Strategic Goals
Shreeji Shipping, the flagship company of the Jamnagar-based Shreeji Group, is led by Ashokumar Haridas Lal and Jitendra Haridas Lal. The company operates primarily along India’s west coast, providing services to major ports and internationally, including Puttalam Port in Sri Lanka. As of September, Shreeji’s fleet comprises over 75 vessels, including barges, mini bulk carriers, tugs, and floating cranes. The addition of supramax bulk carriers will mark a significant expansion into new trade areas.
The company has identified two key vessels for acquisition: the 2009-built 58,743 dwt Kapta Mathios from Mykonos Shipping and the 2012-built 55,700 dwt Glovis Mermaid from Unity Maritime. According to VesselsValue, the estimated values of these ships are $12.4 million and $17.2 million, respectively. This strategic move not only aims to enhance Shreeji’s operational capacity but also positions the company to better serve its growing client base in the maritime industry. By diversifying its fleet, Shreeji Shipping is set to strengthen its market presence and improve its competitive edge in the shipping sector.
