Chinese shipowner and operator Seacon Shipping Group has launched its IPO in Hong Kong and intends to raise up to $62 million from the deal. The Qingdao-headquartered company is offering up to 125 million shares at a price of between US$0.41 and US$0.49 per share.
The company said it expects to price the IPO on March 17 and announce the results of the allotment on March 28. The shares were scheduled to start trading on March 29.
Seacon traces its roots back to 2012 when it launched its ship management business in Hong Kong. In 2017, the company entered the shipping services sector with the establishment of Seacon Enterprise in Singapore. It manages around 200 vessels and controls more than 20 of them, mostly bulk carriers and oil and chemical tankers, with seven vessels under construction.
The company said the majority of the net proceeds (77%) would be used to partially cover newbuild costs and add up to 25 vessels to the chartered fleet. Approximately 10% would be used to establish offices in Shanghai, Greece, the Philippines and Japan, and expand current ship management activities in Qingdao, Ningbo and Fuzhou. The rest should flow into digitization and general working capital.
Seacon attracted Huzhou Wuxing Tourism Development, Guodian Shipping and Danube Bridge Shipping as key investors.
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