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New shipping trust Taylor Maritime achieves IPO target

New shipping trust Taylor Maritime achieves IPO target – the board of Taylor Maritime Investments has announced it will issue a total of 253,678,486 ordinary shares in its IPO on the premium segment of the LSE’s main market. This represents $253.7m at the issue price of $1.00 or the sterling equivalent, which has been fixed at 70.57 pence per shares based on the relative sterling exchange rate of 0.7057.

This comprises 160,000,000 ordinary shares to be issued pursuant to the Initial Placing and Offer for Subscription, (exceeding its target of 150,000,000 such shares) and 93,678,485 ordinary shares to be issued in conjunction with the expected completion of the Initial Seed Asset Acquisition Agreements. Applications for the ordinary shares exceeded the total number of shares to be issued and accordingly a scaling back exercise has been undertaken.

Statement from the team:

Nicholas Lykiardopulo, Chairman of Taylor Maritime Investments Limited, said: “We are delighted to announce the successful IPO of Taylor Maritime Investments. 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. I look forward to welcoming our new shareholders and thank them for their confidence in Taylor Maritime. We also look forward to updating you on our progress in due course.”

Edward Buttery, CEO of Taylor Maritime Investments Limited, added: “We are very pleased to be part of the prestigious London Main Market and would like to thank everyone who participated in the IPO. This is a major milestone for Taylor Maritime Investments and provides us with a platform to grow the Company as we pursue our ambition to deliver consistent income and capital growth to our shareholders. We look forward to swiftly deploying the proceeds of the IPO into our seed portfolio of carefully selected and high-quality Handysize and Supramax vessels.”

[We covered Taylor Maritime Investments’ intention to float last month, which highlights its target yield and information about its seed portfolio.]

New shipping trust Taylor Maritime achieves IPO target

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