Mercator Lines lists on Singapore Stock Exchange

Mercator Lines lists on Singapore Stock Exchange


Mumbai: Shipping firm Mercator Lines todays said its Singapore-based subsidiary listed on the Singapore Stock Exchange on 14 December.

The formalities of the initial public offering (IPO) of the company has been completed and the shares of the company has been listed on the main board of the Singapore Stock Exchange, Mercator Lines informed the Bombay Stock Exchange.

Earlier, Mercator Lines Ltd had said it would raise 253.97 million Singapore dollars (Rs691.83 crore) through an IPO on the Singapore Exchange.

The subsidiary Mercator Lines (Singapore) Ltd had registered a prospectus with the Monetary Authority of Singapore for the IPO of 27.01 crore shares at 94 Singapore cents each.

Deutsche Bank AG and Merrill Lynch are the joint bookrunners, lead managers, issue managers and underwriters for the IPO, while DBS Bank Ltd is the joint lead manager, underwriter and coordinator.

Mercator Lines (Singapore) operates a fleet of 11 dry bulk vessels and engaged in transportation of coal to India, and iron ore from India to other countries.

The subsidiary had also issued 59,921,986 new shares to the existing holders of Series A bond aggregating 35 million Singapore dollars (Rs137.9 crore) on conversion of such bonds into shares.