Hyderabad: Seaways Shipping and Logistics Ltd on Thursday said the promoters of the company had bought out the entire stake of 24% that IDFC Private Equity (IDFC PE) held in the company, even as the shipping company plans to go for an initial public offering (IPO) in 2018.

However, the company did not disclose the financial details of the transaction.

Seaways had earlier planned for an IPO, and accordingly filed the DRHP in 2016.

“The partnership between IDFC PE and Seaways over the past nine years has been mutually rewarding, and we thank them for their unstinted support and confidence in us," P.V.K. Mohan, chairman and managing director of Seaways Group said in a press release.

Based on the strong performance in 2016-17, and the encouraging results in 2017-18 so far, the company is planning to go public in 2018-19, he said.

Seaways has been consistently profitable.

With the global freight rates making a marked recovery, and increased manufacturing activity in India, the company is excited about the exponential growth prospects of the group, Mohan added.