The portion reserved for qualified institutional buyers will be 50 per cent of the offer, for non-institutional investors 15 per cent and for retail investors 35 per cent.
JM Financial Limited and IIFL Securities Ltd are book running lead managers to the issue.
The net proceeds raised from fresh issue are to be utilised to acquire one very large crude carrier vessel and one medium range vessel from the secondary market at an estimated cost of ₹352 crore.
The company started its operations in 2003 with one vessel and currently has 20 Indian flagged and Indian owned liquid cargo vessels with a total deadweight tonnage capacity of 1.1 million tonnes.
In FY20, Seven Island Shipping held a significant market share in time charters for crude oil imports. It intends to focus on time charter arrangements as they provide stability, predictability and certainty of revenues.