Mumbai: Sadhav Shipping Limited (SSL) is coming out with its Initial Public Offering (IPO) of 40,18,800 equity shares priced at Rs 95 and aggregating to Rs 38.18-crore.
The IPO opens for public subscription on February 23, 2024 and closes on February 27, 2024.
For the financial year ended March 31, 2023, the company clocked a Profit After Tax (PAT) of Rs 7.75-crore on a revenue of Rs 77.81-crore.
The same period witnessed revenue of Rs 69.55-crore, while upto September 2023 saw the company earning a PAT of Rs 4.07 crore on a revenue of Rs 33.69 crore for FY 24.
Describing India’s economy as growing robustly, the company Chairman and Managing Director Capt. Kamal Kant Choudhury said, “Sadhav Shipping is well-positioned to capitalize on the bright growth prospects of the Maritime industry.”
The company presently owns and operates 24 vessels of which 19 are owned and the others being rented.
Sadhav Shipping is a key player in varied segments of the maritime domain in India, and is a ship owner, ship manager and operator in verticals of Offshore Logistics, Port Services and Oil Spill Response.
In Offshore Logistics, Sadhav Shipping supports the exploration and production of oil and gas in offshore fields of ONGC Ltd with specialised marine assets meant for offshore operations.
Its service bouquet to ports includes pilot boats, high-speed security boats, survey boats and work boats. With an increase in traffic in all major ports of the country, demand for ancillary services which the company provides has also correspondingly increased.
Where the third vertical of Oil Spill Response is concerned, Sadhav Shipping provides Tier-1 Oil Spill Response facility for ports and is presently offering its services on long-term retainer contracts to Kandla, Vadinar, Mumbai, JNPT, Mangalore & Paradip Port.
The company intends to utilise the proceeds of the issue to purchase additional vessels to cater to its business requirements, besides also on modifying existing vessels and boats.
The company recently bagged a contract from ONGC to operate one fast crew boat and has contracted with a notable owner for purchase of a suitable boat. This boat will be the first of its kind in AIndia with 60 passenger capacity, 25 knots speed, motion compensated gangway, gyro stabiliser and Dynamic Positioning system, Choudhury added.
