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Mercator Lines Singapore IPO
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9laicce
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03-Nov-2007 11:12
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SINGAPORE (Dow Jones)--India-based Mercator Lines Ltd. plans to raise about US$180 million in a Singapore public offering to fund the expansion of its shipping fleet and reduce debt. The company will begin marketing the deal next week and shares are expected to list in late November, one of the people told Dow Jones Newswires Friday. "We're looking to start the roadshow the week of November 5, and it will be all over the world," the person said. Mercator Lines specializes in shipping coal and other dry materials, and the recent commodities boom has fueled a need for fresh capital to expand its 11-vessel fleet. The company had US$12.9 million in net profit in the year to Mar. 31 with revenue of US$85.1 million. Mercator's parent company, MLL India, is the second-largest private shipping company in India by total tonnage capacity. Merrill Lynch and Deutsche Bank are joint bookrunners for the deal. |
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