TS Lines aims to secure up to $145 million through an IPO in Hong Kong
3 weeks ago
TS Lines aims to secure up to $145 million through an IPO in Hong Kong
Taiwanese carrier TS Lines officially launched its initial public offering (IPO) in Hong Kong on Thursday, aiming to raise approximately $145 million.
The intra-Asia feeder specialist is offering nearly 251 million shares at a price range of HK$3.50 to HK$4.50 each, as detailed in a filing on Thursday. Of the total shares, 10% will be available to the public in Hong Kong, while the remaining 90% is designated for international investors.
TS Lines has secured several cornerstone investors, including Indigo Rainbow, Hung Chi-Li, Worldwide Logistics, Metro Shine, Wang Yi-Fen, and Crane Movement, who have collectively committed to subscribing to $63.9 million worth of shares.
The funds raised from the IPO will be allocated towards the construction of two new 7,000 TEU vessels ordered earlier this year, as well as for vessel chartering, container leasing, and general working capital.
As the world's 20th largest liner, operating a fleet of 42 ships, TS Lines has made several attempts to go public since 2018. JP Morgan, China Merchants Securities, Yuanta Securities, Livermore, and Futu Securities are serving as the joint bookrunners for the IPO, with trading expected to commence on November 1.
Source: Splash247