Taylor Maritime Investments Limited has announced plans to float on the London Stock Exchange.
The IPO would comprise 250mln new ordinary shares at an initial issue price of US$1 each, totalling US$250mln.
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The company was incorporated in Guernsey on 31 March 2021 as an internally managed investment company and will invest in a diversified portfolio of vessels, which will mostly be second-hand geared ships.
These vessels have historically demonstrated average yields of over 7% per annum and can be acquired at valuations that are expected to be below long-term average prices, the firm said.
It is also targeting an annual dividend yield of 7%, with the first quarterly payout estimated to be 1.75 cents for the period ending September 2021.
The executive team, led by Edward Buttery, previously worked at the Taylor Maritime group, a seven-year-old privately owned ship-owning and management business.
Assets with the final valuation to be included in the prospectus which will be published in early May.
“We are delighted to confirm our intention to list on the London Stock Exchange and pleased to have been able to assemble a high-quality seed portfolio that will ensure efficient deployment of IPO proceeds at attractive prices,” Buttery commented.
“Our internal management structure ensures we are fully aligned with investors with no external management, performance or acquisition fees, whilst our long-term ungeared capital structure will support sustainable returns for investors over the long term.”