Global law firm Norton Rose Fulbright has advised Taylor Maritime Investments Limited (TMI) on its initial public offering, related seed asset acquisitions of Handysize and Supramax vessels and financing.
This is the first shipping IPO for several years and involved simultaneous acquisition of 17 vessels from multiple vendors. TMI raised $160million in a placing and offer for subscription and issued approximately 93 million shares in connection with the acquisitions. Its market capitalisation on Admission was $253 million.
Richard Sheen, London-based corporate partner and head of funds and asset management who led on the deal, commented:
“This is an exciting deal for TMI and the shipping market. The offer was over-subscribed which demonstrates the positive response from investors and the demand for alternative asset classes.”
The Norton Rose Fulbright team also included asset finance partner Eleanor Martin who led on the vessel acquisitions, senior associate Alex Green, counsel David Metzger and associates Hannah Culshaw, Geon Sik Kang and Rebecca Lander. Partners Michael Alliston and Julia Lloyd led on tax, Matthew Findley on incentives and counsel Lauren Pullen-Stanley on employment matters. Regulatory advice was provided by Imogen Garner and Iona Wright. Hong Kong advice was provided by partners Emma de Ronde, Nicholas Wilson and Etelka Bogardi.