T.S. Lines is set to sell 250.94 million shares at HKD 4.50 each, aiming to raise approximately HKD 1.129 billion (or $145.3 million) in its IPO on the Hong Kong Stock Exchange. The offering opened on October 24 and will close on October 29.
T.S. Lines aims to raise $145 million from IPO
Of the total shares offered, 141,804,000 (56.51%) have already been secured by cornerstone investors. The net proceeds from the IPO are expected to be around HKD 896 million.
The majority of the proceeds will fund newbuilding and charter contracts. Specifically, HKD 448 million (50% of the total) will finance two 7,000 TEU newbuildings ordered in April, while HKD 224 million (25%) will support various vessel chartering contracts.
Additionally, 15% of the remaining proceeds, amounting to HKD 134.4 million, will be allocated for container leasing, and 10%, or HKD 89.6 million, will be reserved for working capital.
T.S. Lines operates a fleet of 36 owned vessels
Currently, T.S. Lines operates a fleet of 36 owned vessels and charters 10. As of April 30, 2024, the company offered nine independent services, 22 joint services, 15 slot exchange arrangements, and two slot chartering services.
In 2023, T.S. Lines reported revenues of $876 million, along with a gross loss of $33.8 million.
JP Morgan and China Merchant Securities are serving as joint sponsors, overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers for the offering.
