Tallink Grupp plans to raise as much as $236 million in an initial public offering to finance buying three new vessels
, says a recent Bloomberg report. Tallink will offer as many as 34.09 million shares
to investors at between $5.51 and $6.89 apiece.
The company's ferries and cargo ships handled more than 3.2 million passengers and about 130,000 cars, buses and trucks in the 12 months ending Aug. 31, according to the report. It's adding new ships to its fleet, which currently offers mini-cruises, passenger transport and vehicle shipments on routes between Finland and Estonia and between Sweden and Estonia. Tallink also owns a 350-room hotel in Tallinn.
The shares will start trading on the Tallinn stock exchange on Dec 9. Of the shares being offered, 26.5 million are new and 7.59 million are being sold on behalf of existing shareholders. Investors have until Dec. 1 to sign up for the shares.