Seaways’ promoters buy out IDFC PE stake, company plans IPO next year

Seaways Shipping and Logistics Limited has bought out the entire 24 per cent stake held by IDFC Private Equity in the company to facilitate the exit of the PE firm. IDFC’s decision to end its nine-year engagement with Seaways came in the wake of a delay in the company’s IPO plans. Meanwhile, Seaways’ promoters filed the draft red herring prospectus in March 2016 stating that they had deferred their IPO plans owing to a down cycle in the shipping business. The company now plans to float the IPO next year.