Shearman & Sterling advised PointState Capital LP regarding its participation in Taylor Maritime’s oversubscribed $253.7 million initial public offering on the premium segment of the London Stock Exchange.
PointState Capital disposed of 12 vessels, being handysize and supramax bulk carriers, to Taylor Maritime in consideration for a mixture of ordinary shares in the capital of Taylor Maritime (representing a fully diluted stake of 11.69 percent) and cash.
Taylor Maritime initially planned to sell 250 million new shares at $1 each on the premium segment of the London Stock Exchange's main market in that exchange’s first major maritime IPO since that of Tufton Oceanic Assets' in 2017. Such was the interest in the offering, Taylor Marine ultimately issued 253.7 million shares, comprising 160 million shares to investors and 93.7 million shares issued to fund the acquisition of a seed fleet of 23 handysize and supramax bulk carriers.
U.S.-based PointState Capital is an investment management company founded in 2011.