Shipping company Erria plans IPO on the OMX Nordic Exchange  

2007.07.27
Danish shipping company Erria plans an IPO on the OMX Nordic Exchange, Copenhagen, by the end of this year
Danish shipping company Erria, which operates a fleet of 40 feeder container ships and chemical tankers, plans an IPO on the OMX Nordic Exchange, Copenhagen, by the end of this year writes financial daily newspaper Børsen. The management of Erria declines to comment on the information.
 
Erria's shares are currently traded on Dansk Autoriseret Markedsplads, a bourse for small and medium-sized enterprises, where the company's market value is approx. DKK 330 m (USD 59.4 m). The share traded Thursday last week at DKK 1,200 (USD 216 m), while the price was DKK 780 (USD 140.4 m) a year ago.
 
According to Børsen's information, Erria plans to use the money from an IPO for ordering new ships or industry acquisitions. The company was previously in acquisition negotiations with Herning Shipping, but this company was eventually sold to a group of private investors.
 
Erria is based on the island of Ærø, but is currently moving its headquarters to Copenhagen. In 2006, the shipping company generated revenues of DKK 82 m (USD 14.8 m) and profits of DKK 11 m (USD 2 m). Erria's largest shareholders are N & V Holding (28%), the Employees Capital Pension Fund (19%) and Glumsø Invest (13%).
 
Link > Erria 

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