Intercont (Cayman) Limited, which provides maritime shipping and seaborn pulping services, filed on Friday with the SEC to raise up to $35 million in an initial public offering.
Intercont operates a global maritime shipping business through a range of subsidiaries which are divided into two business segments: time chartering and vessel management services. As of September 27, 2024, its fleet consists of one self-owned vessel and three leased vessels, with a total cargo carrying capacity of 217,191 dwt. Intercont plans to expand its operations by launching a seaborne pulping business through its Singapore subsidiary, Openwindow, by the first quarter of 2025, utilizing both self-owned and leased factory ships.
The Wanchai, Hong Kong-based company was founded in 2023 and booked $12 million in sales for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol NCT. Kingswood Capital Markets is the sole bookrunner on the deal. No pricing terms were disclosed.
