Intercont Limited, which provides maritime shipping and seaborn pulping services, raised $11 million by offering 1.5 million shares at $7, the low end of the range of $7 to $9. The company offered 0.4 million fewer shares than anticipated.
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. Its fleet currently 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 1Q25, utilizing both self-owned and leased factory ships.
Intercont Limited plans to list on the Nasdaq under the symbol NCT. Kingswood Capital Markets acted as sole bookrunner on the deal.
