International cruise ports operator Global Ports Holding has announced its intention to list on the London Stock Exchange. The Istanbul-based company plans to raise $250m (£195m) through the float in order to fund its expansion plans into Europe, Asia and the Caribbean.
The company is already the world's largest independent cruise port operator and the only consolidator of cruise ports, which management said will help give the business an edge when it comes to market as it has no direct competitors. Between 2014 and 2016, its compound annual growth rate for adjusted cash profits was 14 per cent, and management expects this to continue as key ports set schedules around two years in advance. Former EU trade commissioner Peter Mandelson, and Thierry Deau, founder of French asset manager Meridiam, joined the board ahead of the listing.
Management expects to pay a minimum dividend of $25m to shareholders this year. The offer is open to retail investors, with a minimum application size of £1,000. The roadshow is set to begin in May, with hopes to hit the market before the beginning of the summer.
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