South Korean bulker giant Polaris Shipping plans to take its 60-strong fleet public with a listing on the Korea Stock Exchange (KSE).

It has employed Mirae Asset Daewoo as underwriter for its initial public offering (IPO) and aims to go public by the first quarter of next year, according to informed sources.

The scale of Polaris’ capital raising has not been disclosed but sources say the company will use the funds to renew its fleet, reduce its debt ratio and target new projects.

Polaris