Two huge UK investment funds have taken substantial positions in newly listed bulker owner Taylor Maritime Investments (TMI).
London Stock Exchange filings reveal that M&G has an 8.3% stake — 21m shares — worth $22.1m.
The fund has £367bn ($519bn) of assets under management.
Fidelity International, which has £611bn under management, has acquired a 5.42% holding worth $14.5m in TMI.
TMI chief executive Edward Buttery told TradeWinds that the company does not want a single dominant shareholder, not least his own founding family.
Buttery himself has 180,000 shares, or a 0.071% stake, while chairman Nicholas Lykiardopulo has 0.79%.
Buttery is expected to receive a further 80,000 shares when the final six of an initial 23 bulkers are acquired.
The spin-off of Hong Kong-based Taylor Maritime sold 253.7m ordinary shares at $1 each in an initial public offering on 24 May. The price has since risen to $1.05.
The offering had been upsized from $250m to $253.7m due to strong investor demand.
Oldendorff a shareholder
TradeWinds previously reported that German shipping venture capitalist Christian Oldendorff had emerged with a 14.9% stake in TMI, and PointState Capital-managed SteelMill Master Fund had bought 11.69%.
Oldendorff — the son of Klaus E Oldendorff and nephew of Henning Oldendorff — is co-owner of shipowner Reederei Nord Group with his twin brother, Nikolaus.
The TMI IPO was the first big shipping float in the UK capital since Tufton Oceanic Assets in 2017.
TMI said it has now completed its initial acquisition of 17 handysizes and supramaxes for $182.8m, part-financed by the issue of 93.7m shares.
The ships were already under the control of the Hong Kong affiliate.
TMI has previously indicated that it has identified vessels worth $500m as potential targets.
Earlier in May, TradeWinds reported that TMI had lined up deals to buy five bulkers from Japanese and German shipowners ahead of the IPO.
