Athens-based pool operator and shipmanager Heidmar is making its second attempt at going public via a merger with lifestyle brand portfolio company MGO Global. Heidmar, led by Pankaj Khanna, manages over 60 tankers and bulkers and originally aimed to go public with Home Plate Acquisition Corporation but ceased plans last October. The new merger will see the combined entity operate under the Heidmar brand and be listed on Nasdaq, with the deal expected to close in late Q3 2024. MGO Global’s shareholders will own approximately 5.6% of the merged company. The merger involves MGO shareholders receiving one share of the new company for each stock they own, with an implied equity value of $18M. Meanwhile, Heidmar shareholders will exchange their shares for $300M in registered common shares, plus a potential earnout of $30M in additional shares if the company meets certain revenue or net income milestones by the fiscal year 2024. In recent years, Heidmar’s revenues have surged from $5M in 2021 to nearly $50M in 2023, with a net profit of $19.6M and approximately 40% net margins. Khanna highlights this merger as pivotal for Heidmar’s growth, leveraging the brand and relationships built over four decades.

Marine Transportation, Lifestyle Brands, Public Markets,Greece, United States