Israeli shipping predictive intelligence group Windward has lined up a £34.5m ($46m) initial public offering in London to grow the business.
The company is expected to debut on the AIM board of the London Stock Exchange on 6 December.
The institutional placing of 22.25m new and existing shares at £1.55 each will be the second shipping-linked IPO in London this year, following the float of Ed Buttery's bulker company Taylor Maritime Investments in May.
The deal will bring in £26.3m of new capital, as well as £8.2m for some existing investors and option holders.
Windward's market capitalisation will be about £126.5m after the transaction.
Canaccord Genuity is acting as advisor, broker and bookrunner.
Windward, founded in Israel in 2010 by ex-navy officers Ami Daniel and Matan Peled, provides real-time information and insights on major vessels at sea, helping clients manage risks, particularly on sanctions compliance.
Daniel said: "We are delighted with the support we have received, providing us with the firepower to increase investment in our innovative AI-powered platform.
"Having invested over $25m into the platform to date and secured many of the world's leading blue-chip maritime industry participants as customers, we are confident we have built strong foundations for future growth."
Headquartered in Israel, Windward has five other offices in the UK, US, United Arab Emirates and Denmark.
It has more than 70 clients among shipowners, banks, traders, insurers, energy majors and government agencies, including BP, Shell, HSBC, Gard and Danske Bank.
"The maritime trade industry is vast and complex, with multiple stakeholders, and data visibility is low," Daniel said.
"Our Predictive Intelligence Platform shines a light on the industry. Increasing regulations around sanctions compliance and carbon emissions provide strong tailwinds for our offering."
He believes the AIM listing is an important milestone for the company.
"I would like to thank all of our existing and new investors for supporting our vision, and importantly, all of the team at Windward who have made this possible," he said.
Windward's annual contract value was $19.7m in the year to 30 September, up 30% year on year.
The gross margin for the year ended 31 December 2020 was 79%.
Directors said there is a "considerable" market for its services.
Proceeds from the IPO will go towards expansion of its due diligence capabilities and further data sources.
The cash will also be used to continue the development and refinement of the company's solutions, and to invest in sales and marketing, focusing on new geographies.
The company is chaired former BP boss John Browne.
