Tanker operator Euronav sets terms for $175 million IPO

Euronav, a Belgian shipping company with 50 oil tankers, announced terms for its IPO on Tuesday. The Antwerpen, Belgium-based company plans to raise $175 million by offering 13.6 million shares at $12.94 per share. At the midpoint of the proposed range, Euronav would command a fully diluted market value of $2 billion.

Euronav, which was founded in 2003 and booked $409 million in sales for the 12 months ended September 30, 2014, plans to list on the NYSE under the symbol EURN. Euronav initially filed confidentially on April 29, 2014. Deutsche Bank, Citi, J.P. Morgan and Morgan Stanley are the joint bookrunners on the deal. It is expected to price during the week of January 19, 2015.