Alma Maritime Limited, a recently formed international shipping company planning to acquire a fleet of oil tankers and drybulk carriers, filed and announced terms for its IPO on Friday. The Athens, Greece-based company plans to raise $225 million by offering 11.3 million shares shares at a price range of $19-$21. Existing stockholders have agreed to purchase an additional $3.1 million shares at $20 per share. At the mid-point of the proposed range, Alma Maritime will command a market value of $325 million. The shipping company will be managed by Empire Navigation and has agreed in principle to acquire three secondhand vessels ($191 million aggregate purchase price), as well as signed contracts to purchase four newly built tankers ($239 million). Estimated net IPO proceeds of roughly $208 million will be used, along with borrowings under new credit facilities, to purchase this initial fleet. BofA Merrill Lynch and UBS Investment Bank are the lead underwriters on the deal, which is expected to price on Wednesday, Mar. 24. Alma Maritime's filing follows the debuts of comparable shipping companies Baltic Trading (BALT) and Crude Carriers (CRU).
