IPO News Archive
Scorpio Tankers sets terms for fourth shipping IPO this year
3/18/10
Scorpio Tankers, which owns and operates tankers to provide seaborne transportation of oil and other petroleum products, announced terms for its IPO on Thursday. The Marshall Islands-based company plans to raise $188 million by offering 12.5 million shares at a price range of $14-$16. At the mid-point of the proposed range, Scorpio Tankers will command a market value of $271 million. Scorpio Tankers was incorporated in July of last year by the Lolli-Ghetti family, which has been involved in shipping since the 1950s. The shipping company currently owns an initial fleet of three Panamax tanker vessels, which generated a combined $29 million for the nine months ended September 30, 2009. Morgan Stanley and Dahlman Rose & Co. are the lead underwriters on the deal, for which timing was not disclosed. If completed, Scorpio Tankers will be the fourth shipping IPO this year, following Baltic Trading (BALT), Crude Carriers (CRU) and Alma Maritime (AAM).
Source: www.RenaissanceCapital.com
Latest User Comments
This IPO is overpriced and a ripoff 3/27/2010 6:02:04 PM
Posted by: bulkerta
Mgmt is retaining 5.6m shares @15 = $84m but they are contributing 3 vessels only worth $40m after subtracting the $39m of mortgage debt. So the cash new investors are putting in is being heavily dil...