Vantage, a Singapore-based provider of shipbroking services focused on oil tankers, raised $13 million by offering 3.25 million shares at $4, the low end of the range of $4 to $5. At pricing, the company is valued at $125 million.
Predecessor Vantage Shipbrokers was incorporated in 2012, and initially specialized in tankers for clean petroleum products (CPP) and petrochemicals, before later expanding into tankers for dirty petroleum products (DPP), biofuels and vegetable oils. The company acts as an intermediary between oil companies, traders, shipowners and commercial managers. It helps facilitate contract negotiations and deliveries, provides consulting and operational services, and provides additional services related to demurrage and claims settlements. It has offices in Singapore and Dubai, and plans to open new offices in Houston and Geneva.
Vantage will trade on the NYSE American under the symbol VNTG. Network 1 Financial Securities acted as sole bookrunner on the deal.
