Product Shipping Limited, a Greek shipping company with 10 petroleum tankers, withdrew its plans for an initial public offering on Monday, citing adverse market conditions. It originally filed in August 2014 with a proposed deal size of $100 million; its last amendment was one month later in September.
The Elliniko, Greece-based company was founded in 2012 and booked $42 million in sales for the 12 months ended June 30, 2014. It had planned to list on the Nasdaq under the symbol PROS. Morgan Stanley was set to be the sole bookrunner on the deal.
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