Ardmore Shipping Corporation announced start of the initial public offering for 10,000,000 shares of the company's common stock. The offering price was set between US$15 and US$17 per share. Ardmore Shipping announced that the proceeds of the offering will be used to funding for expenses for the company's vessels on order for the company's initial fleet. The proceeds will also be used to fund a portion of the purchase price for the company's expansion fleet. Ardmore intends to acquire additional vessels which are subject to the completion of the offering. Ardmore also said that they will use the funds for general corporate purposes and to pay any amount taken from one of its credit facilities, as well as to pay the initial dividend for the loan.
Jefferies LLC, Clarkson Capital Markets LLC and Morgan Stanley & Co. were hired to act act as the joint book running managers for the deal. Evercore Group L.L.C., ABN AMRO Securities (USA) LLC, Fearnley Securities AS and DVB Capital Markets LLC were tasked to act as co-managers for the offering.
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