Today, Ardmore Shipping Corporation announced pricing its initial public offering of 10,000,000 shares of common stock. The IPO was valued at US$14 per share piece with underwriters given a 30-day option to purchase additional common shares to cover any over-allotments. The additional purchase option for underwriters are for 1,500,000 common shares.
Ardmore Shipping shares are scheduled to trade on August 1 on the New York Stock Exchange. It would be on the NYSE under the trading symbol ASC. The net proceeds of the offering would be used to fund acquisition of additional fleet that would be done after the completion of the IPO. A portion of the proceeds would also be used to fund of the expenditure for the ordered vessel in the company's fleet. Further, it would be used to pay any amount taken from its credit facilities and for general corporate purposes.
Morgan Stanley & Co. LLC, Clarkson Capital Markets LLC and Jefferies LLC were appointed as joint book-running managers for the IPO. Fearnley Securities AS, ABN AMRO Securities, Evercore Group LLC and DVB Capital Markets LLC were appointed as acting co-managers for the initial public offering.
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