World Point Terminals LP announced today that the underwriters in its recently completed IPO had purchased additional common stock. The company said that additional 1,312,500 common units priced USD20 per share piece were granted to its underwriters as agreed in the underwriting agreement last August 8, 2013.
WPT's initial public offering of 8,750,000 common units closed last August 14, 2013. The common units traded on the New York Stock Exchange under the trading symbol WPT.
The net proceeds from the initial public offering of the company's common stock were valued around USD24.6 million after underwriting discounts, commissions and expenses. The net proceeds of the sale would be used redeem 1,312,500 common stock held by World Point Terminals Inc.
The company appointed BofA Merrill Lynch, Credit Suisse, Citigroup and Stifel to act as joint book-running managers for the offering. BNP Paribas, Stephens Inc. and Wedbush Securities acted as co-managers for the IPO.
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