Liquefied petroleum gas (LPG) carrier Navigator Holdings Ltd. raised USD228 million in its initial public offering (IPO). The London-based gas distributor is controlled by American billionaire and turnaround investor Wilbur Ross.
According to Reuters, Navigator sold a total of 12 million stocks priced at USD19 per share. The company offered 9.03 million shares, while the rest came from selling shareholders.
At the float price, Navigator was valued at about USD1.04 billion, the report said.
Navigator owns and operates a fleet of 12 semi-refrigerated gas tankers, which is currently the world's largest fleet. The company offers international seaborne transportation and regional distribution of LPG, petrochemical gases and ammonia, said Bloomberg.
Based on a profile by Bloomberg, Navigator's net income for 2012 rose to USD30.5 million from the previous year's USD18.7 million. It had a total revenue of USD146.7 million for the same year compared to 2011's USD88.9 million.
Investment banks Jefferies and Morgan Stanley will be acting as lead underwriters in the public offering. Navigator is expected to start trading on the New York Stock Exchange on Thursday, Reuters said.
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