Tanker Investments' $100M IPO Expanded
The initial public offering (IPO) for Tanker Investments Ltd in Oslo is oversubscribed and will be expanded to $150-175 million from $100 million, and the new range is also likely to be oversubscribed, the firm said on Friday.
Tanker Investments is a specialized investment company focused on the crude oil mid-size tanker market. It owns a fleet of four double-hull Suezmax crude tankers and has agreed to buy five double-hull Aframax crude tankers.
The company was formed in January by Teekay Tankers Ltd and Teekay Corporation to buy, operate and sell modern second-hand mid-size tankers to benefit from cyclical fluctuations in the tanker market.
The IPO is one of many currently taking place in the Nordics. On Thursday, Danish outsourcing firm ISS returned to the Copenhagen stock market in the largest IPO in the country for two decades.
"On the basis of the strong investor demand, the company has decided to increase the size of the offering," Tanker Investments said in a statement on Friday.
The offering was oversubscribed in the price range offered of between 70 and 80 Norwegian crowns ($11.80-$13.48).
DNB Markets is the global coordinator for the offering. Pareto Securities and Swedbank are acting as joint bookrunners.
The bookbuilding period is March 10-19. ($1 = 5.9326 Norwegian Kroner)
Copyright Reuters 2014.