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Gener8 Maritime IPO prices lower than expected

Gener8 Maritime IPO prices lower than expected
The initial public offering (IPO) by Gener8 Maritime priced lower than expected at $14 per share.

The company is selling 15m shares in its listing on the New York Stock Exchange (NYSE) and underwriters have been granted an option on a further 2.25m shares. If the option is taken up the offering will raise $241.5m.

The IPO had been expected to price at $17 - $19 per share.

Citigroup Global Markets, UBS Securities, Jefferies and Evercore Group, are acting as joint book-running managers for the offering.