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Scorpio Bulkers doubles size of IPO

Scorpio Bulkers doubles size of IPO
Scorpio Bulkers has doubled the size of its initial public offering (IPO) of common shares and is aiming to raise $305m.

The company has increased the size of its common share offering to 31.3m shares up from the previously announced offering of 15.5m shares to be listed on the New York Stock Exchange. Scorpio Bulkers has also priced the offering and expects to raise gross proceeds of $305m.

Underwriters of the offer have been granted a 30-day option to purchase an additional 4.695m shares.

The proceeds from the IPO will go towards funding its newbuilding programme which now stretches to 52 vessels.

Deutsche Bank Securities, Credit Suisse and RS Platou Markets AS are acting as joint book-running managers for the IPO and Evercore, Global Hunter Securities, Stifel and Credit Agricole CIB are acting as co-managers for the offering.