The offering is for the fourth quarter of the year with the company saying pre-marketing would start this month.
The IPO aims to raise funds to finance the company’s newbuilding programme and also future M&A activity.
“The purpose of the IPO is to finance the company’s newbuilding program, as well as to position the Company for further growth by gaining access to the capital markets,” BW said. The company has 12 newbuildings on order comprising six MR tankers and six LR1s.
“A public listing would also allow the Company to use its shares as transaction currency in future acquisitions and to take part in market consolidation,” BW Pacific added.
At the end of Q2 2015 BW Pacific had total assets of $1.2bn and book equity of $522m. Its fleet combining 33 vessels on the water and the 12 newbuildings on order was put at $1.6bn at the end of the third quarter.
DNB Markets will be global coordinator and joint bookrunner for the IPO, while Pareto Securities has been retained as a joint bookrunner and Skandinaviska Enskilda Banken as a co-manager.
BW Pacific said that the IPO would subject to regulatory approvals by the exchange and favourable market conditions.
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