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Western Bulk aims to raise up to $205m from IPOWestern Bulk aims to raise up to $205m from IPO

Western Bulk has launched its initial public offering (IPO) on the Oslo Stock Exchange aiming to raise up to NOK1.23bn ($205m).

Marcus Hand, Editor

October 2, 2013

1 Min Read
Kalyakan - stock.adobe.com

Western Bulk said its shares were expected to price at between NOK15 to NOK22 per share valuing the company in range of NOK 2.07bn and NOK3.04bn.

The offering is aiming to raise gross proceeds of NOK636m to NOK993m from sale of shares from existing shareholders and additional NOK300m from the issue of new shares. The offer is planned to price on 17 October Western Bulk’s shares are expected to be listed on the Oslo Stock Exchange on 24 October.

At present Western Bulk is 95.8% owned by its chairman Christen Sveaas’ through Kistefos Group. The company announced plans for an IPO in early September saying its business looked good for expansion.

The world’s third largest operator of supramax vessels Western Bulk has a commercially controlled fleet of 135 ships, with an aim to grow this to 180 vessels by 2015.

ABG Sundal Collier Norge, Pareto Securities and Swedbank First Securities are acting as managers for the IPO.

 

Read more about:

dry bulk shipping

About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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