"The offering was twice oversubscribed, showing a strong demand from investors for offerings related to the US shale gas revolution," Stealthgas ceo Harry Vafias told Seatrade Global. The Vafias family purchased $5.75m worth of the 10m shares offered on the NASDAQ exchange.
"The funds will be used partially for the aquisition of six newbuilds and three secondhand ships. Stealthgas' target is to add another eight to 10 newbuilds on top of those to push its market share in excess of 20% of the world fleet," Vafias added.
Stealthgas hinted at its appetite for expansion earlier this year when the company reported a $29m profit for 2012.
Stealthgas currently owns 33 LPG carriers of between 3,000 and 8,000 cu m with a total capacity of 161,822 cu m.
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