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

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.

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