BW LPG valued at $1bn in IPO

The offering, which had its period shortened by two days, values the company at NOK6.4bn ($1.04bn).

Andreas Sohmen-Pao led BW Group retains 52.2% of the shares in BW LPG, which may be reduced to 45% after the exercise of almost 10m over-allotment shares by the joint lead book runners.

The world's largest VLGC owner, BW LPG owns and operates 36 gas carriers with a total carrying capacity of about 3m cu m and 504,000 cu m on order in Korea. 

Joint global coordinators for the offering are BofA Merrill Lynch and SEB, and along with Deutsche Bank they are acting as joint lead bookrunners for the offering. ABG Sundal Collier Norge and Nordea are co-lead managers.

Conditional trading of the shares is now open on the Oslo stock exchange.