Epic Gas to raise $75m for LPG carrier fleet expansionEpic Gas to raise $75m for LPG carrier fleet expansion

The Singapore-headquartered company will raise the funds via private placement of 9,375,000 new shares at a subscription price of $8 per share.

“We have had a strong response from the capital markets over the last two weeks. The targeted $75m that was raised reflects the positive market sentiment and Epic's position as a top-class owner and operator of pressurised LPG carriers,” said Lars Vang Christensen, ceo of Epic Gas.

The company said the net proceeds from the private placement will be used to further grow its LPG carrier fleet.

The shares to be issued will be registered on the Norwegian OTC list in Oslo on 6 February. RS Platou Markets AS and DNB Markets acted as joint lead managers of the placement.

The new shares were placed with a number of institutional investors in the US and Europe.