THIS LITTLE PIGGY GOES TO MARKET

By Nicolai Heidenreich

After waiting for months upon end for a prospectus to come in the mail, our prayers were answered in early February when we received Stelmar’s prospectus for their proposed $91 million IPO, underwritten by Jefferies and Alpha Finance.

After a failed attempt at listing their tanker company on the Cyprus Stock Exchange in the fall of last year, Stelios Haji-Ioannou decided to try his luck on the New York Stock Exchange. Net proceeds from the offering will be used together with a $140 million credit facility to fund the $216 million purchase of 10 Handymax tankers from Osprey.

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