LPG shipping firm Dorian LPG listed on the New York Stock Exchange last week.
Since Dorian CEO John Hadjipateras rang the opening bell on Friday morning following their IPO the day before, the company’s stock price has remained largely flat and hovering around its IPO price of $19.
Last October, the company exchanged 11 newbuild contracts from Scorpio Tankers in exchange for a 30 percent stake in the firm. Dorian currently has 19 Very Large Gas Carriers (VLCGs) under construction while owning and operating 3 VLGCs and 1 pressurized LPG carrier.
Dorian plans to use the net proceeds from the offering to partly finance their newbuild program underway in South Korea.