The company will sell the shares at $7.50 each, below Tuesday’s closing price of $7.91. Shares, which were inactive premarket, are up 46% over the past three months.
The oil tanker owner said it plans to use the money raised for vessel acquisitions, working capital and other general corporate needs.
The offer comes after Scorpio in December put forward an offering of 21.6 million shares, looking to repay debt and raise funds for general corporate uses.
The company has about 64 million shares outstanding, according to FactSet.
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