Ardmore Shipping Files for IPO on NYSE

Ardmore Shipping took delivery of the 49,999 dwt IMO 3 Tanker from SPP Shipbuilding on June 10th, and it was immediately chartered to Cargill.

June 28 (Reuters) – Shipping company Ardmore Shipping Corp filed with U.S. regulators to raise up to $160 million in an initial public offering of common stock.

Ardmore, which transports petroleum and chemical products to oil and chemical firms, has a fleet of 12 tankers.

The Marshall Island-based company told the U.S Securities and Exchange Commission in a preliminary prospectus that Morgan Stanley, Jefferies and Clarkson Capital Markets would underwrite the IPO. ()

The filing did not reveal how many shares the company planned to sell or their expected price.

The company, which is backed by private equity fund Greenbriar Equity Group LLC, intends to list its common stock on the New York Stock Exchange under the symbol “ASC.”

Proceeds from the IPO would primarily be used for purchasing vessels for its fleet, the company said in a filing.

Ardmore, which began operations in 2010, reported a loss of $4.5 million on revenue of $25.17 million for 2012.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

(c) 2013 Thomson Reuters, Click For Restrictions

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