Scorpio Bulkers Ups IPO

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December 11, 2013

Scorpio Bulkers newbuild orderbook currently consists of 52 vessels at yards in Japan, China and Romania.

In a statement Wednesday, Scorpio Bulkers revealed that it is now offering 31,300,000 shares of common stock in its NYSE debut, up from the original 15,500,000 common shares announced with the IPO launch last Friday.

Scorpio now expects gross proceeds of $305,175,000. The company added that underwriters also now have the 30-day option to purchase an additional 4,695,000 shares, up from the 2,325,000 first announced.

SEE ALSO: The Coming IPO of Scorpio Bulkers Inc. – Papaeconomou

The net proceeds of the IPO will be used to fund an ambitious newbuilding acquisition program by the newly-established company, which now stands at 52 dry bulk vessels with a total price tag of $1.591 billion. The new vessels (28 Ultramax, 21 Kamsarmax, and 3 Capes) are to be delivered starting in the second quarter of 2014 from shipyards in Japan, China and Romania.

Scorpio Bulkers will be traded on the NYSE under the symbol “SALT’.

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