european spirit tanker teekay suezmax

Tanker Investments Raises $175 Million in IPO

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March 20, 2014

European Spirit, a Suezmax tanker owned by Teekay, image: Teekay

reuters logoOSLO, March 20 (Reuters) – Tanker Investments’ raised $175 million in an initial public offering in Oslo, valuing the firm at 2.9 billion crowns ($480 million), the company said in a statement on Thursday.

The offer was priced at 78 crowns per share, in the middle of the latest guidance range of 77-79 crowns but at the upper end of the initial 70-80 crown guidance.

Tanker Investments is a specialized investment company focused on the crude oil mid-size tanker market. It owns a fleet of four double-hull Suezmax crude tankers and has agreed to buy five double-hull Aframax crude tankers.

The company was formed in January by Teekay Tankers Ltd and Teekay Corporation to buy, operate and sell modern second-hand mid-size tankers to benefit from cyclical fluctuations in the tanker market.

DNB Markets was the global coordinator for the offering while Pareto Securities and Swedbank are acting as joint bookrunners.

The shares will start trading on the Oslo bourse on March 25. (Reporting by Balazs Koranyi)

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