Feb 4 (Reuters) – Diamond S Shipping Group Inc, which is backed by billionaire-investor Wilbur Ross, filed with U.S. regulators to raise up to $100 million in an initial public offering of its common stock.
The Greenwich, Connecticut-based company owns and operates medium-ranged tankers to transport refined petroleum and other products.
Jefferies and BofA Merrill Lynch would underwrite the offering, Diamond S Shipping said in a filing on Tuesday with the U.S Securities and Exchange Commission.
The company, which counts GlencoreXstrata, Maersk and Hyundai Merchant Marine among its customers, intends to list its common stock on the New York Stock Exchange under the symbol “DSG”.
Ross, whose company WL Ross & Co manages around $10 billion in assets, made a name for himself as a bankruptcy specialist, snapping up out-of-favour assets ranging from banks and textiles to steel and coal firms.
WL Ross & Co, which currently holds about 32 percent stake in Diamond S Shipping, has been betting on the shipping sector, which is in an extended downturn since the global economic crisis of 2008.
Shares of Ross-controlled liquefied gas carrier Navigator Holdings Ltd rose as much as 11 percent in their market debut in November.
Diamond S Shipping reported revenue of $134.4 million and net income of $2.3 million for the nine months ended Dec. 31.
The company plans to use the proceeds to purchase product tankers, acquisitions and general corporate purposes.
The filing did not reveal how many shares the company planned to sell or their expected price.
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.
CAIRO, March 2 (Reuters) – The Houthi Transport Ministry in Yemen said on Saturday there had been a “glitch” in undersea communication cables in the Red Sea as a result of actions...
by Captain John Konrad (gCaptain) In the current American labor landscape, the stark contrast between the assertive strides of transportation unions and the maritime sector’s unique labor challenges is striking....
By Mikhail Flores MANILA, Dec 2 (Reuters) – Evacuations were under way in the Philippines after a quake of at least magnitude 7.5 struck the southern region of Mindanao on Saturday night,...
December 2, 2023
Total Views: 2162
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.