Petroleum and chemical transportation company Ardmore Shipping sets terms for $160 million IPO

By Renaissance Capital,

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Ardmore Shipping, which provides seaborne transportation of petroleum products and chemicals worldwide, announced terms for its IPO on Monday. The Cork, Ireland-based company plans to raise $160 million by offering 10 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Ardmore Shipping would command a market value of $289 million.

Ardmore Shipping, which was founded in 2010 and booked $26 million in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol ASC. Ardmore Shipping initially filed confidentially on May 24, 2013. Morgan Stanley, Jefferies and Clarkson Capital Markets are the joint bookrunners on the deal.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines IPOs
Referenced Stocks: ASC

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