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UK-based shuttle tanker operator KNOT Offshore Partners sets terms for US IPO
By: Renaissance Capital
KNOT Offshore Partners LP, a recently formed LP which will
own, operate and acquire shuttle tankers under long-term
charters, announced terms for its IPO on Monday. The Aberdeen,
United Kingdom-based company plans to raise $149 million by
offering 7.5 million shares at a price range of $19 to $21. At
the midpoint of the proposed range, KNOT Offshore Partners LP
would command a market value of $171 million.
KNOT Offshore Partners LP, which was founded in 1987 and booked $66 million in sales for the 12 months ended 12/31/2012, plans to list on the NYSE under the symbol KNOP. KNOT Offshore Partners LP initially filed confidentially on 12/21/2012. BofA Merrill Lynch, Citi and Barclays are the joint bookrunners on the deal.