initial public offerings (IPOs) trading on American exchanges

Saturday, June 29, 2013

Ardmore Shipping files plan for $160 million IPO

Tanker company Ardmore Shipping Corp. has filed plans to raise as much as $160 million through an initial public offering.

The company, incorporated in the Marshall Islands and based in Ireland, owns a fleet of vessels for the transport of petroleum products and chemicals. Its fleet of 12 includes eight in operation and four on order with deliveries beginning Jan. 2014.

Ardmore launched in April 2010, and focuses on fuel-efficient mid-size product and chemical tankers. The company is hoping to catch the tanker market as it recovers from cyclical lows, and is betting that underyling demand will continue to grow.

The company's revenue has grown since its launch, but Ardmore has yet to turn a profit.

The tanker company is wholly owned by an affiliate of private equity firm Greenbriar Equity Group LLC.

Ardmore plans to list its shares on the New York Stock Exchange under the symbol ASC.

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