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Dorian LPG to Finance Its VLGCs by Selling Shares


first_imgzoom Dorian LPG Ltd., a liquefied petroleum gas shipping company and owner and operator of modern Very Large Gas Carriers,  has commenced the underwritten initial public offering of 7,105,263 of its common shares. The initial public offering price is expected to be between $18.00 and $20.00 per share.The company expects to grant the underwriters a 30-day option to purchase up to an additional 1,065,789 common shares to cover over-allotments.The company intends to use the net proceeds from the offering to partly finance the construction of 19 Very Large Gas Carriers (VLGCs) being built in two Korean shipyards.Dorian LPG has been approved to list its common shares on the New York Stock Exchange under the ticker symbol “LPG”.J.P. Morgan and UBS Investment Bank are acting as lead book-running managers for the offering. Clarkson Capital Markets and Wells Fargo Securities are acting as joint bookrunners in the offering. DNB Markets and Tudor, Pickering, Holt & Co. are acting as Senior Co-Managers and ABN AMRO, Arctic Securities, DVB Capital Markets and Fearnley Securities are acting as Co-Managers in the offering.A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.Dorian LPG, April 29, 2014last_img read more




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