BW Pacific Shelves Oslo Listing and IPO
- Business & Finance
Singapore-based product tanker owner and operator BW Pacific has decided not to go through with plans to list its common shares on the Oslo Stock Exchange and launch a USD 250 million initial public offering (IPO), citing current market conditions as the reason, without providing any detailed clarification.
BW Pacific floated the idea of listing its stocks and launching the IPO on Oslo Børs back in October, with the proceeds to be used for the company’s the company’s newbuilding program, ”as well as to position the company for further growth by gaining access to the capital markets.”
The company’s shares were expected to start trading on the Oslo Stock Exchange on November 13 at a price between NOK 44 and NOK 50 per share.
BW Pacific, part of the BW Group, owns an existing fleet of 33 tankers, and a newbuilding fleet of 12 vessels, six LR1s and six MRs.
Four of the MR newbuildings are expected to be delivered in 2015, and the remaining newbuildings are expected to be delivered in 2016 and 2017.