GoodBulk Launches USD 140 Million IPO

Owner and operator of dry bulkers GoodBulk launched its initial public offering to raise USD 140 million.

The company is to use the net proceeds of the offering, together with cash on hand and additional borrowings, to fund the cash portion of the purchase price for the acquisition of up to five secondhand Capesize dry bulk vessels and for general corporate purposes.

A total of 8.5 million common shares will be offered at a price between USD 15.50 to USD 17.50 per common share pursuant to a registration statement filed on Form F-1 with the U.S. Securities and Exchange Commission (SEC).

In connection with the offering, the company intends to grant the underwriters the option to purchase up to 1,275,000 additional common shares. GoodBulk has applied to list its common shares on the Nasdaq Global Select Market under the ticker symbol “GBLK.”