BW Pacific has started marketing its IPO on the Oslo Stock Exchange. The shares will carry the ticker BWP when they start trading on November 13. BW Pacific, the product tanker part of the BW empire, expect shares to launch at a price between NOK44 and NOK50.
The offering will comprise of up to 48,693,182 new common shares to raise $250m, and up to 9,738,636 existing common shares. The free float of BW Pacific will be equivalent to at least 34.2% of the share capital.
Bookbuilding for the institutional offering commenced today. DNB Markets is acting as global coordinator for the offering and Pareto Securities is a joint bookrunner.
BW Pacific is a Singapore-based product tanker company, controlled by the BW Group. BW Pacific currently owns an existing fleet of 33 vessels, comprising 17 owned LR1s and 16 owned MRs, and a newbuilding fleet of 12 vessels of which six are LR1s and six are 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.