Investment company GA Holdings is to sell 4m shares or around 49% of its stake in NYSE-listed Ardmore Shipping in an underwritten public offering priced at $13.25 per share.
GA Holdings is part of private equity firm Greenbriar Equity Group and is Ardmore’s largest shareholder.
Morgan Stanley & Co and Clarksons Platou Securities, the underwriters of the offering, have a 30-day offering to buy an additional 600,000 shares of Ardmore’s common stock.
The sale of the 4m shares could raise $53m or up to $69.95m if the underwriters exercise their purchase options.
Ardmore’s stock is currently trading at around $14.77 per share at the time of writing.