A private equity firm has moved to cash in some of its shipping investments. Tanker specialist Ardmore Shipping Corporation has announced a secondary public offering by majority shareholder, GA Holdings. GA Holdings, part of private equity firm Greenbriar Equity Group, will offer for sale in an underwritten public offering 4m shares of Ardmore’s common stock.
The selling shareholder expects to grant the underwriters a 30-day option to purchase up to an additional 600,000 shares of common stock.
Ardmore, itself, is not selling any shares and will not receive any proceeds from the proposed offering.
Morgan Stanley and Clarksons Platou Securities will act as the underwriters for the offering.
Ardmore owns and operates a fleet of mid-size product and chemical tankers ranging from approximately 17,600 dwt to 50,000 dwt.