John Michael Radziwill’s GoodBulk yesterday launched its roadshow towards a New York IPO.
A total of 8.5m shares will be offered on the NASDAQ at between $15.50 and $17.50 a share. The IPO’s underwriters will also be offered an additional 1.275m shares. The shares will trade under the symbol GBLK.
The cash raised will go on five secondhand capesizes, which Splash understands have been contracted with JP Morgan Global Maritime.
GoodBulk, headquartered in Monaco, was formed in October 2016. It now controls a fleet of 25 dry bulk vessels, including 22 capesize vessels, one panamax vessel, and two supramax vessels.
GoodBulk is already listed on the Norwegian OTC market under the symbol BULK.
In a note, Gersemi Research gave GoodBulk a buy recommendation, stating: “Given the generally strong sentiment in dry bulk and sizable ships in particular, we expect this capesize pure-play behemoth to receive a warm reception amongst hungry investors.”
Radziwill is the cover star of the latest issue of Maritime CEO magazine. You can read his thoughts on the markets by accessing the full magazine for free here.