EuropeFinance and InsuranceOperations

Höegh Autoliners IPO oversubscribed

Norwegian car carrier player Höegh Autoliners, which is set to be listed on Euronext Growth Oslo, has seen its initial public offering oversubscribed at NOK21 ($2.36), including options.

Höegh’s initial offering comprised a private placement of new shares expected to raise gross proceeds in the region of NOK1bn ($112m). Four cornerstone investors, comprising LHC, KLP Kapitalforvaltning, Intertrade Shipping and Global Value Investment Corp, had undertaken to subscribe for shares for a total amount of around NOK425m ($47.7m) at a price per share of up to NOK21.

The company pressed ahead with the transaction last week and confirmed that the issue would consist of up to 50m new shares, with an option to expand by a further 7.5m shares. Höegh Autoliners said on Monday that it has been informed by the transaction facilitators that orders have been received such that the share offering, including the over-allotment option and the potential upsize option, is oversubscribed.

Most of the net proceeds will go towards the 9,100 ceu multi-fuel and ammonia-ready newbuilds under construction in China. The first day of trading of the shares is expected to occur on or about November 29, 2021. Höegh Autoliners operates a fleet of 40 car carriers. The company is owned by Leif Höegh & Co (LHC) with 60.5%, A.P. Møller – Mærsk with 38.2%, and the company’s CEO, Andreas Enger, with 1.3%.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
Back to top button