OSG withdraws its IPO plans

OSG withdraws its IPO plans

Overseas Shipholding Group (OSG) has abandoned its plans to raise $100m through an initial public offering (IPO) of shares on the New York Stock Exchange (NYSE).

The company has asked the US SEC to withdraw its IPO registration statement, which was filed on May 4, 2015. The registration was amended in June that year to list OSG’s Class A shares on the NYSE MKT.

OSG said it “does not intend to pursue the contemplated public offering” but gave no further explanation.

The New York-based tanker operator first listed on the NYSE in 1970 and was traded on the exchange until the time of its bankruptcy in 2012.

The company was revived in August 2014 with $1.51bn in funding from a consortium of 10 different private equity firms.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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