New York-listed Diamond S Shipping has announced the launch of an underwritten secondary offering of 4,021,604 shares belonging to private equity firm First Reserve and 660,870 belonging to Wilbur Ross’s WL Ross & Co as the selling shareholders.
The two firms expect to grant the underwriter, Pareto Securities, a 30-day option to purchase up to an additional 702,371 common shares in total, with Diamond S Shipping not receiving any proceeds from the sale or issuing any new shares.
Diamond S Shipping shares are currently priced at $15.28 on the NYSE, making the First Reserve sale worth around $61.45m and the WL Ross sale worth around $10.1m. First Reserve currently has around 8.1m shares in the company, while WL Ross has around 9.7m.
Diamond S Shipping owns a fleet of 66 tankers.