FEBRUARY 26, 2014 — Diamond S Shipping Group, Inc., whose Chairman is investor Wilbur Ross, today announced the launch of its underwritten initial public offering of 14,000,000 common shares pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the "SEC").
The initial public offering price is expected to be between $14 and $16 per share.
Diamond S Shipping Group will list its common shares on the New York Stock Exchange under the ticker symbol "DSG." The Company will grant the underwriters a 30-day option to purchase up to an additional 2,100,000 shares at the initial public offering price.
Diamond S Shipping Group intends to use the net proceeds from the offering to fund a portion of the purchase price for ten newbuild product tankers being built by a Korean shipyard, with any remaining proceeds being used for other acquisition expenses and general corporate purposes.
Jefferies LLC and BofA Merrill Lynch are acting as joint book-running managers for the offering. DNB Markets, HSBC and SEB are acting as senior co-managers and Global Hunter Securities, Fearnley Securities and Stifel as co-managers.