NOVEMBER 2, 2015 — Singapore based BW Pacific Limited, the product tanker operation of Andreas Sohmen-Pao-led BW Group, is looking to raise at least $250 million from the initial public offering and listing of its common shares on the Oslo Stock Exchange that it announced last month.
Today it said that the shares are set to start trading November 13 and are expected to be sold at a price between NOK 44 and NOK 50 corresponding to an equity value. including issuance of new shares between approximately NOK 6.8 billion and NOK 7.5 billion.
The offering will comprise up to 48,693,182 new common shares to be issued by the Company to raise a fixed amount of NOK 2,142.5 million (equivalent to $250 million at a NOK/USD exchange rate of 8.5700), and up to 9,738,636 existing common shares.
The purpose of the IPO is to finance the company's newbuilding program and to position it for future acquisitions and to take part in market consolidation.