BW Pacific IPO set to raise at least $250 million
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 $250 million from the initial public offering and
Andreas SohmenPao
BW Marine’s product tanker company plans Oslo IPO
The IPO is expected to be launched during the fourth quarter of 2015., with pre-marketing starting this month.
The purpose of the IPO is to finance the company’s newbuilding program and to position it for future acquisitions and to take part in market consolidation.
BW Pacific currently owns a fleet of 33 vessels (17 owned LR1s and 16 owned MRs) and has a newbuilding orderbook of six LR1s and six MRs. The gross value of the fleet (including newbuildings) based on shipbroker valuations was US$ 1.6 billion at the end of third quarter 2015