Feb 4 Diamond S Shipping Group Inc, which is
backed by billionaire-investor Wilbur Ross, filed with U.S.
regulators to raise up to $100 million in an initial public
offering of its common stock.
The Greenwich, Connecticut-based company owns and operates
medium-ranged tankers to transport refined petroleum and other
Jefferies and BofA Merrill Lynch would underwrite the
offering, Diamond S Shipping said in a filing on Tuesday with
the U.S Securities and Exchange Commission. ()
The company, which counts GlencoreXstrata, Maersk
and Hyundai Merchant Marine among its customers,
intends to list its common stock on the New York Stock Exchange
under the symbol "DSG".
Ross, whose company WL Ross & Co manages around $10 billion
in assets, made a name for himself as a bankruptcy specialist,
snapping up out-of-favour assets ranging from banks and textiles
to steel and coal firms.
WL Ross & Co, which currently holds about 32 percent stake
in Diamond S Shipping, has been betting on the shipping sector,
which is in an extended downturn since the global economic
crisis of 2008.
Shares of Ross-controlled liquefied gas carrier Navigator
Holdings Ltd rose as much as 11 percent in their market
debut in November.
Diamond S Shipping reported revenue of $134.4 million and
net income of $2.3 million for the nine months ended Dec. 31.
The company plans to use the proceeds to purchase product
tankers, acquisitions and general corporate purposes.
The filing did not reveal how many shares the company
planned to sell or their expected price.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.