April 10 Greece-based chemical transportation
company Stalwart Tankers Inc has postponed its U.S. IPO
plans due to "market conditions," an underwriter told Reuters.
The company filed with U.S. regulators in February to raise
up to $100 million in an IPO of its common stock.
Stalwart Tankers later said it expected to price its IPO of
12.5 million common shares at between $11 and $13 per share.
The decision to postpone the IPO comes on the heels of
Greece returning to the bond market on Thursday, with investors
hungry for high returns scooping up its debt in a 3-billion-euro
($4.16-billion) deal that could mark the beginning of the end of
Stalwart Tankers, which operates a fleet of more than 1,000
mid-size stainless-steel tankers, listed Jefferies LLC, Wells
Fargo Securities and Global Hunter Securities as lead
underwriters to its offering.
The company said it intended to list on the New York Stock
Exchange under the symbol "STST".
($1 = 0.7204 Euros)
(Reporting by Avik Das in Bangalore; Simon Jennings)