Business | Markets
Alma Maritime shelves IPO to finance fleet
Adverse market conditions deter firm
- Bloomberg
- Published: 00:00 March 29, 2010
London : Alma Maritime, the Athens-based company formed to operate oil tankers and dry-bulk cargo vessels, postponed its $236 million (Dh866 million) initial public offering after delaying the sale for two straight days.
The company planned to sell 11.25 million shares at $19 to $21 yesterday, according to its filing with the Securities and Exchange Commission and Bloom-berg data. Alma was originally scheduled to price its shares on March 24. The company intended to use the proceeds to finance the purchase of its fleet.
Alma was the third shipping company without vessels or a history of operations to attempt a US offering this month, after Baltic Trading and Crude Carriers sold shares at the low end of their price ranges. While Alma's owners had agreed to purchase 3.1 million shares at $20 each alongside the offering, the IPO was shelved after Baltic Trading and Crude Carriers left buyers of their initial sales with losses.
More from Markets
More from Business
Business Editor's choice
-
China breaks West's solar monopoly
Some countries in the world, especially Germany and the United States, have made considerable efforts to invest in developing solar energy cells
-
Burberry store spree will cut profit
Trenchcoat maker forges ahead with investment strategy targeting emerging markets
-
Laws needed to spur region bond markets
UAE Central Bank calls for creation of a centralised Sharia board to facilitate the sale of sukuk
