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.