EMEA News
Singapore's BW Pacific Plans Q4 2015 IPO
Singapore-based BW Group's product tanker arm, BW Pacific, has announced plans to launch an initial public offering (IPO) in the fourth quarter of 2015.
The company will debut on the Oslo Stock Exchange, with the funds expected to finance the company's newbuild program and "position the company for further growth by gaining access to the capital markets."
BW Pacific added that the listing would also allow it to use its shares as transaction currency in future acquisitions.
"The BW Group ... see an IPO on the Oslo Stock Exchange as a natural next step in developing BW Pacific into a leading product tanker company," the company said.
DNB Markets has reportedly been named global coordinator and joint bookrunner for the IPO, Pareto Securities as a joint bookrunner and Skandinaviska Enskilda Banken as a co-manager.
BW Pacific said that its current fleet is made up of 33 vessels worth $1.6 billion, 17 of which are LR1s and 16 are MRs, in addition to a newbuild fleet of 12 vessels of which six are LR1s and six are MRs.
Earlier this year, it was reported that BW Group had purchased Scorpio Tankers' remaining stake in Dorian LPG Ltd.
