EMEA News
OW Bunker Shares Open on Friday 17.9% Above IPO Price
Shares of OW Bunker opened at 17.9 percent above the company's initial public offering (IPO) price on the Nasdaq OMX Copenhagen exchange, Reuters reports.
The company's shares were sold for DKK145 ($26.72) each in the IPO, near the top of the planned range of DKK120 ($22.12) to DKK150 ($27.65), a range that some analysts had said was too high when compared with earnings for other bunker companies like World Fuel Services Corp. (WFS), Chemoil Energy, and Aegean Marine Petroleum Network (Aegean).
Analyst Jacob Pedersen from Sydbank said the opening spoke well for the company.
"Investors have accepted OW Bunker as both a dividend and a growth story," he said.
Nasdaq OMX Copenhagen announced the start of OW Bunker trading Thursday.
"OW Bunker's global profile has an apparent attraction for other marketplaces than the NASDAQ OMX Copenhagen exchange," said Adam Kostyál, the head of listing for the exchange.
"Naturally, we are pleased they recognised the value of listing at NASDAQ OMX as our markets match OW Bunker's truly global footprint while still offering a strong, local retail focus."
OW Bunker CEO Jim Pedersen said listing on the Copenhagen exchange was a "natural choice" for the company because it provides both a local Danish presence for retail investors and strong exposure to global capital markets.
"After years of solid, organic growth OW Bunker today turns up well prepared for the first day of trading at NASDAQ OMX Copenhagen," he said.
OW Bunker said Tuesday that the IPO was closing early due to stronger-than-expected investor demand.
