World News
OW Bunker IPO to Close Early and is "Fully Subscribed"
OW Bunker's initial public offering (IPO) in Copenhagen is closing early and, according to sources quoted by Reuters, has been fully subscribed throughout the price range of 120-150 Danish crowns ($22.16-$27.70) per share.
"We have seen great interest from both retail and institutional investors," a source told Reuters on Monday.
And in a press release today, OW Bunker said the offering will close early due to the "strong interest and demand from investors."
Orders for retail investors up to and including DKK 3 million ($556 million) will now close tomorrow, Wednesday, March 26, 2014 at 5:01 pm CET, while orders of more than DKK 3 million will close on Thursday, March 27, 2014 at 1:00 pm CET.
"The early close for retail investors is due to the demand from such investors having exceeded their expected allocation of offer shares," OW Bunker wrote.
Following much speculation last year, OW Bunker, currently owned by private equity group Altor Equity Partners (Altor), confirmed its IPO plans earlier this month.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 597.00 | 1.50 | 689.00 | 1.50 |
| Rotterdam | 525.50 | 0.50 | 678.00 | 7.50 |
| Houston | 550.50 | 4.00 | 684.50 | 8.00 |
| Fujairah | 584.50 | 1.50 | 764.00 | 1.00 |
| Global 20 Ports Average | 599.00 | 1.00 | 755.50 | 3.00 |
| Global 4 Ports Average | 564.50 | 0.50 | 704.00 | 0.50 |
| Global Average Bunker Price | 646.00 | 1.00 | 813.00 | 1.00 |
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