Ocean Tankers to Raise $13m from IPO

Friday, October 13, 2006
Ocean Tankers Holdings PCL aims to raise about $13.38m from the initial public offering (IPO) that starts in the first such issue of a new company to list on the Cyprus Stock Exchange in two years. The company, presently privately owned by the Michael Ioannides Group and its affiliates, has a fleet of three double-hull tankers under the Cypriot and Maltese flags and the proceeds of the issue, that will reduce the principal shareholder’s stake to just below 70%, will help the company buy three or even four more ships.

Ocean Tankers has applied to list in the Maritime Sector of the stock market and will take advantage of the merging of the Cyprus exchange with the Athens Stock Exchange in a unified trading platform within the next month or so in order to attract new investors. After the issue, that closes on October 26, the company’s market value is expected to be $44.45m for $80.82m shares. CISCO have been appointed the IPO advisors and Moore Stephens have just been hired as the new auditors from the beginning of October. Source: xpress

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