Diana Shipping joins IPO Shipping Fleet

Friday, March 11, 2005
Diana Shipping on Tuesday filed to sell 12.375 million shares at $15-$17 each in a bid to raise up to $210 million in its initial public offering.

It's the latest in a series of shipping companies to float shares in the U.S. market.

Based in the Marshall Islands and Athens, Greece, Diana Shipping is going public via underwriter Bear Stearns.

The operator of dry ships that transport iron ore, grain and coal plans to trade on the New York Stock Exchange under the symbol DSX.

On Feb. 3, DryShips (DRYS, Trade) shares rose 12 percent over their $18 offering price in their debut in Wall Street's most recent shipping IPO. The stock is trading near $23.

IPOs from Arlington Tankers (DRYS, Trade), Top Tankers (TOPT, Trade) and Hornbeck Offshore (HOS, Trade) have also kicked off in the past year.

In November, TK LNG Partners, a unit of Teekey Shipping (TK, Trade), filed its initial public offering of 5.5 million common units.

The company plans to trade on the New York Stock Exchange under the symbol TGP.

The company has yet to set an estimated price range in the deal, but in an earlier filing, it said it plans to raise up to $133 million in the IPO.

SSA Global on Tuesday said it plans to offer 14.3 million shares at $13-$15 each in a bid to raise up to $215 million in its initial public offering.

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