General Maritime Corp., a crude oil shipping company, raised $144 million by selling 8 million shares in an initial public offering, the latest in a spate of energy companies to go public.
New York-based General Maritime priced shares on Tuesday at $18 each, the middle of its expected range of $17 to $19 a share. Shares are expected to begin trading on Tuesday on the New York Stock Exchange under the trading symbol GMR.
The company, which operates a fleet of oil tankers in the Atlantic basin, intends to use the proceeds to reduce debt and fund operations.
he IPO, which was underwritten by joint bookrunners Lehman Brothers and ABN Amro Rotschild, was co-managed by Jefferies & Co. It follows a series of other recent energy-related offerings seeking to whet increased investor appetite for a sector that could benefit from the Bush administration's emphasis on energy. Other recent offerings include Torch Offshore
Inc., Global Power Equipment Group Inc. and Peabody Energy.