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Global Power Equipment Group Inc News

12 Jun 2001

General Maritime Goes Public, Raises $144 Million

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.

07 Jun 2001

Torch Offshore's IPO Checks in at $16

Torch Offshore Inc., an undersea construction firm, priced its initial public offering at $16, the top end of its expected price range, underwriter UBS Warburg said on Thursday. The company offered 5 million shares and raised $80 million through the deal. Torch, which will trade under the symbol "TORC" on the Nasdaq, had expected the deal to price between $14 to $16 per share. The offering comes amid a spate of energy company IPOs, such as Global Power Equipment Group Inc. and Encore Acquisition Co. aiming to whet investor appetite for investments that gain with a perceived shortage of energy. Gretna, La.-based Torch, which serves undersea drilling operations of oil and gas companies in the Gulf of Mexico…