Wilbur Ross-backed Diamond S Shipping drops IPO

Diamond S Shipping Group Inc's largest shareholder, Wilbur Ross, said the tanker company's initial public offering had been canceled because the suggested price was too low, Bloomberg reported, citing an email from the billionaire investor.

"We are not opposed to being publicly owned but not at any price," Bloomberg quoted Ross as saying. The final proposal by the underwriters was not acceptable, he said.

Ross's company, WL Ross & Co, owns a 32 percent stake in Diamond S Shipping.

The tanker company had been scheduled to price its offering on Tuesday. The company said last month it planned to sell 14 million shares at between $14 and $16 each.

Diamond S Shipping, which counts GlencoreXstrata, Maersk and Hyundai Merchant Marine among its customers, was expected to debut on the New York Stock Exchange on Wednesday under the symbol "DSG".

Diamond S Shipping could not be immediately reached for comment by Reuters.