Scorpio in cash grab

Scorpio has done its biggest equity fundraiser yet in an overnight offering.

The New York-listed owner harvested $300m from the sale of just over 36 million new shares priced at $8.30 apiece, it said today in an exchange filing.

Prior to today, Scorpio had raised $575m from three equity offerings since December 2012 and around $900m in total from seven trips to Wall Street since its 2010 IPO.

The latest giant fundraiser will give New York-listed Scorpio the ammunition to declare all of its remaining options for products carrier newbuildings.

It has ordered 30 new vessels this year and is believed to hold options for up to 16 more.

The offering, which was led by Platou, was by invitation only and drew a strong response, according to sources.

Scorpio logged a profit of $6.6m in the opening three months of 2013 overturning a loss of $5.1m a year ago off the back of a larger, more efficient fleet.


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