The Cork-basedproduct tanker specialist has put 11,500,000 shares on the line at between $15.00 and $17.00 each, according to aprospectus released today.
Ardmore,which revealed intentions to list with a $160m float at the end of June, believes it will be leftwith $147.3m after fees and underwriter discounts.
It plansto spend $30m of the cash to cover costs relating to its existing fleet, with$100m earmarked to support a 10 strong order for eco newbuildings and upgradesto a couple of vessels it intends to buy second hand.
Itsprospectus shows two of the newbuildings in its sights are 37,000-dwt ships areHyundai Mipo and four are 25,000-dwt units at Fukuoka.
Ardmore said: “In the event that we are not able to conclude theacquisition of the vessels proposed in the expansion fleet, we will use theproceeds to acquire other newbuilding re-sales, contract orders fornewbuildings or acquire individual ships as they become available in thesecondhand market.”
The owner already has eight ships in the water and afurther four newbuildings on order.
It was setup in 2010 by Gurnee, who was instrumental in the 1995 IPO of Teekay Shippingfrom the CFOs chair.
MorganStanley, Jefferies, Clarkson Capital Markets, Fearnley Securities, EvercoreGroup, ABN AMRO and DVB are all on the underwriting roster this time.
