TIL’s haul, which represents the top end of its target range, comes just a couple of months after it collected $250m from a private placement which saw it listed on the popular over the counter (OTC) junior market.
TIL has printed 13,413,000 new shares at NOK 78 each as part of its main board listing. Further cash could come should underwriters sweep up the 1,400,000 shares available to them.
DNB Markets was the global coordinator for the offering. DNB Markets, Pareto Securities and Swedbank were the joint bookrunners and ABN AMRO Bank and Nordea Markets the co-managers.
TIL says 35% of the company has been sold, with 94.8% of that slice going to institutional investors and the balance to retail.
The offer price gives TIL a market capitalisation of NOK 2.9bn ($479.5m), ahead of the NOK 2.29bn of John Fredriksen’s Frontline, according to data from the Oslo Stock Exchange today.
Shares in TIL, which was founded in January to invest in crude tankers, will begin trading on the Oslo bourse on 25 March.
Its initial fleet of four suezmaxes and four aframaxes has already been expanded with the addition of the 107,000-dwt Phoenix Ambition (built 2009).
It marks the first successful shipping IPO on the Oslo Stock Exchange this year, where VLGC owner Avance Gas is set to float soon.
BW LPG, Western Bulk and Ocean Yield all listed on the exchange last year raising an aggregate $482m.
