The Dimitrios Souravlas and Ekaterini Lanara-backed chemical tanker owner will use the cash to repay debt and more than double its initial fleet.

A total of 12,500,000 Stalwart shares are being offered up at a price of between $11 and $13 each, according to a document filed with the SEC.

Should investors bite at the mid-point of the range, Stalwart expects to be left with $135.5m from the primary issue.

It will use $30.4m of that pile to repay loans on the five second hand vessels in its trading fleet.

A further $34.8m will be used to pay the first 20% owed in four 25,000-dwt newbuildings for which it has signed a letter of intent at a South Korean shipyard. It also has two options on paper.

Additional funds will be used to support the purchase of five extra second hand vessels of between 19,900-dwt and 25,000-dwt.

The latest document shows the owner has strengthened the banking team leading the IPO.

Its initial line-up of Jefferies, Wells Fargo and global Hunter Securities has been expended to include Pareto Securities and UniCredit Capital Markets.

Stalwart, which first unveiled listing plans in mid February, says further post IPO growth will come via eco newbuildings and second hand acquisitions.

Capital markets experience in the Stalwart team is provided by chairman Konstantinos Koutsomitopoulos, a former chief financial officer at Diana Shipping and financial controller Errikos Christou who was with Evangelos Marinakis in 2011 when Crude Carriers was merged with Capital Product Partners.

Deutsche Schiffsbank veteran Klaus Pieper will sit as a director, alongside Enan Sassoon of Seaboard Bulk and former Merril Lynch banker Miner Warner.

Should Stalwart hit the mark it would extend the $2.2bn shipowners have already raised globally from the capital markets in 2014, according to Clarksons’ data.