John Hadjipateras-led Dorian has pulled back the top line goal for the New York float to $175m, according to an updated prospectus filed with the SEC.

The lowering of its initial $287.41m aspirations comes amid criticism from RS Platou Markets that the owner was being too cautious and looking to raise more money than it needed from the IPO.

Platou, a key capital markets partner of Scorpio Tankers which is Dorian’s leading shareholder, had branded the effort a "low-leverage and low-return IPO”.

That report surfaced at the same time as suggestions Scorpio’s representative on the Dorian board, Robert Bubgee, and Hadjipateras had disagreed on policy.

One of the matters of controversy was understood to be a rejection of a takeover offer from Avance Gas early this year.

Dorian is the world’s second largest VLGC owner behind BW LPG.

It has raised $590m thus far in three equity issues on Oslo’s OTC market.

Its US IPO is being led by JP Morgan and UBS Investment Bank.