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”.
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.