Quintana back in $100m IPO

Corbin Robertson has confirmed plans to take the Quintana name back to the US capital markets with the first stateside dry cargo IPO in almost four years.
Quintana: Back for a second shot.

Quintana: Back for a second shot.

Quintana Shipping is looking to raise $100m from the float as the second incarnation of the company goes public, its prospectus said.

Quintana is working with Morgan Stanley, Deutsche Bank, Jefferies, ABN Amro, DVB and Global Hunter in a bid to launch the the first successful US dry cargo IPO since Baltic Trading in 2010 without a prior over-the-counter listing.

There is a more recent precedent, however, with Western Bulk listing in Oslo last year.

As TradeWinds reported last week Quintana and Oceanbulk were both looking to break the dry cargo duck on Wall Street.

Quintana Shipping is going public with a fleet of nine bulkers in the water for which it paid $348.8m, the prospectus said.

It also has four capesizes and a post-panamax under construction, with a combined price of $230.5m.

Robertson, the chairman, was the man behind Quintana Maritime, which listed in 2005 on the Nasdaq and sold out to Excel Maritime at the peak of the market in April 2008.

Former Excel Maritime chief financial officer Lefteris Papatrifon is back as chief executive of this Quintana, with former Quintana Maritime chief financial officer Paul Cornell holding down the same post in the new company.

Private equity power Riverstone is a major investor in the new Quintana.

Dividends will begin in the first full quarter after the IPO, the prospectus said.