Peter Livanos’ raid on Wall Street looks to have come in over $100m short of his ultimate ambitions after GasLog’s IPO priced below its target range.
The LNG specialist is set to bag $329m from the sale of 23.50 million shares – with the pot swelling to $378.35m if underwriters hoover up their options.
GasLog’s shortfall from the top line $486m it had sighted came after its shares was offered at $14 a pop, missing the $16 to $18 per share range.
Sources stressed it was not a surprise that GasLog shares sold outside of the initial range as the original pricing was termed “extremely aggressive”.
Its IPO was led by Goldman Sachs, Citigroup Global Markets, JP Morgan Securities and UBS Securities.
GasLog is bringing two vessels already on the water and eight newbuilds of 155,000 cbm, six of which are chartered on term of six-to-eight years with blue-chip counterparties BG and Shell.
Two vessels are open at this point. Those carrying charters are estimated to be earning $75,000 per day.
GasLog is benefiting from a red-hot gas market, a strong overall stock market, the good name of Livanos and also the backing of the Onassis family.
The IPO has been considered a winner from the get-go, but there also have been concerns about the aggressive valuations from the start of its roadshow, finance sources said this week.
GasLog shares are expected to begin trading Friday morning on the New York Stock Exchange under the symbol GLOG.
