The Teekay Corp spin-off’s shares fell to $4.62 by midday trading today, after finishing Thursday at $5.40.

Teekay announced that the offering priced at $4.80 before today’s trading session on the New York Stock Exchange, which saw other tanker owner shares decline, though less steeply.

After yesterday’s close, the Teekay revealed that it would sell 20 million shares in a public offering plus up to 3 million shares dedicated to underwriters.