Western Bulk chief executive Jens Ismar believes the company chose the right time to go public, despite selling shares at a 20% discount to complete an initial public offering (IPO).

It raised NOK 237.49m ($40.11m) through a sale of 20 million new shares, with main shareholder Christen Sveaas’s Kistefos and top managers also offloading stock in an issue that saw 57.41