Principal Maritime to be viability test case for New York crude IPOs

But pricing will be key for the Connecticut-based company after it unveiled an IPO of 12 suezmax tankers — the first crude flotation attempted in the Big Apple for four years

4 July 2014 0:00 GMT Updated 4 July 2014 0:00 GMT

By Joe Brady Stamford

Can a crude tankers initial public offering (IPO) work in New York? If so, at what price?

Management of Connecticut-based Principal Maritime Tankers obviously think so as they recently unveiled an IPO of 12 suezmax tankers for listing on the New York Stock Exchange. So does Apollo Management, the giant private-equity firm backing Principal, and UBS, the bank leading its underwriting team.

But