Himalaya Shipping has wrapped its initial public offering of shares in New York on Friday by closing a book that was oversubscribed by three times.

Speaking after ringing the opening bell at the New York Stock Exchange, chief executive Herman Billung told TradeWinds he was “extremely proud” of what the newcastlemax owner has accomplished.

Billung said the book was built with commitments from big institutional and long-only investors, all of whom seem familiar and comfortable with dry-bulk shipping.