Tor Olav Troim’s Himalaya Shipping has priced its New York initial public offering (IPO) to raise at least $40.5m.

The Oslo-listed newcastlemax bulker owner said investors will pay $5.80 for each of 7.72m shares up for grabs in a deal closing on 4 April.

This could raise $44.8m, but net proceeds will be $40.5m after deducting underwriting discounts, commissions and estimated expenses.