The New York-listed products tanker operator on Wednesday priced over 29 million shares at $8.10 a piece, which represents a discount of $0.35 when compared to its current share price.

“The net proceeds of the offering are expected to be used for vessel acquisitions, working capital and other general corporate purposes,” it told investors in a statement.

The fundraiser, which is expected to close on 18 March, is led by RS Platou Markets. DNB Markets is acting as senior placement agent while Clarkson Capital Markets, Evercore Group and Skandinaviska Enskilda Banken AB are acting as placement agents.

The offering didn't come as a surprise to many market insiders. When Scorpio placed an order for a pair of product tankers last week, Jonathan Chappell of Evercore Partners pointed out that more cash would be needed for the company to keep up the pace of its rapid fleet expansion campaign

“With 98% of the stated firepower now committed to newbuilds with delivery by mid-2014, Scorpio may slow its aggressive ordering spree and focus on the integration of the 28 firm newbuildings scheduled for delivery by the end of next year,” he wrote in a note to clients.

“Or not. Scorpio still has 14 unexercised options at its disposal and we would be surprised to see it relinquish its competitive advantage for eco product tanker slots at the top Korean yards.

“Another new credit facility and potentially more equity would be required to exercise these options (or for other orders), but Scorpio's recent track record shows that they will likely do what is necessary to fully ramp-up its earnings and cash flow leverage to a product tanker market with improving fundamentals."