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Ardmore Shipping Corporation Launches Public Offering of Its Common Stock

Time：2013-07-23 Browse：52 Author：RISINGSUN
Ardmore Shipping Corporation announced yesterday the commencement of an initial public offering of 10,000,000 shares of its common stock. The offering price is expected to be between $15 and $17 per share. The proceeds of the offering are expected to be used to fund a portion of the expenditure for the vessels on order in the Company`s initial fleet, to fund a portion of the aggregate purchase price of the Company`s expansion fleet that it intends to acquire subject to the completion of the offering, to pay any amount drawn under one of its credit facilities, to pay an initial dividend and for general corporate purposes.


Morgan Stanley & Co. LLC, Jefferies LLC and Clarkson Capital Markets LLC are acting as joint bookrunning managers and Fearnley Securities AS, Evercore Group L.L.C., ABN AMRO Securities (USA) LLC and DVB Capital Markets LLC are acting as co-managers in the offering. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 1,500,000 common shares to cover over-allotments.


A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering is being made by means of a prospectus. A preliminary prospectus related to the offering has been filed with the Securities and Exchange Commission.