Euronav upsizes share offering

Price of initial public offering in the US is also increased, while ordinary shares are set to commence trading on the NYSE today
Euronav upsizes share offering

Euronav has upsized its initial public share offering in the US and also increased the price. The size of the offering has been increased from the initially announced 13,550,000 ordinary shares to 16,260,000 ordinary shares at an issue price per share of USD 12.25 for gross base proceeds of USD 199,185,000. The Company has granted the underwriters a 30-day option to purchase up to an additional 2,439,000 ordinary shares.

A stetement from Euronav added: "The Company’s ordinary shares offered in the United States are expected to commence trading on the New York Stock Exchange (the “NYSE”) today under the ticker symbol “EURN.” This offering is expected to close on January 28, 2015, subject to the satisfactioof customary closing conditions.

The Company’s previously issued ordinary shares continue to be traded on Euronext Brussels under the ticker symbol “EURN”. "In this regard and with the intent to create a balanced dual listing of its ordinary shares" the statement added,  "the Company plans to commence today a U.S. exchange offer to enable existing shareholders to reposition unregistered ordinary shares which are listed and may be traded on Euronext Belgium, other than ordinary shares owned by affiliates of the Company, for ordinary shares that have been registered under the Securities Act of 1933, as amended, which are listed and may be traded on the NYSE." 

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by Tom Holmes

Marine Trader Editor

Tom Holmes is the Editor of Marine Trader and readmt.com, the official publications of the International Marine Purchasing Association (IMPA). To discuss news, features or contributing to Marine Trader please get in touch.

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