Ardmore Shipping (ASC) IPO Opens Lower
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The IPO for Ardmore Shipping Corporation (NYSE: ASC) opened for trading at $13.50 after pricing 10,000,000 shares at $14, below the expected $15-$17 range.
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 IPO.
Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with our modern, fuel-efficient fleet of mid-size product and chemical tankers. The company's fleet consists of 12 vessels including eight in operation and four on order with deliveries expected to begin in January 2014.
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 IPO.
Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with our modern, fuel-efficient fleet of mid-size product and chemical tankers. The company's fleet consists of 12 vessels including eight in operation and four on order with deliveries expected to begin in January 2014.
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