GasLog, which operates 14 carriers for natural gas shipping, announced terms for its IPO on Friday. The Monaco-based company plans to raise $400 million by offering 23.5 million shares at a price range of $16.00 to $18.00. At the midpoint of the proposed range, GasLog would command a market value of $1.07 billion. GasLog plans to use the proceeds from the deal to help fund the construction of eight new carriers.
Revenue rose 69% to $66 million in 2011 and net income increased 43% to $14 million. Starting in the fourth quarter, the company plans to offer a dividend of $0.11 per share. CEO Peter Livanos will own 51% of shares after the offering.
GasLog, which was founded in 2001 and booked $66 million in sales in 2011, plans to list on the NYSE under the symbol GLOG. Goldman Sachs, Citi and J.P. Morgan are the joint bookrunners on the deal.
