Ardmore Shipping, which provides seaborne transportation of petroleum products and chemicals worldwide, announced terms for its IPO on Monday. The Cork, Ireland-based company plans to raise $160 million by offering 10 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Ardmore Shipping would command a market value of $289 million.
Ardmore Shipping, which was founded in 2010 and booked $26 million in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol ASC. Ardmore Shipping initially filed confidentially on May 24, 2013. Morgan Stanley, Jefferies and Clarkson Capital Markets are the joint bookrunners on the deal.
