Scorpio Bulkers, a recently formed drybulk shipping company with a planned initial fleet of 52 vessels, raised the proposed deal size for its upcoming IPO on Wednesday. The Monaco-based company now plans to raise $258 million by offering 26.1 million shares at $9.90 per share. The company had previously filed to offer 15.5 million shares at $9.75 per share. At the revised price, Scorpio Bulkers would raise 71% greater proceeds than previously anticipated.
Scorpio Bulkers, which was founded in 2013, plans to list on the NYSE under the symbol SALT. Scorpio Bulkers initially filed confidentially on October 1, 2013. Deutsche Bank, Credit Suisse and RS Platou Markets are the joint bookrunners on the deal. It is expected to price during the week of December 9, 2013.
