Stalwart Tankers, which was recently formed to acquire and operate a fleet of mid-size chemical tankers, announced terms for its IPO on Wednesday. The Athens, Greece-based company plans to raise $150 million by offering 12.5 million shares at a price range of $11 to $13. At the midpoint of the proposed range, Stalwart Tankers would command a market value of $188 million.
Stalwart Tankers, which was founded in 2013 and booked $26 million in sales for the fiscal year ended December 31, 2013, plans to list on the NYSE under the symbol STST. Stalwart Tankers initially filed confidentially on September 19, 2013. Jefferies, Wells Fargo Securities and Global Hunter Securities are the joint bookrunners on the deal.
