Dorian LPG, an international liquefied petroleum gas shipping company, announced terms for its IPO on Monday. The Stamford, CT-based company plans to raise $135 million by offering 7.1 million shares at a price range of $18 to $20. At the midpoint of the proposed range, Dorian LPG would command a market value of $1.1 billion.
Dorian LPG, which was founded in 2013 and booked $39 million in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol LPG. It currently trades on the Norwegian OTC market under the symbol DORIAN, and initially filed confidentially on January 21, 2014. J.P. Morgan, UBS Investment Bank, Clarkson Capital Markets and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price next week.
