Baltic Trading Limited, which plans to acquire and operate a fleet of drybulk ships under the management of Genco Shipping, announced terms for its IPO on Friday. The New York, NY-based company plans to raise $245 million by offering 16.3 million common shares at a price range of $14-$16; each common share will include one right that entitles the holder to purchase a unit consisting of one tenth of one share of common stock at $100 per share. At the mid-point of the proposed range, Baltic will command a market value of $337 million. Baltic Trading Limited, which was incorporated in 2009 and has outlined plans to purchase six drybulk vessels for roughly $285 million, plans to list on the NYSE under the symbol BALT. The shipping company filed terms about a week after Scorpio Tankers (STNG) submitted its initial filing to the SEC. Morgan Stanley and Dahlman Rose & Co are the lead underwriters on the Baltic deal, which is expected to price on Tuesday, Mar. 9.
