Scorpio Tankers, which owns and operates tankers to provide seaborne transportation of oil and other petroleum products, announced terms for its IPO on Thursday. The Marshall Islands-based company plans to raise $188 million by offering 12.5 million shares at a price range of $14-$16. At the mid-point of the proposed range, Scorpio Tankers will command a market value of $271 million. Scorpio Tankers was incorporated in July of last year by the Lolli-Ghetti family, which has been involved in shipping since the 1950s. The shipping company currently owns an initial fleet of three Panamax tanker vessels, which generated a combined $29 million for the nine months ended September 30, 2009. Morgan Stanley and Dahlman Rose & Co. are the lead underwriters on the deal, for which timing was not disclosed. If completed, Scorpio Tankers will be the fourth shipping IPO this year, following Baltic Trading (BALT), Crude Carriers (CRU) and Alma Maritime (AAM).
