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Shipping company Euronav NV has launched its underwritten initial public offering in the United States of 13,550,000 ordinary shares.

The underwriters have a 30-day option to purchase additional ordinary shares representing up to 15% of the offered shares.

Euronav said that on the 19th of January 2015 the closing price of the company’s ordinary shares on Euronext Brussels was USD 12.94 per share.

In line with this, the net proceeds from the proceeds are expected to reach USD 160.5 million, or up to USD 185.1 million should additional shares be purchased.

The company has been approved to list its ordinary shares on the New York Stock Exchange under the symbol “EURN”.

Following the completion of this underwritten initial public offering in the United States, it is expected that Euronav’s shares will be listed on both Euronext Brussels and the NYSE.

Euronav added that the net proceeds of the offering would be used for general corporate purposes and working capital, including the acquisition of additional new or secondhand vessels.

In addition, a portion may be used for repayment of its existing indebtedness, however the potential loan to be targeted or its amount have not been disclosed.

Deutsche Bank Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers and as representatives of the underwriters for the initial public offering in the United States.

DNB Markets, Inc., Skandinaviska Enskilda Banken AB (publ) and Evercore Group L.L.C. are acting as senior managers. ABN Amro Securities (USA), Scotia Capital (USA) Inc., Clarkson Capital Markets LLC and KBC Securities USA, Inc. are acting as co-managers.