Product tanker owner and operator Hafnia, a member of the BW Group, will collect USD 230 million from its scaled-down pre-listing private placement and subsequent listing on Oslo Axess.
The placement was well subscribed and more than 130 investors were allocated shares, Hafnia said, adding that the offering price was set at NOK 25,45 (USD 2,77) per share.
The company will issue over 27.08 million of new shares raising gross proceeds of USD 75 million. A consortium of financial investors will sell 45.14 million of existing shares in the company raising gross proceeds of USD 125 million, while the managers have over-allotted 10.83 million of existing shares, representing around 15% of the new shares and sale shares, equal to USD 30 million.
The company will have 370.2 million shares outstanding after the pre-listing private placement which corresponds to a market capitalization of around USD 1,025 million. The offering size represents 22.4% of the outstanding shares in the company after the pre-listing private placement and the total free float is approximately 33.9%.
Hafnia explained that the net proceeds from the sale of new shares will be used towards financing of the equity portion of the acquisition of two MR vessels, repayment of an unsecured RCF facility from BW Maritime, repayment of an unsecured term loan facility, and working capital and general corporate purposes.
BW Group Limited was allocated 18.05 million offer shares and will following completion of the pre-listing private placement own 242.19 million or 65.4% in the company.