Himalaya Shipping, an independent dry bulk carrier company incorporated in Bermuda, has priced its initial public offering (IPO) in the United States to raise $40.5 million.
The company said investors will pay $5.80 per common share, and the offering is expected to close on April 4, 2023, subject to customary closing conditions. Specifically, the owner announced the pricing of its previously announced initial public offering in the United States of 7,720,000 of its common shares, at a price to the public of $5.80 per common share.
Himalaya Shipping has also granted the underwriters a 30-day option to purchase up to an additional 1,158,000 common shares at the offering price, less underwriting discounts and commissions.
The net proceeds from the offering to Himalaya Shipping, after deducting underwriting discounts and commissions and estimated offering expenses payable by Himalaya Shipping, are expected to be approximately $40.5 million, excluding any exercise of the underwriters’ option to purchase additional common shares.
The net proceeds will be used mainly for funding acquisitions of vessels on order or maintaining liquidity, repayment of indebtedness and funding our working capital needs, and other general corporate purposes.
The shipowner´s common shares have been approved for listing on the New York Stock Exchange. Himalaya Shipping will continue to be listed on the Euronext Expand in Norway.
Furthermore, the company has two dual fuelled Newcastlemax vessels in operation, and 10 dual fuelled Newcastlemax dry bulk vessels under construction at New Times Shipyard in China, which are expected to be delivered between April 2023 and July 2024.