Baltic Trading Ltd. (NYSE:BALT) completed its initial public offering of 16.3 million shares at $14 each for total earnings of about $228.2 million. Baltic Trading Ltd. trades on the “New York Stock Exchange’ under the stock symbol “BALT”. For the Latest information regarding “BALT”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Baltic Trading Ltd. (NYSE:BALT) completed its initial public offering of 16.3 million shares at $14 each for total earnings of about $228.2 million, the company said Monday. Baltic Trading was formed by Genco Shipping & Trading Limited to ship dry bulk goods. The company plans to use the earnings plus $75 million from Genco to buy an abundance of ships and put it to use for general expenses.
The IPO's underwriters have the option to buy an additional 2.4 million shares to cover any over-allotments. Morgan Stanley & Co. and Dahlman Rose & Co. were book-running managers. The other underwriters were Jefferies & Co., Lazard Capital Markets LLC and DnB NOR Markets Inc.
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