Hoegh LNG to raise up to $175 mln in IPO
Norway's liquefied natural gas vessel owner and operator Hoegh LNG said it plans to raise between 810 million and 945 million crowns ($150 million-175 million) in an initial public offering later this month, Reuters reports. The company said it would issue some 15 million to 25 million new shares at between 38 and 54 crowns per share in the offering.
In addition, bank DnB NOR Markets has been granted an overallotment option of up to 10 percent of the IPO shares.
Hoegh LNG's business is based on the LNG value chain from floating LNG production, to shipping, regasification and deep water ports.
The offer marks a return to the IPO market for Norwegian oil services companies after Odfell Offshore dropped plans for listing its rig unit in May and Sevan Marine had difficulties in floating its rig spin-off.
Hoegh LNG's principal owner, Leif Hoegh & Co. Ltd., will subscribe for up to $20 million in the offer to maintain a minimum stake of 55 percent in the company.
The bookbuilding and application period for the IPO starts on June 14 and runs until June 24. The first day of listing is expected on or about June 30.
DnB NOR Markets is the global coordinator for the IPO and a joint lead manager along with ABG Sundal Collier and Pareto Securities. Danske Bank and Nordea Markets are co-managers.
In addition, bank DnB NOR Markets has been granted an overallotment option of up to 10 percent of the IPO shares.
Hoegh LNG's business is based on the LNG value chain from floating LNG production, to shipping, regasification and deep water ports.
The offer marks a return to the IPO market for Norwegian oil services companies after Odfell Offshore dropped plans for listing its rig unit in May and Sevan Marine had difficulties in floating its rig spin-off.
Hoegh LNG's principal owner, Leif Hoegh & Co. Ltd., will subscribe for up to $20 million in the offer to maintain a minimum stake of 55 percent in the company.
The bookbuilding and application period for the IPO starts on June 14 and runs until June 24. The first day of listing is expected on or about June 30.
DnB NOR Markets is the global coordinator for the IPO and a joint lead manager along with ABG Sundal Collier and Pareto Securities. Danske Bank and Nordea Markets are co-managers.
