Navigator Gas’s Navigator LEO file photo. Image courtesy Navigator Gas
Nov 20 (Reuters) – The liquefied gas carrier Navigator Holdings Ltd, controlled by billionaire investor Wilbur Ross, raised $228 million after its initial public offering was priced at $19 per share, the higher end of its expected range.
Of the 12 million common stock sold, Navigator offered 9.03 million shares, while the rest came from the selling shareholders. At the listing price, the company is valued at about $1.04 billion.
Navigator owns and operates the world’s largest fleet of tankers that transport a range of liquefied gases, including liquefied petroleum gas (LPG), petrochemical gases and ammonia.
The company’s net income for the nine months ended Sept. 30, 2012, rose 39 percent to $30.1 million, from $21.7 million a year earlier. Operating revenue rose about 57 percent to $167 million.
Navigator Holdings is expected to debut on Thursday on the New York Stock Exchange under the symbol “NVGS”.
Jefferies and Morgan Stanley were among the lead underwriters for the IPO. (Reporting by Neha Dimri and Kanika Sikka in Bangalore; Editing by Ken Wills)
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