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Capital Product public offering tops target price.
(From Lloyds List)
Capital Maritime's new master limited partnership, Capital Product Partners, has priced its initial public offering above its target price range amid strong investor interest in the US, writes Nigel Lowry in Athens.
The news marks a triumphant return for the Evangelos Marinakis-headed shipping group in the market after Capital Maritime withdrew a planned flotation in 2005 rather than join a procession of discounted IPOs.
The medium range product tanker owner has priced 11.75m of its common units at $21.50 apiece, raising $252.6m.
The offering represents a 56% limited partner interest in the Marshall Islands partnership and the offering will increase to 13,512,500 common units if an over-allotment option is fully exercised.
Capital Maritime is left with 44% of the company including its 2% general partner interest.
A financial source in the US said the offering was 'several times oversubscribed'.
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