Bulker owner Himalaya Shipping announces $45M IPO on NYSE Ship’s crew

Himalaya Shipping Ltd., an independent bulk carrier, announced today announced its plan to launch a $45,000,000 initial public offering (IPO) of its common stock on the New York Stock Exchange.

The company operates two newly built LNG bi-fuel scrubber equipped Newcastlemax vessels and ten more are under construction at New Times Shipyard in China. The Company intends to use the proceeds for general corporate purposes, including financing vessel acquisitions, maintaining liquidity, repaying debt and meeting working capital needs.

Himalaya Shipping was incorporated in Bermuda on March 17, 2021 with the intention of owning dual-fuel LNG Newcastlemax bulk carriers in the 210,000 DWT range. Its shares have been listed on the Euronext Expand market under the ticker “HSHIP” since April 2022.

The company expects to deliver another ship by mid-April, three more by the end of the year, and the remaining six by July 2024.

According to an SEC filing, the company intends to list 7.72 million common shares. The IPO price will be determined through a bookbuilding process and is expected to be the closing price of the Company’s shares on Euronext Expand in Norway on the last trading day prior to the IPO price date, which has not been announced.

In addition, underwriters will have a 30-day option to purchase up to $6,750,000 in additional common shares to cover any over-allotment at the initial offering price less subscription discounts and commissions.

The Company has applied to list its common stock on the New York Stock Exchange (NYSE) under the ticker symbol “HSHP.” Following the IPO, Himalaya Shipping will remain listed on Euronext Expand in Norway under the same ticker.

Himalaya Shipping’s fleet of 12 newly built bulk carriers is expected to be fully delivered by August 2024.

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