Chemoil prices relaunched IPO at the bottom
The new offering is only one-third the size of the initial deal due to a lower valuation and fewer shares. The chairman buys 16%.
Seven weeks after it pulled its Singapore initial public offering due to a lack of demand at the targeted valuation, Chemoil Energy has raised $101 million from a sharply reduced offer.
Through a combination of a lower valuation and fewer shares, the relaunched offer accounted for about one-third of the initial one, which attempted to raise between $285.7 million and $373.6 million.
Still, the company, which is an integrated supplier of marine fuel, was able to raise some fresh capital...
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