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...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: ipo | marine fuel | oil | jpmorgan | ubs | morgan stanley | itochu

Print Edition

FinanceAsia Print Edition