chemoil-prices-relaunched-ipo-at-the-bottom

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 towards the purchase of more ships and barges and the construction of new terminal facilities with the aim of boosting volumes and expanding margins. Some of the money may also be used for potential acquisitions...
¬ Haymarket Media Limited. All rights reserved.

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