Blue Ocean Maritime Income (BMAR) has postponed its planned London IPO blaming “market conditions” for the decision.
In late September Blue Ocean unveiled plans to raise $250m through the issue of 250m shares at $1.00 each.
“The response to the investment proposition from investors has been positive, with a number of orders submitted,” the company said.
However, it said current market conditions "represent a challenging background" in which to raise capital for the strategy and the level of confirmed orders for the issue by the closing date was "below the minimum net proceeds required”.
It added that it intends to continue to “engage with potential investors” with a view to “proceeding with the issue at a later date”.
The company is owned by US asset manager Legg Mason’s hedge fund subsidiary EnTrustPermal.
The portfolio manager at BMAR is Svein Engh, the former CIT shipping boss and the current managing director of EnTrustPermal.
