Gram Car Carriers has revealed big-name backers for its revised Oslo Stock Exchange listing.
The Norwegian company is raising $121m in a private placement of shares to float on the Euronext Growth board this month.
The move comes after a $100m initial public offering (IPO) was pulled in November due to a lack of investor interest.
Chief executive Georg Whist told TradeWinds: "It is an exciting time for the car carrier industry, where the fundamentals look strong, and we look forward to our upcoming listing on Euronext Growth in Oslo."
He said the company will reveal more about its plans once the listing goes through.
However, Whist has revealed the names behind a group of cornerstone investors committed to buying stock in the offering.
German shipowner F Laeisz is foremost among these, taking shares worth $61.6m for a stake of at least 25.25%.
The stock is payment for two car carriers it is selling to Gram, bringing the fleet to 18 ships.
The holding will make F Laiesz the biggest single investor. Founder Peter D Gram and his family were previously the biggest shareholders on about 20%.
A group of five other key backers have subscribed for shares worth $37.4m.
AL Maritime Holding accounts for $12m of this. Whist said this is a company controlled by the Bunnemann family in Hamburg.
The family owns container ship players Asiatic Lloyd in Singapore and Atlantic Lloyd in Hamburg, whose fleet consists of tonnage between 1,000 teu and 9,000 teu.
The companies are headed by Friedrich and Nicolaus Bunnemann, the latest generation.
Danish bulker owner J Lauritzen is subscribing for $10m, while the Steensland family's AS Clipper is taking $6m.
Owned by Michael Steensland-Brun and his family, the Steensland Group is involved in shipping, stock investments, real estate and other areas.
Managers put money in
Steensland controls LPG carrier owner Solvang, which was listed on the Oslo Stock Exchange until 2018, when the group took it private. Solvang has a fleet of 27 LPG carriers.
AS Clipper, along with other group companies Audley and Straen, have in total 68.3% of the Solvang shares.
In addition, Steensland controls stakes in 21 small bulkers run by Oslo Bulk.
The fourth cornerstone backer is Norwegian investor Morten Astrup through his Surfside Holding company, which is buying $3.4m. Astrup is chief investment officer and founder of domestic asset manager Storm Capital.
Norwegian fund KLP Alfa Global Energy completes the list with a $6m pledge.
Other shareholders, company managers and directors have committed to $6.75m.
The placement will be split into a main offering of $115.6m and an over-allotment option of $5.4m.
The price per share will be NOK 53 ($6.04), giving a pre-money equity value of $60m for Gram.
Proceeds will be added into a pot including existing new equity of $60m and bank borrowings of $222m to finance the transfer of the fleet from a Singapore holding company to the new listed entity.
The money will also allow Gram to buy a management company for $4m and strengthen the balance sheet through debt repayment.
Since Gram's failed IPO, rival Hoegh Autoliners has succeeded with a $152m IPO in Oslo.
Gram is the world's third-largest tonnage provider within pure car/truck carriers.
The fleet is coming off short to medium-term charter contracts and the company is re-contracting the ships on longer deals in a market with highly favourable supply and demand dynamics.
Gram is expecting net profit of $25m this year and $59m next year.
