Hoegh Autoliners is $152m richer after completing an oversubscribed initial public offering in Oslo.
The car carrier company's upsized bookbuilding ended on 24 November with 57.5m new shares sold, and managers DNB Markets and ABG Sundal Collier awarded a further 7.5m shares in over-allotment options.
The price of NOK 21 per share means proceeds of NOK 1.365bn ($152.45m).
Leif Hoegh & Co Holdings will retain ownership of 48.4% in the company after buying stock worth NOK 250m.
But this will shrink to 46.5% if a greenshoe option of 7.5m more shares awarded to DNB Markets to cover short positions is declared within 30 days.
Leif Hoegh is one of four cornerstone investors that bought NOK 425m of shares. The others were pension fund KLP Kapitalforvaltning, Intertrade Shipping and Global Value Investment Corp.
The free float will be 25% of the shares, or 27.9% including the greenshoe stock.
The IPO implies a market cap of NOK 3.973bn, or NOK 4.13bn if DNB Markets takes up its options.
The shares will list on the Euronext Growth board on 29 November. Hoegh Autoliners will then look to move to the main exchange within six months or a year.
The IPO will fund the equity portion of four newbuildings.
The first 9,100-ceu Aurora-class ships, the biggest car carriers in the world, are being built at China Merchants Heavy Industry for delivery in 2024 and 2025.
Eight options for the multi-fuel, ammonia-ready units are attached.
Clarksons Platou Securities chief executive Erik Helberg told TradeWinds that strong family backing, the green newbuilding programme and an attractive valuation meant investors were keen to cash in on healthy car carrier markets.
