Torvald Klaveness' Klaveness Combination Carriers (KCC) has completed a $45m private placement to expand its fleet.
But it came up short of a potential target of $70m announced earlier this month.
It will now issue 8.24m shares at $5.46 each.
The cash will finance one existing 83,000-dwt newbuilding and will also be used to declare one option at Jiangsu New Yangzi in China - its sixth newbuilding there, with delivery in the fourth quarter of 2020.
In addition, some will go towards general corporate purposes including working capital, supervision and transaction costs.
Klaveness Ship Holding pumped in $3.6m to the placement to retain a 63% stake in KCC.
“KCC has through this transaction taken a significant step towards growing the company and its new combination carrier service in the CPP market," said Lasse Kristoffersen, CEO of Torvald Klaveness and chairman of KCC.
"Further, following the new, wide investor base, the company is well set up for potential future fund raising and eventual listing on the Oslo Stock Exchange.”
TradeWinds had earlier revealed an IPO is being planned for KCC before the end of 2019.
KCC will initially be quoted on the Oslo Stock Exchange's over-the-counter (OTC) list, with the intention of going for a full listing on a recognised exchange by the end of 2019.
"The additions of the CLEANBUs [combination carriers] to the fleet will further strengthen KCC’s competitive position in the caustic soda market and facilitate the expansion into the CPP market," KCC managing director Engebret Dahm said.
Klaveness has nine combination carriers trading and could increase this figure to 18 vessels if it declares all of its options.
If the last three options — costing $46.5m each — are exercised, it will make the company the biggest owner and operator of combination carriers. The first ships in the series reportedly cost $26m to $27m each.
